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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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