Term
| What is accepting the risk of starting and running a business? |
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Definition
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Term
| What are the 4 main reasons people become entrepreneurs? |
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Definition
| Opportunity, profit, independence, and challenge |
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Term
| What is a group of experienced people from different areas of business who join together to form a managerial team with the skills needed to develop, make, and market a new product? |
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Definition
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Term
| Who are creative people who work as entrepreneurs within corporations? |
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Definition
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Term
| Who are entrepreneurs 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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Definition
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Term
| What are specific geographic areas to which governments try to attract private business investment by offering lower taxes and other government support? |
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Definition
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Term
| What are centers that offer new businesses low-cost offices with basic business services? |
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Definition
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Term
| What are 2 other names for enterprise zones? |
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Definition
| Empowerment zones and enterprise communities |
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Term
| What is a business that is independently owned and operated, is not dominant in its field of operation, and meets certain standards of size in terms of employees or annual receipts? |
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Definition
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Term
| How is a business deemed a small business? |
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Definition
| Its size in relation to other companies in the same industry |
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Term
| How many small businesses are there in the US? |
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Definition
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Term
| What % of GDP do small businesses account for? |
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Definition
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Term
| What % of new businesses fail within 5 years? |
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Definition
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Term
| What are the 2 most important things when starting a business? |
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Definition
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Term
| What is a detailed written statement that describes the nature of the business, the target market, the advantages the business will have over competition, and the resources and qualifications of the owner(s)? |
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Definition
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Term
| What is the most common form of funding after personal savings? |
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Definition
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Term
| What is a good source of funding in low-income areas? |
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Definition
| Community Development Financial Institutions (CDFI) |
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Term
| Who are private individuals who invest their own money in new companies before they go public? |
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Definition
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Term
| What allowed businesses to raise up to 1 million dollars a year from private investors without making a public offering? |
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Definition
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Term
| Who are individuals or companies that invest in a new businesses in exchange for partial ownership of those businesses? |
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Definition
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Term
| What is a US government agency that advises and assists small businesses by providing management training, financial advice, and loans? |
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Definition
| Small Business Administration (SBA) |
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Term
| What is a program through which private investment companies licensed by the Small Business Administration lend money to small businesses? |
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Definition
| Small Business Investment Company (SBIC) Program |
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Term
| Where is the best place for entrepreneurs to start shopping for SBA loans? |
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Definition
| Small Business Development Center (SBDC) |
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Term
| What are people with unsatisfied wants and needs who have both the resources and the willingness to buy? |
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Definition
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Term
| What is an SBA office with volunteers from industry, trade associations, and education who counsel small businesses at no cost? |
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Definition
| Service Corps of Retired Executives (SCORE) |
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Term
| What are 4 advantages that small businesses have over large businesses in international trade? |
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Definition
| Deal directly with individuals, can ship faster, have a wide variety of suppliers, and they can give more personalized service |
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