Term
| What are a few of the reasons people start their own business? |
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Definition
| Reasons include profit, independence, opportunity and challenge. |
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Term
| What are the attributes of successful entrepreneurs? |
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Definition
| Successful entrepreneurs are self-directed, self-nurturing, action-oriented, highly energetic, and tolerant of uncertainty. |
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Term
| What have modern entrepreneurs done to ensure longer terms of management? |
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Definition
| They have formed entrepreneurial teams with expertise in the many skills needed to start and manage a business. |
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Term
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Definition
| Micropreneurs are people willing to accept the risk of starting and managing the type of business that remains small, lets them do the kind of work they want to do, and offers them a balanced lifestyle. |
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Term
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Definition
| Intrapreneuring is the establishment of entrepreneurial centers within a larger firm where people can innovate and develop new product ideas internally. |
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Term
| Why has there been such an increase in the number of home-based and web-based businesses in the last few years? |
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Definition
| The increase in power and decrease in rice of computer technology have leveled the field and made it possible for small businesses to compete against larger companies-regardless of location. |
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Term
| Why are small businesses important to the U.S. economy? |
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Definition
| Small business accounts for almost 50 percent of gross domestic product (GDP). Perhaps more important to tomorrow's graduates, 80 percent of U.S. workers' first jobs are in small businesses. |
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Term
| What does the small in small business mean? |
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Definition
| The Small Business Administration defines a small business as one that is independently owned and operated and not dominant in its field of operation, and that meets certain standards of size in terms of employees or sales (depending on the size of others in the industry). |
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Term
| Why do many small businesses fail? |
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Definition
| Many small businesses fail because of managerial incompetence and inadequate financial planning. |
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Term
| What hints would you give someone who wants to learn about starting a small business? |
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Definition
First, learn from others. Take courses and talk with some small-business owners.
Second, get some experience working for others.
Third, take over a successful firm.
Finally, study the latest in small-business management techniques, including the use of computers for functions like payroll, inventory control, and mailing lists. |
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Term
| What sources of funds should someone wanting to start a new business consider investigating? |
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Definition
| A new entrepreneur has several potential sources of capital: personal savings, relatives, former employers, banks, finance companies, venture capital organizations, government agencies and more. |
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Term
| What are some of the special problems that small business owners have in dealing with employees? |
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Definition
| Small-business owners often have difficulty finding competent employees and grooming employees for management responsibilities. |
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Term
| Where can budding entrepreneurs find help in starting their business? |
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Definition
| Help can come from many sources: accountants, lawyers, marketing researchers, loan officers, insurance agents, the SBA, SBDCs, SBICs, and even college professors. |
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Term
| What are some advantages small businesses have over large businesses in global markets? |
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Definition
Foreign buyers enjoy dealing with individuals rather than large corporations because
1. Small companies provide a wider variety of suppliers and can ship products more quickly.
2. Small companies give more personal service. |
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Term
| Why don't more small businesses start trading globally? |
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Definition
There are several reasons:
1.Financing is often difficult to find
2.Many people don't know how to get started and do not understand the cultural differences in foreign markets.
3. The bureaucratic red tape is often overwhelming. |
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