Chap 6 LS

What are some of the factors that could be associated with small business success

Managerial competence Adequate financial planning

A good business plan in between 25 and 50 pages long and takes many months to write. A comprehensive business plan will include which of the following

Marketing plan Executive summary Financial plan

Intrapreneurs

are creative people who work as entrepreneurs within corporations

Venture Capitalists

are individuals or companies that invest in new businesses in exchange for partial ownership of those businesses

Mark recently started a small consulting firm. He is drafting a detailed written statement that describes the nature of the business, the target market, the advantage the business will have over the competition, and the resources and qualifications of the owners. Mark is writing a

business plan

Entrepreneur

desire to grow the business and generate wealth

Micropreneur

desire to remain small and balance lifestyle with work

Being self directed, self nurturing, action oriented, and tolerant of uncertainty are all considered characteristics of an

entrepreneur

Gaining financing, knowing how to get started in exporting, and navigating bureaucratic paperwork are major hurdles to consider when getting started in

global business

According to a recent study, offering low cost offices with basic services to new businesses in the early stages of development results in an 87% success rate of

incubator graduates

Apprentice

is hired to assist the owner of a small business while gaining experience

Entrepreneurs who are not interested in starting a mammoth corporation, but rather are interested in a balance between lifestyle and work are called

micropreneurs

A small business is defined as

one that is independently owned and operated one that is not dominant in its field one that meets certain standards of size in terms of employees or receipts

The Small Business Administration (SBA) is the U.S. government agency that advises and assists small businesses by

providing loans providing management training providing financial advice

Entrepreneurship

refers to accepting the risk of starting and running a business

Some common causes of small business failure

starting with too little capital no experience in that business or industry underpricing or overpricing goods or services

Characteristics of an entrepreneurial team that will be developing and marketing a new product

A group of experienced people Each from different areas of business Members have complimentary skills and are creative

Managers address many activities including planning, financing, marketing, human resource development and record keeping. Of these functions, which two are of a primary concern when starting a business

Planning and financing

All consumers with unsatisfied wants and needs who have both resources and the willingness to buy are

a market

Kayla wanted to open her own dress design business. She spent a few hours putting together a marketing plan, then selected an award winning dress she designed and wore it to the meeting with the bank. The most likely reason she did not receive a loan was

she did not develop a thorough business plan

Intrapreneurs

use a company's existing resources to launch new products and generate new profits. They are the creative people who work as entrepreneurs within corporations