People Things
a distinguishing characteristic or quality that makes each person unique
What is a trait?
Process of setting goals and deciding how to accomplish them
What is planning?
All the people and organizations that might purchase a product
What is a market?
Entrepreneurs have a _____. They are driven to be independent and successful. They set goals and work hard to achieve them.
What is purpose?
Gathering and analyzing information about a business
What is market research?
Skills needed to perform a particular job or position
What are job-specific skills?
Money invested in a business by investors who form partnerships or groups to pool investments
What is venture captial?
•The way a business is financed and it determines who has control of the business
What is capital structure?
Entrepreneurs follow their ______, which is something they believe in or that they are enthusiastic about. Most successful entrepreneurs combine what they are good at with what they enjoy.
What is passion?
Movement of money into and out of a business
What is cash flow?
Someone with experience who can provide advice, suggestions, and ideas
What is a mentor?
Capital brought into the business in exchange for a percent of ownership in the business
What is equity financing?
An asset pledged that will be claimed by the lender if the loan is not repaid
What is collateral?
Entrepreneurs are ______ in achieving success. Determination to work through obstacles is key in becoming a successful entrepreneur.
What is persistence?
Written statement of goals and objectives for a business with a strategy to achieve them
What is a business plan?
Skills that can be used on most jobs
What are transferable skills?
A person who starts a new business or purchases an existing business
What is an entrepreneur?
The property or items of value a business owns
What are assets?
Entrepreneurs need a support system of ______. Professional connections and business associations can offer helpful resources and shared experiences.
What are people?
A sentence describing the purpose of the business
What is a mission statement?
The ability to influence others to reach a goal
What is leadership?
Startup strategies for entrepreneurs
What are buy an existing business, buy a franchise, or start a new business?
Private investors who fund start-up businesses
What are angel investors?
The central focus of all businesses is ______. Successful entrepreneurs must manage all the finances of a business.
What is profit?
Money necessary to start & open a business
What is start-up capital?