Entrepenurship/Small Business WOB 2 Flashcards
4 characteristics of small business
Narrow focus
Limited resources
Freedom to innovate
Easier to make decisions
5 factors in the number of small business
E commerce Social media Technological advances Diversity Corporate downsizing
Entrepreneurial spirit
Drive to create business
5 reasons why people start their own companies
- More control
- unemployment
- passion for a new idea
- Tired of working for someone else
- pursued business goals important to them
3 qualities shared by successful entrepreneurs
Smart
Passionate
Hard working
Business plan
Summarizes business goals and plans
6 reasons why businesses fail
Leadership issues Marketing Sales issues Financial issues System issues Facility issues
Advisory Board
Team of people with knowledge of subject that helps business owners
Business Incubators
Facilities that help small businesses in early years
Seed Money
First money to fund business
Venture Capitalists
Investors who provide money for portion of ownership
Angel Investors
People who Invest in start ups
What does IPO stand for
Initial Public Offering
What does IPO mean
Companies first offering of stock to public
Franchise
An arrangement of one company obtaining rights to sell a product
