Chapter 8 Flashcards
entrepreneur
one who organizes, manages, and assumes the risks of a business or enterprise
5 common characteristics of successful entrepreneurs categories
- Ideas & Drive
- People Skills
- Work Style
- Financial Savvy
- Entrepreneurial Background
four entrepreneurial DNAs:
Builder, Opportunist, Specialist, and Innovator.
builder
one would expect, focused on scaling the business quickly
opportunist
measures success in financial terms and is always scanning for the next money-making opportunity. They tend to be serial entrepreneurs, perpetually building and selling businesses, often in completely unrelated industries
Specialists
experts who generally spend their careers in one industry. They measure success based on their personal income
Innovators
the mad scientists of the world. They measure success based on impact; it’s about the mission, not the money
Ten Steps to Starting a Business
- Conduct market research
- Write your business plan
- Fund your business
- Pick your business location
- Choose a business structure
- Choose your business name
- Register your business
- Obtain federal and state tax IDs
- Apply for state licenses and permits
- Open a business bank account
Executive Summary
Briefly summarize what you do for whom and what will make you successful.
Company Description
provide a more detailed description of your company, including the opportunity and your solution.
Market Analysis
summarize your understanding of the economy, industry, your target market and related trends and developments
Organization & Management
describe your legal structure and introduce yourself and management team or advisors
Service or Product Line
the product or service section to detail your offerings and any market differentiators such as copyrights or patents.
Marketing & Sales
describe your plan to bring your product or service to market
Funding Request (if applicable)
detail your funding requirements and the intended use of those funds over the next five years
