What is entrepreneurship?
What entrepreneurs contribute
Turn demand into supply, provide venture capital, provide jobs, promote changes in society, create more wants.
Discontinuance
a business that disappears from the tax rolls because it may be operating under a new number because the owner has purposely discontinued in order to start a new business.
4 steps for entrepreneurs to succeed
1. recognize opportunity 2. test the opportunity in the market place 3. assemble a expert team to execute the business concept 4. plan and manage effectively
Opportunity
An idea that has commercial value
Enterpreneur
An individual who undertakes the creation, organization, and ownership of a business.
A ------- files chapter 7 bankruptcy.
Business failure
When entrepreneurs are ready start up a new business, they must use ------ to put together the necessary start up resources.
Creative talent
New business seek ------ that provide incentives.
Enterprise zones
List them
Entrepreneur, environment, opportunity, startup resources, new venture organization.
The five components of the ---------------- work together to create a new business.
Entrepreneurial startup process
As an --------, you accept the ----- and --------- of business ownership.
Entreprenuer, risks, responsibilites
The fifth component of the startup process is the -------- of the new venture organization.
Execution
Starting a home-based business calls ------- on the part of the owner.
For entrepreneurship
While founders of entrepreneurial ventures have a desire to
Innovate, grow and, great new value
Four basic factors of production
Land, entrepreneurship, labor, capital
Entrepreneurs -------- opportunities and pull together the resources to ----------.
Recognize, exploit opportunities
enterprise zones
Specially designed areas of a community that provide tax benefits to new business located there; communities may also provide grants for new product development.
The entrepreneur is the driving force of the
Start up process
Four categories of environmental variables
The nature of environment, the availability of resources, ways to realize value, incentives to create new businesses.
Economics
The study of how people allocate source resources to fulfill their unlimited wants.
An idea plus a market equals an
Opportunity
A good opportunity can be turned into
Business
A business that ------- may be a failure or a discontinues.
Disappears for tax roles
Knowledge of ------ contributes to an understanding of how ---------- and ------- interact.
Economics, entrepreneurs, costomers
Four stages of the business
Growth, recession,depression, recovery
The difference between-------- and ---------- is that owners start small business to create jobs for themselves.
Small business and entrepreneurial venture
Start up resources
The capital, skilled labor, management experience, legal and financial advice, facilities, equipment, and costumes need to start a business.
New venture organization
The infrastructure or foundation that supports all the products, process and services of a new business.
Entrepreneurial
The process of recognizing an opportunity, testing it in the market; and gaining the resources necessary to start a business.
Creating and running a business -------- requires a variety of skills.
Venture
Venture
a new by siness undertaking that involves risk
