Chapter 6: Entrepreneurship
transferable skills
help an individual perform in the workplace or gain success in a career
passion
is something which entrepreneurs believe in or are enthusiastic about
mentor
someone withe experience who can provide advice, suggestions, and ideas.
market analysis
the ______ provides an overview of the industry and market that the business will serve
leadership
the ability to reach others and reach a goal
start-up capital
the money necessary to start up and open a business
venture capital and angel investors
two sources of equity financing are _________.
market research
gathering and analyzing information about a business
venture capital
money invested in a business by investors who form partnerships or groups to pool investments
expensive purchase price
not a potential advantage of purchasing an existing business
lack of profit motive
not a reason why many new businesses fail.
angel investors
private investors who fund start-up businesses are _________.
assets
property or items of value which a business owns are _________.
cash flow
the movement of money into and out of a business
capital structure
the way a business is financed
small business administration
a source of professional advice for new entrepreneurs
executive summary
a description of a business and why it will be successful is an ___________
trait
a distinguishing characteristic or quality that makes each person unique.
franchise
a license to sell a company's goods or services within a certain territory or location
entrepreneur
a person who starts a new business or purchases an existing business.
self-confidence
a quality of effective leadership
mission statement
a sentence describing the purpose of a business is an _______________
business plan
a written statement of goals and objectives for a business with a strategy to achieve them
profit
Entrepreneurs willingly risk resources to start and run a business in pursuit of ______.
Income statement
Which pro forma financial statement projects revenue and expenses to show whether or not a business is profitable?
basic math functions
a basic skill every entrepreneur should master.
financial projections
a business plan includes ______.
market
all the people and organizations that might purchase a product
any of the above
an entrepreneur can choose to _______. A. Start a new business B. Purchase an existing business C. Buy a franchise D. Any of the above
SBA
an independent agency of the federal government dedicated to helping entrepreneurs start, build, an grow their business