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46 Cards in this Set
- Front
- Back
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entrepreneurship
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accepting the risk of starting and running a business
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Dupont
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1802-French Painting Products-$36000 start up
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McConnell
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Avon-1886-$500 start up
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Eastmand
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Kodak-1880-$3000 startup
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Procter and gamble
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household products-1937-$7000 start up
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Henry Ford
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Ford Motor Company-$28000 start up by him and 11 associates
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Jeff Bezo
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Amazon-$300,000 of retirement funds
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Why people take the entrepreneural challenge
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opportunity, profitm independence, challenge
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What does it take to be an entrepreneur?
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self-directed, self-nurturing, action oriented, highly energetic, tolerant of uncertainty
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Yu might have a good business idea thats a good opportunity if
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fills customers needs
skills/resuources to start business you can sell at price ppl are willing to buy and still make profit you can get product./service to people before window of opportunity closes you can keep it going |
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Entrepreneural teams
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group of experienced people from different areas of business who join to form managerial team with the skills to develop make and market a new product
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microprenuers
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entrepreneurs willing to accept risk of starting and managing a new type of business that remains smalll, lets them do the kind of work they want to do and offers a balanced lifestyle
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challenges for home based businesses
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getting new customers
managing time keeping work and family seperate abiding city ordinances managing risk |
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affiliate maketing
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internet based marketing strategy in which business rewards individuals or other businesses (affiliates) for each visitor or customer the affiliate sends to the website
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intrapreneurs
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creative people who work as entrepreneurs within corporations
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entreprise zones
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specific geographic areas to which govt. try to attracte private business investment by offering lower taxes and other governement support
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Immigration Act of 1990
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intended to encourage more entrepreneurs to come to the U.S; it created a category of "inventory vias" that allows 10000 people to come to the united states each year if they invest $1 million in an enterprise that creates or serves 10 jobs.
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incubators
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centers that offer new business low cost offices with bsic business services
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S.E.A.
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Self Employment Association- allows participants to collect unemployment checks while they build their business
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Small business
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business that independently owned and operated , is not dominant in its field of operation, and meets certain standards of size (sets by the SBA) in terms of employees or annual receipts
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There are _______ million small businesses in the U.S. with ___ considered small by sba
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27.8 ;97
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Small businesses make up _____% of gross domestic product
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50
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_____small businesses started each year
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600000
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small businesses generate _______% new jobs each year
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60-80
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Small businesses employ about ____ of all private sectors employmees
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half
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About _______% of people find their first job in small businesses
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80
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reasons for small business failure/successes
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160-161
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Functions of a Small Business
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Planning, > Primary concerns when starting
Financing, > Knowing Customers (marketing) Managing Employees (human resources) Keeping Records (Accounting) |
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business plan
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detailed written statement describing nature of the business, the target market, the advantages the business will have in relation for competition and teh resources and qualifications of the owner(s)
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Strategic planning
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long term planning- 5-10 years- comes from mission/vision of company, Board of directors/CEO
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goals for strategic planning
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growth, market share, profit, etc.
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Operational Planning
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short term planning; yearly or annualy; Vice-presidents, Department Heads, Supervisors
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venture capitalist
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individuals or companies that invest in new business in exchange for partial ownership of those businesses
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SBA
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small business administration, U.S. Government agency that advises and assists small businesses by providing management training and financial advice and loans
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Small Business investment Company Program (SBIC)
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program through which private investment companies licensed by the small business administration lend money to small businesses.
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SBA types of assistance:
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guaranteed loans, microloans, export express, CAIP, pollution control jobs, 504 certified development company loans
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guaranteed loans
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loans made by the instituion that the govt will repay if the borrower stops making payments. the maximum individual loan guarantee is capped at $5 million
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Microloans
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$100-$50000
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export express
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to small businesses willing to export; $500,000 guaranteed max loan amount
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Community Adjustment and Investment Program (CAIP)
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loans for businesses to create new, sustainable jobs or perserve jobs in communities that lost jobs
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Pollution control loans
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for facilities to prevent, reduce, abate, or control pollution
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504 certified development company (CDC) loans
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goal to expand business pwmership by minorities, women, and veterans. Max amount 1.5 milliom
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market
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people with unsatisified wants and needs who have both the resources and the willingness to buy
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Service corps of retired executives (SCORE)
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an ABA office with volunteers from industry, trade associations, and education who counsel small businesses at no cost (except expenses)
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Reasons why small businesses have trouble trading globally
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financing is difficult to find
many people dont know how to get started or understand the cultural differences bureacratic red tape is often overwhelming |
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Small business vs. Large businness in global market
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Shipping is faster
Overseas buyers like dealing with individuals Wide variety of suppliers personal service and undevidied attention |
