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Small Business
Ch 1: Entrepreneurs Recognize Opportunities
| Question | |
|---|---|
| service | intangible work that provides time, skills or expertise in exchange for money |
| entrepreneur | a person who organized and manages a business, assuming the risk for the potential return |
| free-enterpirse system | economic system in which businesses are privately owned and operate relatively free of government interference. aka capitalism |
| capital | money or property owned or used in business |
| voluntary exchange | a transaction between two parties who agree to trade money for a product or service |
| Small Business | less than 500 employees and less than $5 million in sales |
| Why be an Entrepreneur? | Control over time, fulfillment, creation/ownership, control over compensation,control over working conditions |
| Successful Entrepreneur knows: | it is important to begin with the end in mind, provide vision for when they want to set their exit point. |
| cost/benefit analysis | a decision-making process in which the cost of taking action are compared to the benefits |
| opportunity cost | the value of what must be given up in order to obtain something else |
| SWOT analysis | Strengths, Weakness, Opportunities, Threats |
| strategy | a plan for how an organization or individual plans to go about its own performance and outdo that of its competitors |
| product | something tangible that exists in nature or is made by man |
Created by:
wendyk444
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