Small Business Babyyyy
This business is independent (not part of a larger business) and has relatively little influence in its market.
What is Small Business?
To start a business you can franchise, buy an existing business, or do this.
What is Start from scratch?
This kind of business has low start up cost, owned by a single person, and unlimited liability.
What is Sole Proprietorship?
The process of seeking business opportunities under conditions of risk is called this.
What is Entrepreneurship?
When two businesses, Shelly Shoes and Freddy Flip Flops, create and run a new shoe store business that is owned by both businesses, their action is called this.
What is a Joint Venture?
The industry group that makes up for the largest segment of small business enterprise.
What is Services?
This is one of the three ways to start a business. In this way you may be obligated to contribute a percentage of your sales to a parent corporation.
What is Franchising/a Franchise?
This type of corporation has tax benefits like a partnership, while protected with the liability like a normal corporation.
What is LLC (Limited Liability Corp)?
Name a characteristic of an Entrepreneur.
What is: Resourcefulness, Desire to please customers, Need for Achievement, High Energy Level, Comfort with Calculated Risk, Determination, Self-Reliance, Self-Confidence, Willingness to Work Hard, Desire to “Control Own Destiny” or “Be the Boss”, Comfort with Ambiguity (Not knowing) ?
When a company sells/sets up a part of its business as a new company to create profit.
What is a Spin-off?
The owners of a corporation are called this name.
What is Stockholders or Shareholders?
Lending institutions are more likely to help finance which one: the purchase of an existing business or a start-up of a business from scratch?
What is an Existing Business? Existing business risks are better understood.
A business similar to a sole proprietorship but owned by more than one person. Ownership may be equal or unequal.
What is a Partnership?
The name of the document that summarizes an entrepreneur's business strategies for a proposed new venture. (Hint: You are making one this year)
What is a Business Plan?
When SweetSurfShop purchases another company, BoardDudes, it is an example of this.
What is an Acquisition?
True or False?
Most large businesses outsource to small businesses.
True, small businesses also create the websites and provide a number of services to ensure the big businesses are successful.
An advantage of this type of start-up small business is being able to do things your way.
What is Start from Scratch?
This type of company has stock that is widely held and available for sale to the general public.
What is a Publicly Held or Public Corporation?
A situation where an entrepreneur can take action to make a profit by introducing new goods, services, raw materials, and organizing methods to be sold for greater than their cost of production.
What is Entrepreneurial Opportunity?
The governing body of a corporation that reports to its shareholders and delegates power to run its day-to-day operations while remaining responsible for sustaining its assets.
What is Board of Directors?
This is the government agency charged with assisting small businesses. Its name has the abbreviation SBA.
What is Small Business Administration?
These kinds of companies borrow money from the SBA/federal government in order to help finance/invest in small businesses. The abbreviation is SBIC.
What is Small Business Investment Company?
A type of corporation, often used by lawyers or doctors, that has limited business liability, but unlimited professional liability (like a medical malpractice lawsuit).
What is a Professional Corporation?
A famous entrepreneur who developed a multi-billion dollar software company that is practically a monopoly today.
Who is Bill Gates?
The top management team of a corporation; CEO, President, COO, CFO, etc. are called this title.
What are officers?