The process of starting, organizing, managing, and assuming the responsibility for a business.
What is entrepreneurship?
100
Amount of annual sales generated by businesses with just a single owner and no staff.
What is over $600 billion.
100
A designed change that increases the usefulness of a product, service or process.
What is an improvement?
100
Percent of small businesses owned by women.
What is ________%?
100
Government agencies that assists small business owners develop business plans and obtain financing and other support for their companies.
What is the SBA (Small Business Administration)?
200
One of many personal characteristics of successful entrepreneurs.
What is (persistent, inquisitive, energetic, goal orientated, independent, self-confident, creative, reliable, competitive)?
200
Percentage of new business owners who have one or more employees.
What is 60%?
200
An invention or creation that is brand new.
What is an innovation.
200
The greatest number of businesses operating today.
What is small business?
200
This type of business often has a very loyal customer base.
What is small business?
300
What it takes to be a successful entrepreneur.
What is
problem-solving skills capability to learn
tolerance for ambiguity from failure
strong integrity
personal initiative willingness to work
ability to secure resources hard
300
Sources of financing for new businesses besides venture capital.
What is a (bank) loan?
300
Reasons why new businesses often discontinue.
What is
Lack of adequate capital? Lack of time by
Low sales? owner?
Higher than expected expenses?
Competitive pressure?
Unprepared owner?
300
Half of all small businesses are this type.
What are home-based businesses?
300
Advantage of disadvantage for small businesses:
Ability to provide unique services for its customers.
What is an advantage?
400
Someone who takes a risk in starting a business to earn a profit.
What is an entrepreneur?
400
Money provided by large investors to finance new products and new businesses that have a good chance to be profitable.
What is venture capital?
400
_________________ are always looking for new and better choices to meet their wants and needs.
What are consumers?
400
Acronym for Small Business Administration.
What is the SBA?
400
Common reason small businesses often fail:
What is
Not keeping adequate records?
Not having enough start-up money?
Lack of management experience?
Lack of experience with a type of business?
Not controlling operating expenses?
Poor location?
Failure to manage credit offered to customers?
500
Name of a famous entrepreneur.
Who is . . .
500
Percentage of new business owners with no hired help.
What is 40%?
500
Over 16% of small businesses are owned by people represented by one of these ethnic groups.
What are Hispanic, Asian, or African Americans?
500
Retired local businesspeople who volunteer their services to counsel and mentor new business owners.
What is SCORE (Service Corps of Retired Executives)?