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14 Cards in this Set
- Front
- Back
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y do ppl start their own business?
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profit, independence, opportunity, challenge
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attributes of successful entrepreneurs
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self directed, self nurturing, action oriented, highly energetic, and tolerant of uncertainty
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how have modern entrepreneurs ensure longer terms of management?
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teams that specialize in many different skills needed to start and manage a business
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micropreneur
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people start a business and intentionally keep it small
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intrapreneur
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entrepreneurial centers within a larger firm
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y r small businesses important?
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account for 50% of gdp; 80% of grads 1st job is at a small business
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small business def
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independently owned and operated, not dominant in its field of operation; meets certain standards of size employees/sales
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y do small businesses fail?
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many bc managerial incompetece and inadequate financial planning
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hints to someone who wants to learn about starting a small business
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take courses on starting; talke to small business owners; get experience working for others; take over a successful firm; study techniques
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sources of funds one should consider to start a small business
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personal savings, relatives, former employers, banks, finanace companies, venture capital organizations, gov agencies
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special problems small businesses have dealing with employees
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hard time finding competent employees and grooming employees for management responsibilities
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where can budding entrepreneurs find help in starting?
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accountants, lawyers, marketing, researchers, loan officers, insurange agents, the SBA, SBDCs, SBICs, and college professors
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adv small businesses have
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provide a wider variety of suppliers and can ship products quickly; give more personal service
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y dont more sb trade internationally?
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financing often difficult to find; many ppl dont know how to get started; many do not understand the cultural differences; bureaucratic red tape is often overwhelming
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