Unit 6 Flashcards
what are the Ps of entrepreneurship
purpose, passion, persistence, people, profit
A distinguishing characteristic or quality that makes each person unique
trait
the ability to influence others to reach a goal
leadership
necessary to perform the required work-related tasks of a position
job specific skills
help and individual perform in workplace or gain success in a career
Transferable skills
or foundation skills
the process of setting goals and deciding how to accomplish them
planning
an independent agency of the federal gov. dedicated to helping entrepreneurs
SBA
Small Business Administaration
someone with experience who can provide advice, suggestions, and ideas
Mentor
Nonprofit association of more than 13,000 retired and active businesspeople
SCORE
service corps of retired executives
Why might a business fail
lack of money, lack of business experience, poor management skills, inefficient inventory control
poor credit management, poor location, improper budgeting, lack of advertizing
the gathering and analyzing the information about a business
Marketing research
all the people and organization that might purchase a product
market
the movement of money into and out of a business
cash flow
a written statement of goals and objectives for a business with a strategy to achieve them
business plan
a sentence describing the purpose of the business
Mission Statement
money necessary to start and open a business
start-up capital
financial statements based on estimates of future business performance, sales and expenses
Pro Forma financial statements
repost the assets, liabilities, and net worth of business
Pro Forma balance sheet
projects revenues and expenses to show whether or not a business in profitable
Pro Forma income sheet
reports anticipated sources and uses of cash from operations investing and financing activities
Pro Forma cash flow statement
the way a business is financed
Capital Structure
borrowing money that must be repaid for use in the Business
Debt financing
an asset pledged that will be claimed by the lender if the loan is not repaid
Collateral
the property or items of value a business owns
Assets
capital brought into the business in exchange for a percent of ownership in the business
Equity Financing
money inversted in abusiness by investors who form partnerships or groups to pool investments
venture capital
private investor who fund start-up businesses
Angel Investors
