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entrepreneurship

lesson 1.01

TermDefinition
entrepreneur an individual who creates, organizes and owns their own business
entrepreneurship the process of recognizing an opportunity and gathering resources necessary to go into business
venture a business undertaking that involves risk
opportunity an idea that has commercial value
small business a business that is operated by one or a few individuals that employs less than 100 people.
creativity characteristic of an entrepreneur who looks for new ways to solve old problems
financing the process of making financial decision for new ventures
image the perception people have of your business when they hear your company name
innovation the process of translating an idea or invention into a good or service that creates value or for which customers will pay.
integrity the quality of being honest and morally upright. this is critical for getting and keeping customers and vendors.
management the practice of taking entrepreneurial knowledge and utilizing it for increasing the effectiveness of new business venturing.
planning it helps an entrepreneur identify exactly what needs to be accomplished to build the venture, and what human and financial resources are required to implement the plan.
product anything that can be offered to a market that might satisfy a want or need.
resourceful a personality trait that allows a person to create solutions with limited resources.
resources sources of financing such as lines of credit and investment capital, can include knowledge of a particular field or technology, or networks of contacts who can be called to contribute financial support, publicity, or other benefits to a business.
service provides intangible products, such as accounting, banking, consulting, insurance, cleaning, landscaping, etc.
Created by: Hennessyb
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