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Business > Chapter 6 - Starting your own Business > Flashcards

Chapter 6 - Starting your own Business Flashcards

1
Q

Person who seeks a profitable opportunity and takes the necessary risks to set up and operate a business.

A

Entrepreneur

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2
Q

Person who identifies a business opportunity and allocates available resources to tap that market.

A

Classic Entrepreneur

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3
Q

Person who starts one business, runs it, and then starts and runs additional businesses in succession.

A

Serial Entrepreneur

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4
Q

Person who recognizes societal problems and uses business principles to develop innovative solutions.

A

Social Entrepreneur

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5
Q

Person who starts a business to reduce work hours and create a more relaxed lifestyle.

A

Lifestyle Entrepreneur

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6
Q

Initial funding needed to launch a new venture.

A

Seed Capital

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7
Q

Borrowed funds that entrepreneurs must repay.

A

Debt Financing

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8
Q

Funds invested in new ventures in exchange for part ownership.

A

Equity Financing

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9
Q

Business firms or groups of individuals that invest in new and growing firms in exchange for an ownership share.

A

Venture Capitalists

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10
Q

Wealthy individuals who invest directly in a new venture in exchange for an equity stake.

A

Angel Investors

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11
Q

Process of promoting innovation within the structure of an existing organization.

A

Intrapreneurship

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12
Q

Three ongoing trends that support and expand the opportunities for entrepreneurs are?

A
  1. Globalization
  2. Education
  3. Information Technology
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13
Q

The process for starting a new venture:

A
  1. Select Business Idea.
  2. Create a Business Plan.
  3. Financing your Venture.
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14
Q

Eight Steps to create a Business Plan.

A
  1. Executive Summary
  2. Companies Mission/Vision
  3. Outline of what makes you Unique.
  4. Customers
  5. Competition
  6. Financial Evaluation
  7. Assessment of Risks
  8. Resume of Principals
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15
Q

Five ways to finance your Venture.

A
  1. Seed Capital
  2. Debt Financing
  3. Equity Financing
  4. Crowd Funding
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16
Q

Three types of Debt Financing.

A
  1. Credit Cards
  2. Family & Friend Loans
  3. Bank Loans (SBA Backed)
17
Q

Two ways of Equity Financing.

A
  1. Venture Capitalists

2. Angel Investors

18
Q

What are Venture Capitalists?

A

Investment Companies with their own funds or Representatives of a group of Angels.

19
Q

What are Angel Investors?

A

Individuals with their own money to lend.

20
Q

What is Crowd Funding?

A

Is the practice of funding a project or venture by raising monetary contributions from a large number of people, typically via the internet.

21
Q

What is a Business Incubator?

A

A local program designed to provide low-cost shared business facilities to small start-up ventures.

22
Q

Three Reasons to Choose Entrepreneurship:

A
  1. Pursuing Your Vision
  2. Being Your Own Boss
  3. Achieving Financial Success
23
Q

Three Categories of Entrepreneurs

A
  1. Classic Entrepreneurs
  2. Serial Entrepreneurs
  3. Social Entrepreneurs
24
Q

8 Characteristics of Entrepreneurs

A
  1. Vision
  2. High Energy Level
  3. Need to Achieve
  4. Self Confidence & Optimism
  5. Tolerance for Failure
  6. Creativity
  7. Tolerance for Ambiguity
  8. Internal Locus of Control
25
Q

What is Franchising?

A

Contractual Business arrangement between a manufacturer or other supplier and a dealer, such as a restaurant operator or retailer.

26
Q

Name some Franchises.

A
  1. Hampton Hotels
  2. Subway
  3. McDonald
  4. Pizza Hut
  5. Super Cuts
27
Q

5 Guidelines Entrepreneurs should use when considering their initial business ideas.

A
  1. List your interests & abilities.
  2. Evaluate Goods & Services looking for ways to improve them.
  3. Learn as much as you can about your industry.
  4. Conduct Market Research
  5. Read Surveys & Projected Growth in various industries.

Business (10 decks)

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