p.2
Characteristics of Successful Entrepreneurs
What does a strong sense of initiative in entrepreneurs entail?
It includes creativity, innovation, risk-taking, and the ability to plan and manage projects.
p.2
Reasons for Starting Small Businesses
How can owning a small business provide additional income?
Entrepreneurs might start a side hustle to generate extra income that can turn into a full-time business.
p.2
Current Challenges Facing Small Businesses
What economic power do small firms represent?
They generate most new private employment and create jobs with greater job satisfaction.
p.4
Current Challenges Facing Small Businesses
What are formal failures in small businesses?
Failures that end up in court with loss to creditors.
p.4
Business Incubators vs. Accelerators
What is the main difference between business accelerators and incubators?
Accelerators are short-term programs offering mentorship and support, while incubators provide a longer-term supportive environment.
p.2
Characteristics of Successful Entrepreneurs
Why are successful entrepreneurs dedicated to their businesses?
They invest significant time, energy, money, and emotions, wanting to protect their business.
p.2
Current Challenges Facing Small Businesses
What is a common reason for the increased interest in small businesses?
The rapid growth of small businesses and their significant contribution to the economy.
p.3
Unique Contributions of Small Businesses
What risk-related aspect do small business owners experience?
They have the freedom to enter or leave a business at will, which involves risk.
p.2
Characteristics of Successful Entrepreneurs
What is a key characteristic of successful entrepreneurs regarding independence?
They desire independence and want to be free of outside control.
p.3
Unique Contributions of Small Businesses
How do small businesses contribute to employment?
They generate employment by creating job opportunities.
p.2
Reasons for Starting Small Businesses
Why might students operate family businesses?
To help their parents retire or to take over after a parent's death.
p.3
Reasons for Starting Small Businesses
What trend is increasing among individuals regarding employment?
There is a growing trend toward self-employment.
p.3
Unique Contributions of Small Businesses
What unique contribution do small businesses make to innovation?
They are often sources of new ideas, materials, processes, and services.
p.4
Current Challenges Facing Small Businesses
What is a major concern for small business owners?
Threat of failure, which can lead to discontinuance.
p.4
Business Incubators vs. Accelerators
What type of clients do business accelerators typically serve?
Start-ups with limited financing, often web and software developers.
p.2
Reasons for Starting Small Businesses
What does the saying 'Necessity is the mother of invention' imply for small firms?
It applies to the beginning of many small firms that provide products not available elsewhere.
p.3
Unique Contributions of Small Businesses
In what way do small businesses keep larger firms competitive?
By introducing new products and services, encouraging competition.
p.4
Business Incubators vs. Accelerators
What is the definition of business incubators?
Organizations that nurture young firms and help them survive and grow during the vulnerable start-up period.
p.2
Characteristics of Successful Entrepreneurs
What motivates successful entrepreneurs?
Personal and family considerations, seeking a rewarding work/life balance.
p.3
Current Challenges Facing Small Businesses
What are some political issues facing small businesses?
Bureaucracy and corruption levels.
p.2
Characteristics of Successful Entrepreneurs
How do small businesses react to changes compared to larger firms?
Small businesses can react more quickly to changes occurring inside and outside the company.
p.3
Reasons for Starting Small Businesses
What is the public's current attitude towards small businesses?
There is growing public support as many consumers lose favor with big business retailers.
p.4
Current Challenges Facing Small Businesses
How do personal (informal) failures differ from formal failures?
Personal failures are more numerous and involve owners who voluntarily quit due to financial issues.
p.3
Current Challenges Facing Small Businesses
What economic issues affect small businesses?
Inflation rate, interest rate, and employment level.
p.3
Current Challenges Facing Small Businesses
What is a common management issue among small business owners?
Many owners rely on one-person management and are reluctant to delegate responsibilities.
p.4
Business Incubators vs. Accelerators
What kind of assistance do business incubators provide?
Technical assistance, working space, and networking opportunities.
p.2
Reasons for Starting Small Businesses
What personal objectives do people seek by starting small businesses?
Achieving independence, control, and satisfaction.
p.3
Reasons for Starting Small Businesses
What is the perception of self-employment among students?
More students think self-employment is a safer haven than working for big corporations.
p.3
Reasons for Starting Small Businesses
How does technology impact small business startups?
The availability of technology helps many individuals to start and operate their businesses.
p.3
Current Challenges Facing Small Businesses
What is a significant capital issue for new businesses?
Many start without enough capital to support them while cash flows stabilize.
What is the definition of a business?
All businesses make and do things people need, in exchange for something- usually money.
p.1
Small Business Definition
What is the definition of small businesses?
Small business must have at least two of the following features: independent management, capital supplied and ownership held by an individual or a few individuals, primarily local operations, and small size compared to larger competitors in its industry.
p.1
Entrepreneurial Ventures vs Small Businesses
How to distinguish between entrepreneurial ventures and small businesses?
Entrepreneurial ventures have the principal objectives of profitability and growth, while small businesses are independently owned and operated, not dominant in their field, and may be established primarily to further personal goals, including making a profit.
What are examples of a business?
Farm, website, hotel, pharmacy, bank, and more.
What do businesses do?
Businesses identify the needs of customers, purchase necessary resources, produce goods and services which satisfy customers' needs, usually with the aim of making a profit.
