Entrepreneurs
What are the five P's of Entrepreneurship?
Profit, Purpose, Passion, Persistence, People
What is a trait?
A distinguishing characteristic or quality that makes each person unique.
What is a mentor?
What is the movement of money into and out of a business?
Cash Flow
What is a mission statement?
A sentence describing the purpose of the business.
What is the central focus of all businesses and is the reason most people start a business?
Profit
What are the two types of skills?
Job-specific skills and Transferable skills
What organization should Bob contact if he needs help starting and maintaining his business?
US Small Business Administration (SBA)
If Sam wants to open a business that sells matches, what should he do first before going through that process?
Market Research
What do most investors need to see before being comfortable investing in your company?
A Financial Plan
What must be used in accordance with Passion to create the most successful outcome?
What qualities are important for a person to be in a leadership position?
Honesty, competence, and self-confidence.
Mark is retired from the business world but still wants to help new and up-and-coming businessmen. What is one way he could go about fulfilling that?
Join the Service Corps of Retired Executives (SCORE)
What are the three ways to start up a business?
Start a new Business
Purchase an existing business
Buy a franchise
What part of the Business Plan is deciding whether a business should be physical, online, or both?
Company Discription
What can limit an Entrepreneur?
Their drive, creativity, desire, and available resources
Mary is an accountant and does some of her calculations incorrectly, causing the business to lose lots of profit. What type of skill did she fail to use to the complete extent?
That Basic Skill of knowing basic math functions.
Why might pure talents and passion not be enough to keep a successful business?
Many do not have enough skills in all fields necessary to lead a business initially.
What is the disadvantage of buying an existing business?
The owner might price the business very high, and make it more expensive than just starting a new business.
What is the term used for when the owner works too many long hours and becomes irritable or disorganized, or lacks focus?
Owner Fatigue
What percent of Entrepreneurs are in the manufacturing industry?
3%
How does postponing a decision make the situation worse?
Inaction leads to a longer time for the problem to grow.
The SBA states that ____% of all employer firms are small business
99.7
What is the trade made when someone buys a franchise?
The company gets paid a franchise fee from the franchisee, while the franchisee gets a business that is already well-known in the market.
What are the three Pro forma financial statements?
Pro forma balance sheet
Pro forma income statement
Pro forma cash flow statement