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Vocabulary
Small Business Basics
Common Business Problems
Starting a Small Business
MISC
100
A person who takes a risk in starting a business
What is an entrepreneur?
100

A independent business with fewer than 500 employees

What is a Small Business?

100
One major reason businesses fail/close
What is an unprepared owner?
100
Start-Up Financing, Short Term Financing, Long Term Financing
What is Financing of a New Small Business?
100
An invention or creation that is brand new
What is an Innovation?
200
Money provided by large investors to finance a new business
What is Venture Capital?
200
Every business begins with this
What is an idea?
200
The number of NEW jobs created each year by small business.

What is 1.5 million? 

64% of all new jobs created!

200
A company that helps start small businesses
What is Small Business Association (SBA) ?
200
The percent of African-American, Asian-American, or Hispanic-American business owners
What is 16%?
300
A written business description of the business and how it will be carried out
What is business plan?
300
An advantage a small business has over a large corporation
What is providing a unique service to customers?
300

This type of partner in your company doesn’t have voting rights and is not involved in the day-to-day side of the business’s operations

What is a limited partner?

300
In addition to employees small business owners will need assistance from people with specialized business knowledge
What is a Team Approach?
300

The number of small businesses owned by women

What is 12 million?

400
A government agency that helps owners develop business plans and finance
What is Small Business Administration?
400
The amount of new businesses started each year
What is 500,000 new businesses?
400
Lack of good management results in what
What is business failure?
400
Long and Short Term Goals, Major products and services, and Business idea
What is The Description of the Business?
400
The most important step in starting a business
What is Preparation?
500
The money needed for main resources of a business that will last for many years.
What is Long Term Financing?
500
The percentage of small businesses operated by themselves
What is 40%?
500
The amount of small businesses that fail each year
What is 50%?
500

The percentage of small businesses that fail in the first two years

What is one-third?

500
The annual sales of all small businesses with no staff
What is $600 Billion?