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
