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chapter-six

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Question
Answer
What is an entrepreneur?   Someone who takes a risk in starting a business to earn a profit.  
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What is entrepreneurship?   the process of starting, organizing, managing, and assuming the responsibility for a business.  
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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.  
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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.  
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what is an inovation?   an invention or creation that is brand new.  
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what is an improvement?   A designed change that increases the usefulness of a product, service, or process.  
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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.  
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What is a small business?   An independent business with fewer than 500 employees  
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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.  
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What is a business plan?   A written description of the business idea and how it will be carried out, including all major business activities.  
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What is Start-up financing?   The amount of money needed to open the business.  
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What is short-term financing?   The money needed to pay for the current operating activities of a business.  
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What is long-term financing?   money needed for the main resources of a business that will last many years.  
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