What it takes to be an entrepreneur
What are some attributes that an entrepreneur should have?
Self Directed, Self nurturing, Action Oriented, and Tolerant of Uncertainty.
What is Entrepreneurship?
Accepting the risk of running and starting a business
What is a small business?
A business that is independently owned and operated and is not dominant in its field of operation
What are TWO potential sources of capital income that an entrepreneur has?
Personal saving, family and business associates, banks and finance institutions, crowdfunding, and venture capitalist.
What is a situation for small business success?
A large business sells a franchise operation to local buyers.
Name one reason for the growth of home businesses?
Computer technology, Corporate downsizing, Social Attitudes, and New tax laws
What is a business plan?
A detailed written statement that describes the nature of the business, the target market, the advantages the business will have in relation to competition, and the resources and qualifications of the owner(s)
What are community banks?
This is where small businesses are able to get their loans from
What are Angel investors?
Private individuals that invest their own money into potentially “hot” new companies before they go public
What is a failure of a small business?
Attempting to do too much business with too little capital
What is a disadvantage that online businesses have?
Bigger companies can take their successful product, copy it, and sell imitations on other sites.
What are incubators?
Centers that offer new businesses low-cost offices with basic business services
What is the small business market?
Consists of consumers with unsatisfied wants and needs who have both resources and willingness to pay
Name three reasons that accurate record-keeping helps a small business
Daily sales, expenses, and profits
What is a situation for small business success?
The owner pays attention to new competitors
What are TWO reasons why people are willing to take the risk of becoming an entrepreneur or starting a business?
Opportunity, Challenge, Profit, and Independence
Who are micropreneurs?
People who are interested in maintaining a balanced lifestyle while doing the kind of work they want to do
How many small businesses are there in the United States?
Over 30 million of these in the United States
What is one of the greatest advantages that small businesses have with their customers?
They get to know their clients or customers better and adapt quickly to their needs.
What is Self- Employment Assistance(SEA)?
A program that allows participants to collect self employment payments instead of regular unemployment checks while they build their business.
What is intrapreneuring?
The establishment of entrepreneurial centers within a larger firm where people can innovate and develop new-product ideas internally.
What is Amazon?
The biggest company small business are fighting against because of many copycat products
What is the Small Business Administration (SBA)?
It is a U.S government agency that advises and assists small businesses by providing management training and financial advice and loans.