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The ability to influence others to reach a goal...
Leadership
Can job specific skills be used for one job or many?
One.
How do you become a small business?
Adhere to regulations set by the SBA.
What do you call an industry with small standards?
A small business.
Why are angel investors given their name?
Because they are not seen, like an angel.
What skills can be used for many jobs?
Transferable skills
What is one reason that businesses fail?
Lack of money.
What does organization and management do to a business?
It is the business structure of the business.
What are job-specific skills?
Skills that are needed for that job
What is the main reason to run a business?
To make a profit.
What are the 5 P's?
Profit, Purpose, Passion, People, Persistence.
What is collateral?
Item pledged in case money is not paid back.
What does a mission statement do?
Describes the purpose of the business.
What does a company description include?
Business activity, market, competitive advantage.
Cars, houses, etc.
What are the two investor called?
Venture and Angel
What is venture capital?
Money invested by investors to form partnerships and pool investors.
What are equity financials?
Capital in exchange for % of ownership.
What happens when a business is built in a poor location?
The business will fail.
What does SBA stand for?
Small business administration.
Where are angel investors normally?
Behind the scenes.
Mentors, the SBA, and the Service Corps of Retired Executives.
What are the parts of a business plan?
Executive summary, Market analysis, Company.
What are some other traits of successful entrepreneurs?
Leadership, Competitive, Creative, Disciplined.
Variable cost.