Entrepenurship/Small Business WOB 2 Flashcards Preview

jeremy harmon > Entrepenurship/Small Business WOB 2 > Flashcards

Flashcards in Entrepenurship/Small Business WOB 2 Deck (18):
1

4 characteristics of small business

Narrow focus
Limited resources
Freedom to innovate
Easier to make decisions

2

5 factors in the number of small business

E commerce
Social media
Technological advances
Diversity
Corporate downsizing

3

Entrepreneurial spirit

Drive to create business

4

5 reasons why people start their own companies

-More control
- unemployment
- passion for a new idea
-Tired of working for someone else
- pursued business goals important to them

5

3 qualities shared by successful entrepreneurs

Smart
Passionate
Hard working

6

Business plan

Summarizes business goals and plans

7

6 reasons why businesses fail

Leadership issues
Marketing
Sales issues
Financial issues
System issues
Facility issues

8

Advisory Board

Team of people with knowledge of subject that helps business owners

9

Business Incubators

Facilities that help small businesses in early years

10

Seed Money

First money to fund business

11

Venture Capitalists

Investors who provide money for portion of ownership

12

Angel Investors

People who Invest in start ups

13

What does IPO stand for

Initial Public Offering

14

What does IPO mean

Companies first offering of stock to public

15

Franchise

An arrangement of one company obtaining rights to sell a product

16

Franchisor

Agrees to sell rights to other company
Ex mcdonalds corporate

17

Franchisee

Pays for the rights to sell a product
Ex Ben

18

Two examples of ways to get start up capital

Angel investors
Venture capitalists

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