vocab.
What is a distinguishing characteristic or quality that makes each person unique?
Trait
Entrepreneurs have a ______. They are driven to be independent and successful. They set goals and work hard to achieve them.
Purpose
New business owners must have enough funds available to support business operations before the business generates enough profit to pay for itself. Why might a business fail in this situation?
lack of money
Entrepreneurs are known as leaders which means_____
They have the ability to influence others to reach a goal.
It's a description of a business and why it will be successful. It should also include a mission statement.
Executive Summary
The process of setting goals and deciding how to accomplish them
Planning
Entrepreneurs follow their _______, which is something they believe in or that they are enthusiastic about.
Passion
Using credit responsibly is important to the financial success of a business. Credit should only be used when absolutely necessary. Why might a business fail in this situation?
poor credit management
Some basic skills every entrepreneur should master include: (4 correct answers)
Basic math functions, reading and writing skills, effective speaking and listening, knowledge of current technology
The ____ _______ gives details about the business activities, describes the market it serves, and explains why the business will be successful.
Company description
Also known as foundation skills. It helps an individual perform in the workplace or gain success in a career.
Transferable skills
Entrepreneurs are ____________ in achieving success. Determined to work through obstacles is key in becoming successful.
Persistence
Managing a business involves people skills, organizational skills, patience, and willingness to adapt and accept change. Why might a business fail in this situation?
Poor management skills
To keep a business running smoothly, entrepreneurs must be able to take charge of situations and quickly make good decisions. Effective decisions are made after weighing all options and choosing the best solution or action. What is this an example of?
Problem solving and Decision making skills
The market analysis provides what?
An overview of the industry and market that the business will serve.
Someone with experience who can provide advice, suggestions, and ideas.
Mentor
Entrepreneurs need a support system of ______.
People
Too much inventory on hand means money is tied up that could be used for other vital activities. Too little inventory results in lost sales and frustrated customers. What is this an example of?
Inefficient inventory control
_____ is the process of setting goals and deciding how to accomplish them. It's very important to any and all businesses.
Planning skills
The organization and management section details how the company is organized and run. This includes the business structure such as:
Proprietorship, partnership, corporation, or LLC.
Sentence describing the purpose of the business.
Mission statement
The central focus of all businesses is __________. Successful entrepreneurs must manage all of the finances of a business and keep the business profitable.
Profit
There are many expenses associated with running a business, which can get confusing and run together. This can lead to____.
Improper budgeting
Job- specific skills are necessary to perform the required work-related tasks of a position. They are also known as ______ __ __ _____.
Skills of the trade
Three financial statements should include:
Pro forma balance sheet, pro forma income statement, pro forma cash flow statement