Intro to Business: Chapter 6

An entrepreneur is someone who takes a risk by starting his or her own business.

Everyone that owns or manages a business is considered to be an entrepreneur.

A written description of your business idea.

Which is not an element of a business plan?

Small businesses employ only 10 percent of U.S. workers

Over a 10-year period, what percentage of businesses will fail?

A brand new invention is a called an

What is the amount of money that is needed to open a business called.

Most businesses start on _____ or less to finance their business

An independent business with 200 employees is considered a small business.

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

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

A change that increases the usefulness of a product, service or process.

Small businesses are responsible for more than half of the U.S. gross domestic product each yr.

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

A business plan does not have to be written.

An independent business with fewer than 500 employees is considered to be a

Small businesses are responsible for most new employment.

A competitive advantage that small businesses have over larger businesses is

What percentage of women own a small business?

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

Someone who takes a risk in starting a business in hopes of earning a profit.

One of the main reasons that businesses started by entrepreneur's fail is inadequate capital.

Money that is needed for the important resources of a business (land, equipment, buildings).

What percentage of Americans 18-64 years old is involved in entrepreneurship?

Money that is provided to a business by large investors in order to finance a new business.

As an entrepreneur it is important to have an understanding of business operations.

Successful entrepreneurs have many personal characteristics in common.