P's of Entrepreneurship
Entrepreneurs are driven to be independent and successful. They set goals and work hard to achieve them.
What is their purpose?
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.
Inefficient inventory control
Necessary to perform the required work-related tasks of a position.
job-specific skills
SBA
US Small Business Administration
The process of setting goals and deciding how to accomplish them.
Planning
Something they believe in or that they are enthusiastic about.
Passion
The least expensive business location is not always the best location.
Poor location
A distinguishing characteristic.
Trait
Business is organized for profit.
Has a place of business in the U.S.
Is independently owned and operated.
Not dominant in its field on a national scale.
SBA requirements
Someone with experience who can provide advice, suggestions, and ideas. The person must have knowledge and experience and be willing to devote the time necessary to help an entrepreneur.
A mentor
Determination to work through obstacles is key in becoming a successful entrepreneur.
What is persistence?
Managing a business involves people skills, organizational skills, patience, and willingness to adapt and accept change.
Poor management skills.
The ability to influence others to reach a goal.
Leadership
Small business is defined in terms of
Average number of employees over the past 12 months or average annual receipts over the past three years.
Goal-oriented
A trait of a successful entrepreneur.
Successful entrepreneurs must manage all of the finances of a business and keep the business successful.
What is profit?
Getting the word out about a new business is critical. Many new businesses cannot afford to adequately advertise.
Lack of advertising.
Also known as foundation skills, help an individual perform in the workplace or gain success in a career.
Transferable skills
$750,000
Industry size standard for Agriculture
A person who starts a new business or purchases an existing one.
Entrepreneur.
Professional connections and business associations can offer helpful resources and shared experiences.
People
New business owners must have enough funds available to support business operations before the business generates enough profit to pay for itself.
Lack of money (Capital)
basic math functions • reading and writing • effective speaking and listening • knowledge of current technology
Basic skills
100 employees
Industry size standard for wholesale trade.
Sole proprietorship, partnership, corporation
Types of small businesses.