POP 6.1 Becoming an Entrepreneur-What I already know

someone who takes a risk in starting a business to earn a profit.

• proprietorship

• entrepreneur

the process of starting, organizing, managing, and assuming the responsibility for a business.

• entrepreneurship

• policies

money provided by large investors to finance new products and new businesses that have a good chance to be very profitable.

• venture capital

• bank loan

an invention or creation that is brand new.

• innovation

• product

a designed change that increases the usefulness of a product, service, or process.

• character

• improvement

It takes unique skills and personal characteristics to develop a new idea for product or service

• True

• False

What are some personal characteristics of an entrepreneur?

• follower, non-competitive, seek approval from others

• competitive, independent, self-confident

Everyone who owns or manages a business is an entrepreneur.

• False

• True

Which of the following is not a characteristic of entrepreneurship in the Unite States?

• About 500,000 new businesses are created each year.

• About 3 percent of people aged 18-64 are involved in entrepreneurship activity.

• About 27 percent of job growth coes from businesses with less than 20 employees.

• One in every ten Americans has invested in a business of someone who they know well.

Research shows that a new business start-up capital comes from

• bank loans and grant money

• owner and family savings, personal and business loans, and credit card debt