Intro to Business: Chapter 6 Review

Start-up financing is money needed to pay current operating costs of the business

An entrepreneur is someone who takes a risk by starting their own business

Everyone who owns a business is an entrepreneur.

A change that increases the usefulness of a product

The license to operate a business

Financing that is obtained for less than one year

A business plan includes a description of the strengths and weaknesses of competitors.

The land that the business is built on

Young entrepreneurs are important to the economy because:

A brand new invention

One of the main reasons that businesses started by entrepreneurs fail is inadequate capital

Purchase of the equipment to open a business

A written description of the business idea

Which is NOT one of the 4 key factors for a successful entrepreneurship

Large amounts of money paid over many years

Most new business owners obtain start-up money to finance their business from banks.

What percentage of entrepreneurs launched their businesses during their childhood

Large amounts of money paid over many years

Money provided by large investors to finance new businesses

Money used to open a business

An independent business with 200 employees is considered a small business

The process of starting, organizing, and managing a business.

Successful entrepreneurs have many personal characteristics in common

Small businesses employ only 10% of US workers

Money to pay for current operating costs of the business