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Intro to Business Ch 6
Terms in this set (46)
The process of starting, organizing, managing, and assuming the responsibility for a business.
Are all people that own a business considered an entrepreneur and does all entrepreneurship opportunities come from inventions.
In the U.S. nearly as many small businesses ________ as begin each year.
U.S. businesses with a single owner and no staff account for more than _________ in annual sales.
Is it easier for a small business or a large business to meet the precise needs of a customer?
____________ is a common reason small businesses fail.
The most important step in starting a business is what?
Can business plans be revised or updated once they've been written?
A written description of a business idea and how it will be carried out and is usually required when a business owner needs help from others to finance a new business?
Is living in a major U.S. city an important or unimportant factor in becoming an entrepreneur?
In the U.S. women own what percentage of small business?
Entrepreneurs come from all age categories and _________ backgrounds.
More than how many new businesses are created in the U.S. every year.
personal and business loans
Where does most of the money needed to start a new business come from?
Small businesses account for more than _________ of the U.S. GDP each year.
Out of all new businesses about 1/3 are profitable, 1/3 do not make a profit but continue to operate, and 1/3 do what?
According to the Small Business Administration a small business is an independent business with fewer than how many employees?
operates in one or very few locations
It serves a small market, the owner is usually the manager, and what are all characteristics of a small business?
Small business owners usually get direct information from their ______ about what they like and dislike.
give customers more individual attention
What advantage do small businesses have over large businesses?
_________ is important to small retail businesses because customers will stay away if it isn't easy to find, they don't want to travel long distances to find what they need and retailers need good customer traffic to survive.
professionals such as bankers, lawyers, and accountants
Most successful small business owners establish good relationships with who?
description of the business
What part of the business plan addresses short and long term goals for the business?
This would not be a component of the operations plan section of a business plan?
When starting a new business it is important to have information about competitors, customers, and what?
gather and review information
What is the first step in developing a business plan?
less than one year
How long is short term financing?
Someone who takes a risk in starting a business to earn a profit.
Money provided by large investors to finance new products and new business that have a good chance to succeed.
An invention or creation that is brand new.
A designed change that increases the usefulness of a product, service, or process.
Almost all people starting small businesses have graduated from what?
Small Business Administration
U.S. government agency that helps small business owners obtain financing and other support for their companies.
Service Corps of Retired Executives
Retired local business people who volunteer their services to counsel and mentor new business owners are members of what?
How long does it typically take to develop a business plan?
The amount of money needed to open a business.
Products or raw materials a business keeps on hand to do business.
Money needed to pay for the current operating activities of a business.
In what type of business would only one person supply the money to help start a business?
Money needed for the main resources of a business that will last for many years.
Money saved by the entrepreneur and that of family and friends is the most important to get the business started. There is also venture capital and loans.
What are types of funding for new businesses and which is the most important?
Over a 10 year period about how many new businesses will be discontinued?
1. low sales
2. lack of capital
3. higher than expected expenses
4. competittive pressure
5. owner is unprepared to manage the business
6. business requires more time than the owner can commit to
7. poor recordkeeping
8. poor location
What are some reasons businesses started by entrepreneurs commonly close?
What percentage of new jobs in the U.S. are created by small businesses?
professional, scientific, technical services, retail, construction, real estate, transportation, agriculture
What are some common categories of small businesses?
It forces the owner to think about important activities, the time it will take, and the cost. It can show them potential problems and give a guide to keep the business on track.
Why is it important for all small business owners to create business plans?
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