Intro to Business Chapter 6

500

A small business is a business with fewer than _____ employees.

High school

Almost all people starting a small business have graduated ?

2,400

More than _______ companies receive venture capital each year.

one

Most Business plans are developed for ____ year.

The entrepreneur and friend and family contributions

Most funding for small businesses comes from?

US Gross Domestic product

Small business are responsible for more than half of what in the US each year?

500

Small businesses are businesses with fewer than ____ employees.

60%

Small businesses employ more than ____ of the private sector employees.

Entrepreneurs

Someone who takes a risk in earning a profit

start-up

The amount of money needed to open a business is the _________________ financing.

administration

The small business __________________ is a government agency that assists small businesses.

False

True or False All entrepreneurships emerge from an innovation or invention

False

True or False Everyone who owns a business is an entrepreneur

True

True or False In the US, as nearly many small businesses close as start each year

True

True or False It is easier for a small business to meet the precise needs of a costumer than a large business

True

True or False Many small businesses fail because they are not located in the right spot

False

True or False Once a business plan is written, it should never be revised.

True

True or False US businesses with a single owner account for more than $6 billion in sales annually

False

True or False the process of starting, organizing, managing, and assuming the responsibility for a business is known as capitalism

improvement

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

Small Business Administration (SBA)

a government agency that helps small business owners develop business plans and obtain financing and other support for their companies

business plan

a written description of the business idea and how it will be carried out including all major business activities

small business

an independent business with fewer than 500 employees

innovation

an invention or creation that is brand new

Ben Cathers

at age 12 he started his own web marketing and advertising business

entrepreneur

someone who takes a risk in starting a business to earn a profit

start-up financing

the amount of money needed to open the business

short-term financing

the money needed to pay for the current operating activities of a business

entrepreneurship

the process of starting, organizing, managing, and assuming the responsibility for a business

$100 billion; $16 billion

venture capital companies supplied more than __________________ in the late 1990s, but in 2009 they dropped to _______________ in result of many businesses failing.

plan

A business _____ is written description of the business and how it will be carried out.

improvement

A design change that increases the usefulness of a product

$770 billion

Businesses with just a single owner and no staff account for more than __________________ in sales annually.

Come from all age categories and educational backgrounds

Entrepreneurs ?

hesitent

Entrepreneurs have many characteristics except for ?

one in ten

How many Americans have invested in a business of someone they know?

99.9%

How many of the 26 million businesses in the US are small businesses?

14.6%

How much does retail trade take up in the total types of small businesses?

All of the above

If you start a business, you need information for ?

35% (B)

In the US, _____ of women own a Business

having a real desire to be your own boss and developing a good initial plan

What are some key factors in starting your own business?

Joshua Moore

developed an idea for a baby stroller braking system

Abbey Fleck

invented the Makin Bacon tray

Rich Stachowski

invented the Water Talkies at age 11

long-term financing

money needed for the main resources of a business (such as land, buildings, and equipment) that will last for many years.

venture capital

money provided by large investors to finance new products and new businesses that have a chance to be very profitable

625,000

more than _____________ new businesses are created annually

$10,000

most new businesses start on ___________ or less