Entrepreneurship
Someone who assumes the risk of starting, owning, and operating a business.
What is an entrepreneur?
A written description of a new business venture that describes all aspects of the business.
What is a business plan?
This government agency provides support, resources, and funding assistance to small business owners.
What is the SBA (Small Business Administration)?
A business owned and operated by exactly one person.
What is a sole proprietorship?
This type of business provides intangible products, such as haircuts, medical care, or accounting advice.
What is a service business?
This trait of an entrepreneur means they are curious about how things work and are always asking questions to find better solutions.
What is inquisitive?
This section provides a brief one-to-two-page account of the key points contained in the entire plan.
What is the Executive Summary?
Obtaining a bank loan that you must legally pay back with interest.
What is debt financing?
This type of business provides limited liability to its owners but is heavily regulated and experiences "double taxation."
What is a corporation?
A business that gathers raw materials in their natural state, like a farmer, miner, or fisher.
What is a producer?
A new business undertaking that involves risk.
What is a venture?
This statement establishes the broad scope and purpose of a company and reflects its overall values and beliefs.
What is a Vision Statement?
Money invested by the owners themselves or by outside investors in exchange for a share of the business.
What is equity financing?
This legal document outlines exactly how business profits, losses, and responsibilities will be shared among two or more owners.
What is a partnership agreement?
A store like Target, Best Buy, or a local boutique that sells goods directly to the final consumer.
What is a retailer?
Name two of the four major reasons why a person might choose to become an entrepreneur.
What are: to be their own boss, to pursue a passion, to set their own schedule, or to be creative?
This section of the plan explains exactly how you will promote, price, and distribute your product or service.
What is the Marketing Plan?
A wealthy individual who provides capital for a startup venture in exchange for ownership equity.
What is an angel investor?
The ongoing fee paid to a franchisor based on a percentage of the franchise's weekly or monthly sales.
What is a royalty?
A business that buys goods in large quantities from manufacturers and resells them in smaller batches to other businesses.
What is a wholesaler?
Entrepreneurs have a massive impact on the overall economy primarily by doing these two things.
What are creating new jobs and driving innovation?
A comprehensive, standard business plan typically consists of this many main parts/sections.
What is 15?
The initial sum of money required to legally purchase the rights to open a franchise location.
What is the Franchise Fee?
This term means the business owner's personal assets (like their house) can be legally taken by the bank to pay off the business's debts.
What is unlimited liability?
This type of business changes raw materials into more finished products, like turning wheat into flour or crude oil into gasoline.
What is a processor?