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14 Cards in this Set

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