What It Takes To Become An Entrepreneur
What motivation do I have to start a business?
You may want to work for yourself, not have a boss or someone above you, make hours for yourself and be on your own schedule. You need a job or just want to boost your income.
Who is the Co-Founder of Microsoft that helped develop the personal computer software industry, later becoming one of the world's richest men?
Bill Gates
What is the term used to describe money provided to startups by investors in exchange for equity?
What is Venture Capital
What are financial risks associated with starting a new business?
Cash flow is the most significant financial risk facing a small business owner.
One's ability to convey one's views through both verbal and written means
What is Communication
What are the goals for your business?
You can choose if you want it to be more of a part time or full time job or gig. You will want to consider what your money goals are and how much you want to make in a certain time frame. Amount of clients you will need and how many hours you will need to work.
Who is the CEO of both SpaceX and Tesla that is known for his electric cars and space exploration ventures?
Elon Musk
This type of funding is often provided solely by the entrepreneur themselves or friends and family before seeking professional investors.
What is Bootstrapping
What role does competition play with risk?
To be financially viable and provide a competitive return to its investors, a new business would have to be a lot more economically efficient than its competitors.
One's ability to market and close effectively on the product or products.
What is Sales
How will my team be organized?
You will have to decide and determine what roles you will need in your business. Look for diverse, reliable, engaged team members who are ready and willing to put up hard work and manage different things in the company.
Who turned Amazon from an online bookstore to the largest e-commerce platform in the world?
Jeff Bezos
This type of investor provides funds for high-risk, high-reward startups in exchange for equity.
What is an Angel investor
How does the economic decline affect what entrepreneurs have to manage?
Large and small businesses face declines in sales and profits during Economic downturns. Small businesses are the most affected causing low credit access, slow collections, and spur business bankruptcies.
One's ability to block out distraction and get work done efficiently and effectively
What is Focus
How will I show off my company and make it known?
Posting on social media can make your business known before it is even up and running. Staying consistent with posts and showing the products or what your business does will spark people's interests before it is open.
Who founded Facebook while attending Harvard University, changing the way people connect online?
Mark Zuckerberg
This valuation represents a company's worth before it goes public or receives external funding.
What is Pre-Money Valuation
What are the political rewards for new businesses?
The support of small businesses enhances small business growth,the government gives out taxpayers money to businesses who’ve kept politicians in power.
When one makes a mistake, especially in the world of business, it is often said they should _____ from this.
What is the Ability to Learn
How will I handle failure?
You definitely will have to stay on top of things and be prepared for failure. Failure tends to come with success although things may start off rough it often can get better if you work hard. Make sure to have a strong support network and do not make decisions off of your emotions.
Who revolutionized the home product industry and became a household name with her lifestyle brand and TV shows?
Martha Stewart
In this stage, startups typically seek to scale operations and market reach.
What is the Growth Stage
Successful startups can lead to?
Successful start-ups can also lead to long-term financial benefits for investors, including potential returns on their investment.
Ones plan for the present and future of their company is often referred to as their ________
What is Business Strategy