What it Takes
The age you must be to start your own business.
What is any age?
The ideal age is any time in your life that is humanly possible to start a business.
What is proft?
The misconception that entrepreneurs are conceived with the ability to direct.
What is a born leader?
The most common way entrepreneurs are funded is through friends and family
True
This is the concept for when your revenue exceeds your cost.
What is profit?
3 Charasteristics of an Entreprenuer.
What is passionate, motivated and future-orientated?
This is the difference between value captured and the cost to create the value.
What is profit margin?
The false idea that every entrepreneur only works for profit rather than money.
A large amount of revenue does not mean a lot of cash when owning a business
True
Named after a shoe tool this is the term when you fund your own startup.
What is bootstrapping?
The area in which job gains are the greatest in a small business?
What are employment gains?
Employment gains are the greatest among smaller small businesses. Businesses employing fewer than 20 people added roughly 1.1 million net jobs. Ventures with 100-499 people added 387,874 jobs. This shows that the smaller the business the greater the gains.
This economic state leads to eventual death and replacement of a business.
What is competitive equilibrium?
The "king," or main priority for customers between cash and customers.
What are customers?
Most entrepreneurs have a well thought out business plan
False
This is a stratgy for fundraising that is usually high risk but has the potential for expentional growth.
What is venture capatlist?
This is one of the most common ways to fund your startup business.
What is family and friends?
There are many correct answers here. Some of the most common ways to fund a startup include friends and family, small business loans, trade equity or services, bootstrapping, incubator or accelerator, crowdfunding, small business grants, local contests or keep your day job.
These are related directly to the creation, sale and maintenance of a product/service.
What are primary activities?
The misconception that this is the only school that leads to a career in entrepreneurship.
What is business school?
False
This is the document that captures different ownsership stakes in a company.
What is a cap table?
This is the survival rate for small businesses.
What is 50.2%?
Only 50.2% of the businesses that opened in 2012 stuck around five years later. First- year survival rates are more promising. About 79.8% of businesses opened in 2016 were still running a year later.
This is a measure of total value created by a business with a certian product or service.
What is revenue?
An uncommon demand widely believed to be the sweet spot an entrepreneur must find to be successful.
What is a niche?
If your product or service is good, you will be successful
False
This is the term for the round of funding when your friends and family contrbute.
What is the friends and family round?