Entrepreneurship and Starting a Small Business

This set of flashcards covers key terms and concepts related to entrepreneurship and small businesses, designed for review and exam preparation.

Entrepreneurship

The process of starting and running a business.

Attributes of Successful Entrepreneurs

Characteristics such as self-directedness, action orientation, and tolerance for uncertainty.

Self-Employed

Individuals who work for themselves rather than for an employer.

Small Business

A business that is privately owned and has a small number of employees and relatively low revenue.

Innovation

The act of introducing something new or making changes to something established.

Micropreneurs

Small business owners who operate micro-enterprises with few employees, often home-based.

E-Commerce

Buying and selling goods or services using the internet.

Angel Investor

A private individual who provides financial backing for small startups or entrepreneurs.

Crowdfunding

Collecting funds from a large number of people, usually via the internet, to finance a new business.

Intrapreneurs

Employees within a corporation who act like entrepreneurs to develop new products.

Market Research

The process of gathering, analyzing, and interpreting information about a market.

Business Plan

A written document outlining the goals, strategies, and financial forecasts for a business.

Global Market

An international marketplace where goods and services are exchanged across borders.

Home-Based Business

A business owned and operated from the home of the owner.

Challenges of Entrepreneurship

Common difficulties faced by new business owners, such as financial risk and market competition.

Women Entrepreneurs

Women who own and run their own businesses, often facing unique challenges and opportunities.

Small Business Administration

A government agency that supports small business growth and development.

Consumer Needs

Wants and desires that consumers seek to fulfill through products and services.

Franchise

A business model where an individual purchases the rights to operate a branch of a larger company.

Networking

Building relationships that can help in business development and support.

Capital Investment

Money invested in a business for growth and development.