Entrepreneurship
What three things do Entrepreneurs risk?
Time
Money
Effort
Secondary reason why small businesses fail
Lack of capital and poor planning
Number 1 mistake business owners make when creating a business plan
Lack of professionalism
What does the SBA do
Assist, counsel, and protects the interest of small business in the U.S
How many adults in the U.S are planning to start a new business
1/10
The process of recognizing or creating ideas or opportunities, gathering resources and testing markets
Entrepreneurship
How many small businesses are there in the U.S
33 Million
Communication
Management
Planning
What does SBA stand for
Small Business Association
50% of businesses survive past how many years
5 years
When you risk loss of time, what disadvantage of being an entrepreneur goes along with it?
Long and Irregular Hours
Two foundational principles of small business
Independently owned and not dominate in its field.
Potential Management and strategic partners will read the business plan. What two other people will also read it
Investors & Bankers
Besides management services, the SBA backs loans through private banks. What percent of the loan is backed
90%
More than half the technological advances came from small businesses in the 20th century. Name one of those advances
Air conditioning, airplane, auto transmission, FM radio, heart valve, helicopter, instant camera, insulin, jet engine, penicillin, computer
People who create, launch and organize a new business
Entrepreneur
Small business attracts three types of industries
Distribution, Service, Production
Reason behind creating a Business Plan
Serve as a blueprint/guide for the person starting a business
What is an example of Venture Capitalist
Shark Tank
What percent of small business does the service industry make up
48%
Most well known reason entrepreneurs and small businesses fail
Poor management stemming from lack of business knowledge
____% of small business survive past seven years
31%
What is the part of the business plan that is written last
Executive Summary
Average Size of SBA loan
$300K
70%