Chapter 1 Flashcards
What do you call a business owner/founder?
Entrepreneur
What is bootstrapping
Doing more with less
Define Small Business
A business that’s small compared to the largest businesses in the industry
What makes an entrepreneurial opportunity attractive?
If it’s economically attractive and timely
Wealth, satisfaction, independence, fulfillment and freedom are…
Motivations and rewards for starting a small business
What types of entrepreneurs are there?
Reluctant, refugee, founder, second stage, franchisee and entrepreneurial team
What are some of the competitive advantages of a small business?
Niche market, customer focus, quality, innovation and integrity
What are some of the readiness factors of an entrepreneur?
Passion, risk tolerance, decision making ability, responsible and able to avoid burnout.
What types of small business are there?
Gazelle, attractive small firm, micro-business, artisan business, opportunistic business and lifestyle business.
What do you call a person who is forced into a business through a hardship?
A reluctant entrepreneur
Define a founder
someone who brings a start-up into existence
An entrepreneur whose power is limited by a contractual relationship with a franchise is called a…
franchisee
A high potential business with great prospects for growth is called a…
Gazelle
A small firm that offers substantial profits to its owners is called an
Attractive small firm
A business that provides a small return to it’s owners is called a
micro business
