Chapter 1 - The Entrepreneurial Life Flashcards
Small Businesses have fewer than ____ employees
100
Small Businesses have _____ than 100 employees
fewer
Operations of small businesses are geographically __________
localized
Financing in a small business is provided by
no more than a few individuals
The business may begin with a single individual but has the
potential to grow
The standards of a small business
Fewer than 100 employees
Operations are geographically localized
Financing is provided by no more than a few individuals
Must have the potential to grow
A small firm that has great prospects for growth
High potential ventures
Gazelles
Offer substantial financial rewards for their owners
Attractive small firms
Represent a major segment of small businesses
Attractive small firms
Solid, healthy firms that ca provide rewarding careers and create financial wealth for the owners
Attractive small firms
Least profitable type of small business
Microbusinesses
Includes many service companies
Microbusinesses
Provides modest return to their owners
Microbusinesses
Limited ability to generate significant profits
Microbusinesses
Permit an owner to follow a desired lifestyle
Lifestyle businesses
Provide only a modest return to owners
Lifestyle businesses
Fewer than 10 employees
Lifestyle businesses
Make up the largest sector of the economy
Lifestyle businesses
Very small loans, often provided to entrepreneurs in developing countries
Microloans
This begins with identifying an attractive entrepreneurial opportunity
The Entrepreneurial process