Business Chapter 6

What are the four keys to entrepreneurship?

1. desire to be your own boss 2. ability to develop a good business plan 3. development of social skills 4. strong work ethic

Think... (how) (Ten Commandments for Entrepreneurs)

different --change the perspective

Losing your (top then mistakes entrepreneurs make)

focus or drive

Work with... (Ten Commandments for Entrepreneurs)

great people --work with people you want

What is the owner also usually?

the manager

Help for small businesses? (6)

1. Chamber of commerce 2. SRA 3. provide counseling 4. maintain passion for what you do 5. prepare before you start 6. invest yourself to achieve success

What are two entrepreneurship opportunities?

1. Innovation "change the world" 2. Investors

Description of competitors? (3)

1. characteristic of industry 2. competition 3. condition of economy

Customer analysis?

1. demographic information 2. location and potential customers

Team approach (key 4)

1. hiring quality employees 2. enough information 3. operation 4. business plan needs to be updated once or twice a year

3 ways of making meaning?

1. increase quality of life 2. right a wrong 3. prevent the end of something good

5 risks for entrepreneurs?

1. lack of adequate capital 2. low sales 3. higher than expected expenses 4. competitive pressure 5. manage a growing business

Common reasons for small business failures? (4)

1. not enough money 2. lack of management 3. failure to manage credit 4. lack of business industry

4 small business advantages?

1. tax advantages 2. customer service 3. unique services 4. attention to detail

What percent of U.S. businesses are considered small?

99.9%

How many employees must a business administration employ to be considered small?

Fewer than 500 employees

What type of notes are the best for networking?

Handwritten

Small business ownership: how many employees are there?

Less than 100

How many locations is a small business usually operating in?

One or very few

Where does 75% of business come from?

Owner's savings

What four things do entrepreneurs have?

Problem solving skills, tolerance for ambiguity, strong integrity, personal initiative

What must you be able to do in order to network yourself?

Talk to someone

T or F: most small business owners enjoy being part of a team?

True

Money provided by large investors to finance new products and new businesses that have a good chance to be very profitable are...?

Venture capital

Not getting involved in... (top then mistakes entrepreneurs make)

the community

Find your..... (Ten Commandments for Entrepreneurs)

true love --love your job so you will do great work

What does every business begin with?

An idea

What are the "4 P's"?

Product, place, price, promotion

Connect the dots...

backward --have a vision

Don't listen to the.... (Ten Commandments for Entrepreneurs)

bozos --dont let people bring you down

Financial plans

-how much money do I need? -budget -where are we going to get it?

Operations plan

-organization of the company -describe operations -who do I want to hire?

What is an advantage small businesses have over large businesses?

Attention to unique customers

For networking, what type of meeting is the best?

Face to face

T of F: a business plan does not have to be written?

False

True of false: everyone who owns or manages a business is an entrepreneur?

False

Improvement

a design change increasing usefulness

Taking on too much... (top then mistakes entrepreneurs make)

by yourself

All failure are... (Ten Commandments for Entrepreneurs)

forgotten --all that is remembered is important stuff

Go against your... (top then mistakes entrepreneurs make)

gut instinct

Create what people... (Ten Commandments for Entrepreneurs)

love

No passion means.... (Ten Commandments for Entrepreneurs)

no success --if you don't have passion, no rational person would keep working

Make meaning..... (Ten Commandments for Entrepreneurs)

not money --change the world

Investing too much in... (top then mistakes entrepreneurs make)

one client

Sacrificing your... (top then mistakes entrepreneurs make)

personality

Managing employees... (top then mistakes entrepreneurs make)

property

What factor proves most for entrepreneurs?

several years of working in the industry

Thinking too... (top then mistakes entrepreneurs make)

small or too big

Trusting that signed contracts... (top then mistakes entrepreneurs make)

will be honored.