Business Management Chapter 6

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A sentence describing the purpose of a business is a(n) ______

mission statement

A person who starts a new business or purchases an existing business is a(n) ___________

entrepreneur

A description of a business and why it will be successful is a(n) ________

executive summary

transferable skills (foundation skills)

help an individual perform in the workplace or gain success in a career

pro forma balance sheet

reports the assets, liabilities, and net worth of the business

mentor

someone with experience who can provide advice, suggestions, and ideas

3 ways an entrepreneur can open a business

start a new business, purchase an existing one, buy a franchise

leadership

the ability to influence others to reach a goal

Why are problem-solving and decision-making skills essential to an entrepreneur?

to keep a business running smoothly they must be able to take charge of situations and quickly make decisions

__________ skills help an individual perform in the workplace or gain success in a career

transferable

2 sources of equity financing

venture capital and angel investors

A license to sell a company's goods or services within a certain territory or location is a(n) _______

franchise

The ______ provides an overview of the industry and market that the business will serve

market analysis

venture capital

money invested in a business by investors who form partnerships or groups to pool investments

________ is something which entrepreneurs relive in or are enthusiastic about

passion

angel investors

private investors who fund start-up businesses

Entrepreneurs willingly risk resources to start and run a business in pursuit of_______

profit

5 P's of Entrepreneurship

profit, passion, persistence, people, purpose

pro forma income statement

projects revenue and expenses to show whether or not a business is profitable

capital structure

refers to the way a business is financed

pro forma cash flow statement

reports anticipated sources and uses of cash from operations, investing, and financing activities

market research

the gathering and analyzing of information about a business

start-up capital

the money necessary to start and open a business

cash flow

the movement of money into and out of a business

planning

the process of setting goals and deciding how to accomplish them

assets

the property or items of value a business owns

trait

a distinguishing characteristic or quality that makes each person unique

mission statement

a sentence describing the purpose of the business

business plan

a written statement of goals and objectives for a business with a strategy to achieve them

pro forma financial statements

financial statements based on estimates of future business performance, sales, and expenses

Is a college degree needed to become an entrepreneur?

No but they have to have good problem solving skills, good at math, reading, and writing, good money skills, and good technology skills

An independent agency of the federal government dedicated to helping entrepreneurs start, build, and grow their business is the ________

Small Business Association (SBA)

market

all the people and organizations that might purchase a product

collateral

an asset pledged that will be claimed by the lender if the loan is not repaid

Private investors who fund a start-up business are _______

angel investors

Property or items of value which a business owns are ______

assets

debt financing

borrowing money that must be repaid for use in the business

equity financing

capital brought into the business in exchange for a percent of ownership in the business

What is the advantage of becoming an entrepreneur by buying a franchise?

cash flow from the business starting on day 1, experience of past employees, guidance of past owner

A business plan includes______

financial projections


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