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chapter-six

QuestionAnswer
What is an entrepreneur? Someone who takes a risk in starting a business to earn a profit.
What is entrepreneurship? the process of starting, organizing, managing, and assuming the responsibility for a business.
What does it take to be an entrepreneur? Unique skills and personal characteristics to develop new ideas and products. A person must also have confidence and the capability to turn it into a business.
What is Venture capital? Money provided by large investors to finance new products and new businesses that have a good chance to be very profitable.
what is an inovation? an invention or creation that is brand new.
what is an improvement? A designed change that increases the usefulness of a product, service, or process.
What are some of the reasons a business would close? Lack of adequate capital, low sales, higher than expected expenses, competitive pressure, an owner unprepared to manage a growing business, or operations requiring more time than the owner is willing to commit.
What is a small business? An independent business with fewer than 500 employees
What is SBA? (Small business Administration) A government agency that helps small business owners develop business plans and obtain financing and other support for their companies.
What is a business plan? A written description of the business idea and how it will be carried out, including all major business activities.
What is Start-up financing? The amount of money needed to open the business.
What is short-term financing? The money needed to pay for the current operating activities of a business.
What is long-term financing? money needed for the main resources of a business that will last many years.
Created by: stephhansen on 2009-10-13



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