Term
What does it take to be an entrepreneur and to go into business for yourself? There are some attributes that entrepreneurs have in common: |
|
Definition
- Highly disciplined
- Want to control their own destiny
- Listen to their intuitive sense
- Relate well to others
- Learn from mistakes
- Driven by ambition
|
|
|
Term
| Most new businesses are start-up sole proprietorships, which has some of the following advantages: |
|
Definition
- You are your own boss
- Pride of ownership
- Retain the profits
- No special taxes
|
|
|
Term
On the other side of the coin, some of the draw backs to this form of ownership are: |
|
Definition
- Unlimited personal liability
- Limited financial resources
- Time commitment
- few fringe benefits
- Limited life span
|
|
|
Term
According to the U.S. Small Business Administration over 50% of small business fail in the first year and 95% fail within the first five years. Why? |
|
Definition
- Lack of experience
- Insufficient capital
- Poor location
- Poor inventory management
- Over-investment is fixed assets
- Poor credit arrangements
- Competition
- Low sales
|
|
|
