Entrepreneurship and Small Business

People who risk their money, time, and other resources to start and manage their own business

• Entrepreneurs

• Employees

• Clients

• Customers

Three opportunities for small businesses are low competition market niches, personal customer service connections, and low overhead starting costs.

• True

• False

The high risk of failure is a threat for small businesses.

• True

• False

Greater regulation pressure is not a threat for small businesses.

• True

• False

Higher health insurance costs is a threat for small businesses.

• True

• False

Too little money to continue is a threat for small businesses.

• True

• False

The lack of knowledge and experience the owner has is not a threat for small businesses.

• True

• False

Deep sense and understanding that an individual is responsible for what happens in their own life

• Internal locus of control

• External locus of control

• Crowdfunding

• Angel Investors

Deep sense and understanding of forces that are beyond an individual’s control that affects their life

• Internal locus of control

• External locus of control

• Crowdfunding

• Angel Investors

Process of funding business ventures by raising money from a large group of investors through the internet - they often do not earn a stake but instead get bonuses upon success

• Internal locus of control

• External locus of control

• Crowdfunding

• Angel Investors