Entrepreneurship and Innovation Concepts | Massachusetts Institute of Technology

University:
Massachusetts Institute of Technology
Course:
15.010 | Economic Analysis for Business Decisions
Academic year:

2023
Views:

430

Pages:

1
Author:

Charlee Buchanan

chapter-six Question What is an entrepreneur? Answer Someone who takes a risk in starting a business to earn a profit. the process of starting, organizing, managing, and assuming the responsibility for a What is entrepreneurship? business. What does it take to be an Unique skills and personal characteristics to develop new ideas and products. A entrepreneur? person must also have confidence and the capability to turn it into a business. Money provided by large investors to finance new products and new businesses What is Venture capital? that have a good chance to be very profitable. what is an inovation? an invention or creation that is brand new. what is an improvement? A designed change that increases the usefulness of a product, service, or process. of adequate capital, low sales, higher than expected expenses, competitive What are some of the reasons Lack pressure, an owner unprepared to manage a growing business, or operations a business would close? requiring more time than the owner is willing to commit. What is a small business? An independent business with fewer than 500 employees What is SBA? (Small business A government agency that helps small business owners develop business plans Administration) and obtain financing and other support for their companies. A written description of the business idea and how it will be carried out, including What is a business plan? all major business activities. What is Start-up financing? The amount of money needed to open the business. What is short-term financing? The money needed to pay for the current operating activities of a business. What is long-term financing? money needed for the main resources of a business that will last many years.