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BA 345 > Chapter 18 > Flashcards

Chapter 18 Flashcards

1
Q

What is entrepreneurship?

A

Risk taking behavior that results in new opportunities

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2
Q

What is classic entrepreneur?

A

pursues opportunities other view as problems

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3
Q

What is a serial entrepreneur?

A

starts and runs business and nonprofits over and over again

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4
Q

What is first mover advantage ?

A

first to exploit a a niche or enter a market

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5
Q

What is a mompreneurs?

A

pursues business opportunities they spot as mothers

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6
Q

What is a social entrepreneur?

A

unique form of ethical entrepreneurship that seeks new ways to solve pressing social problems

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7
Q

What is a social entrepreneur?

A

take risks to find new find ways to solve pressing social problems such as poverty, literacy, illness, homelessness

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8
Q

Entrepreneurship is a way of what?

A

thinking

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9
Q

What is necessity based entrepreneurship?

A

people start a business because no other employment opportunities exist

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10
Q

What are personality traits of entreprenuers?

A

passion and action orientation, self-confidence, high need for achievement, independence

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11
Q

common myths about entreprenuers?

A 
born not made
gamblers
money is key to success 
must be young 
degree in business
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12
Q

Why is retailing, services, and manufacturing attractive to entrepreneurs?

A

easy to enter, low initial financing, specific group of consumers, less heavy competition

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13
Q

small businesses succeed because of

A

vison, hard work, market opportunities, decision making, flexibility

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14
Q

What are small business types?

A

franchise, business model, startup, lean startup, family owned small businesses

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15
Q

What is a franchise?

A

one business owner sells to another the right to operate the same business in another location

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16
Q

What is a business model?

A

plan for making a profit by generating revenues that are grater then costs

17
Q

What is a startup?

A

new and temporary venture that is trying to establish a profitable business model

18
Q

what is a lean startup?

A

use open source software and free web services to contain costs while staying small and keeping operations simple

19
Q

What are the 3 steps of the small business life cycle?

A

birth stage, maturity stage, and breakthrough stage

20
Q

What is the birth stage ?

A

establishing firm, getting customers, fighting for existence and survival

21
Q

what is the maturity stage?

A

refining the strategy, continuing growth, investing wisely and staying flexible

22
Q

what is the breakthrough stage?

A

working on finances, becoming profitable, coping with growth and take off

23
Q

What do you need to do to start a business?

A

have an idea, devise a plan, form an ownership, financial resources, decide if you will do an existing, start a new business, or buy a franchise

24
Q

What are small business failures?

A

lack of experience and commitment, poor financial controls and leadership

25
Q

What is a business plan?

A

a detailed statement of the rationale for the business and step-by-step explanation of how it will achieve its goals

26
Q

What is an outline used for?

A

executive summary, industry analysis, descriptions of operations and company, milestones

27
Q

What are the 3 legal forms of business ownership?

A

partnership, proprietorship, corporations

28
Q

What is a sole proprietorship?

A

owned and managed by one individual

most popular form of organization

29
Q

what is a partnership?

A

2 or more people that act as co-owners of a business

general partnership, limited partnership, joint ventures

30
Q

What is a corporation?

A

separate legal entity created by the state
assets and liabilities are distinct from those of the owners of the corporation
LLC

31
Q

what is debit financing?

A

borrowing money from another person, a bank or a financial institution

32
Q

What is equity financing?

A

involves exchanging ownership shared for outside investment

33
Q

what is venture capitalist?

A

involves making large investments in new ventures in return for an equity stake in the business

34
Q

What is an angel investor ?

A

a wealthy individual willing to invest in return for equity in a new venture

35
Q

What is crowd funding?

A

entrepreneurs starting new ventures go online to get startup financing from crowds of investors

36
Q

What is an initial public offering?

A

An IPO is where shares of stock in the business are first sold to the public and begin trading on a public stock exchange

BA 345 (7 decks)

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