POB Chapter 6: Entrepreneurship and Small Business Management(TF) *(9) Quizlet SLT Set

List common reasons for small business failures

-Not keeping adequate records -Not having enough start-up money -Lack of management experience -Lack of experience with the type of business -Not controlling operating expenses -Poor location for the business -Failure to manage credit offered to customers

Beyond the formal definition of a small business, what four points can be used to describe a small business?

-The owner is usually the manager -It operates in one or very few locations -It typically serves a small market -It is not dominant in its field

Why is it important to use a team approach when starting a new business?

A business is not easy to run without the help of others.

In addition to owner-supplied capital, what are several other sources of financing for a small business?

Borrowed money may come from banks, finance companies, or other individuals, such as friends and family.

What personal characteristics are common to most successful entrepreneurs?

Competitive, creative, independent, and goal oriented.

Where do entrepreneurship opportunities begin?

Opportunities begin with innovations (ideas about new products and services) or improvements (ideas for changes to existing products, services, or processes).Beyond the

What are the sources of financing that entrepreneurs use for their new businesses?

Venture capital

How can small businesses compete successfully with larger businesses?

With the help of the SBA...Small Business Administration

What are "strategic alternatives" in a business plan?

strategies that a business develops to set the direction, for which human and material resources will be applied