Entrepreneurship & Small Business Management – Flashcards
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Entrepreneur
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someone who takes a risk in starting a business to earn a profit
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4 process steps of entrepreneurship
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1) starting 2) organizing 3) managing 4) assuming the responsibility
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What does it take to be an entrepreneur? (5 things)
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1) persistent 2) inquisitive 3) energetic 4) problem solving skills 5) tolerance for ambiguity
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How many new businesses every year?
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500,000
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How many people are involved in some type of entrepreneurship activity?
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1 out of 10
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What percentage of employees run their own business with no help
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about 40%
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Where does most of the money come from needed to start a new business
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his/her friends & family
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How much money does fam & friends invest in new business every year
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100,000 billion
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What is venture capital?
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money provided by large investors to finance new products & new business
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Productivity:
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small business are responsible for nearly half of the U.S. GDP
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Productivity: #2
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55% of all innovative products & services developed
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Where does half the GDP come from
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small business
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Innovation
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invention or creation that is brand new
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Improvement
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designed change to fix a product, service or process
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1/3 of all new business
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make money, lose money, make no profit but still operate
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Over 10 years...
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50% of all business will fail
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3 ways a business will fail
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1) low sales 2) lack of adequate capital 3) higher than expected prices
