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Overview of Small Business

Entrepreneur An individual who undertakes the risk associated with creating, organizing, and owning a business.
Entrepreneurship The process of starting and operating one's own business.
Venture A business undertaking involving risk.
Small business Sometimes referred to as "mom and pop" businesses. Generally started to create jobs for the owners.
Mission Statement A written description of the purpose of a company and the management’s philosophy (one or two brief paragraphs).
Opportunity An idea that has commercial value.
Manager An employee who coordinates people, processes, and other resources of a business in order for the business to achieve success and make a profit.
Persistent characteristic of an entrepreneur; work until the job is done; determined to overcome problems and to pursue their goals in order to make their business successful
Creative Characteristic of an entrepreneur; constantly looking for new ways to solve problems
Responsible Characteristic of an entrepreneur; accountable for his/her actions and does what is required.
Inquisitive Characteristic of an entrepreneur; curious about things that may affect their business. They are not afraid to ask questions or to conduct research in order to solve problems.
Goal-oriented Characteristic of an entrepreneur; develop a plan of action and must make decisions to help achieve that plan.
Independent Characteristic of an entrepreneur; want to make their own decisions. They set their own schedules and are able to work without supervision.
Self-demanding Characteristic of an entrepreneur; set high expectations of themselves and strive to meet those expectations.
Self-confident Characteristic of an entrepreneur; believe in themselves.
Risk-takers Entrepreneurs need this skill to look for challenging opportunities. They are not afraid to take risks.
Action-oriented Entrepreneurs need this skill decisions and act on those decisions.
Communication skills Entrepreneurs need this skill in order to gather the information necessary to organize and run their business. Entrepreneurs must develop writing, speaking, and listening skills.
Human relations skills Entrepreneurs need this skill to get along with others and enjoy meeting and talking to people.
Math skills Basic arithmetic and knowledge of basic record keeping are needed for the entrepreneur to make purchase decisions, calculate profit, and complete financial statements.
Problem-solving and decision-making skills Entrepreneurs need this skill to make decisions and solve problems every day.
Technical skills Computer skills are essential in almost every business. The use of word-processing, spreadsheets, databases, and email will enhance the operation of most businesses.
Basic business skills Entrepreneurs need this skill to have a basic understanding of how the economy works and of the fundamental concepts of finance, marketing, and management in order to help ensure the success of their business.
Created by: mrsljohnson
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