Chapter 10: Managing Small Business Startups

Fill-in-the-blank practice flashcards covering definitions, entrepreneurial owner types, financing, legal structures, and growth stages from Chapter 10: Managing Small Business Startups.

__________ is the process of initiating a business venture, organising the necessary resources, and accepting the risks and rewards that come with it.

Entrepreneurship

Small business owners categorized as __________ are rewarded by the chance to work on something new and creative.

Idealists

Small business owners categorized as __________ get personal satisfaction from being business owners.

Optimizers

Small business owners called __________ thrive on the challenge of building a bigger, more profitable business.

Hard Workers

Small business owners known as __________ are high-energy people who enjoy handling every detail themselves.

Jugglers

Small business owners known as __________ enjoy the chance to balance work and personal life.

Sustainers

Developing economies tend to show far higher rates of new-business activity than developed economies often because there are fewer __________.

traditional employment options

__________ focuses primarily on creating social value by solving social problems, with generating profit and returns as only a secondary purpose.

Social entrepreneurship

A __________ is an unincorporated business owned by one individual for profit.

Sole proprietorship

A __________ is an artificial entity created by the state, existing apart from its owners.

Corporation

__________ financing involves money that must be repaid, sourced from family & friends, bank loans, personal credit cards, wealthy individuals, or angel financing.

Debt

__________ financing consists of money invested by owners or share purchasers, mainly through venture capital firms.

Equity

When examining where entrepreneurs actually get their startup capital, __________ dominates by far.

self-financing

__________ is an arrangement to purchase the right to distribute a product or service with the help of the owner.

Franchising

__________ support entrepreneurs with resources such as office space, support services, and management or legal advice.

Business incubators

As an entrepreneurial company ages, it typically moves through five stages: startup → survival → __________ → take-off → resource maturity.

success

In managing a growing business, the function of __________ involves delegating and decentralising as teams, policies, and divisions become necessary.

Organizing

In managing a growing business, the function of __________ involves accounting records, budgets, statistical reports, and technology.

Controlling