Entrepreneurship and Small Business Management Review Flashcards
Someone who takes a risk in starting a business to earn a profit.
Entrepreneur
The process of starting, organizing, managing, and assuming the responsibility for a business.
Entrepreneurship
Money provided by large investors to finance new products and new business that have a good chance to be very profitable.
Venture Capital
an invention or creation that is brand new.
Innovation
a designed change that increases the usefulness of a product, service, or process.
Improvement
an independent business with fewer than 500 employees
Small Business
a government agency that helps small businesses plans and obtain financing and other support for their companies
Small Business Administration (SBA)
a written description of the business idea and how it will be carried out,including all major business activities
Business Plan
the amount of money needed to open the business
Start-up financing
the money needed to pay for the current operating activities of a business
Short-term financing
the money needed for the main resources of a business
Long-term financing
a business owned and run by just one person
Proprietorship
a business owned and controlled by two or more people who have entered into a written agreement
Partnership
a separate legal entity formed by documents filed with your state. it is owned by one or more shareholders and managed by a board of directions
Corporation
a written contact granting permission to operate a business to sell products and services an in a set way
Franchise
a written argument among all owners detailing the rules an produces the guide ownership and operations
Partnership agreement
a written legal document that defines ownership and operating procedures and conditions for the business
Articles of incorporation
Most entrepreneurs get money to start of their business from these people
Family and Friends
Most small businesses in the US are______________
Service Business
Most small businesses fail because they do not keep ________________________
Adequate Records
The most important step in starting up a business is________________
Coming up with an idea
Nearly ________ percent of all Americans aged 18-64 is involved in some type of entrepreneurial activity
10 percent
_____________ or more of small businesses are owned by women
25 percent
Small businesses have a better chance at winning over customers because they give their customers _____________________________
Individual Attention
This part of the business plan includes the business idea, ownership structure, and the businesses long-term goals
Description of Business
Most business plans are updated __________________
Annually
This part of the business plan includes description of the customers, information about their customers, and sales forecast
Customer Analysis
This part of the business plan includes organization of the company, description of major operations, and analysis of resources needed
Operations Plan
This part of the business plan includes the major marketing activities, description of resources needed, and schedule of marketing activities.
Marketing Plan
This part of the business plan includes start-up costs, short and long term financial needs, sources of financing, and budgets and financial statements.
Financial Plans
