1. Entrepreneurship plays a significant role in the US economy.
2. The evolution of entrepreneurship in the United States came about due to many different factors, including the early belief in small business, the growth and expansion of railroads and other means of mass transportation, and legislation that was designed to protect business owners.
3. Entrepreneurs evaluate the potential for their ideas to become viable business opportunities by conducting research.
To review, see An Entrepreneurial Model.
1. Entrepreneurs exhibit various traits that enable them to address the unique set of experiences that come with business ownership. Entrepreneurs can be defined as individuals who start a business from the ground up or individuals who become franchisees. Individuals may be serial entrepreneurs who continually reinvent themselves as business owners, or entrepreneurs can be part of the corporate environment.
2. Explore your entrepreneurial potential. How viable is it to become an entrepreneur?
If you are still unsure whether or not entrepreneurship is right for you, take another look at An Entrepreneurial Model and the Assessment Survey. Both of these resources can help you if you are interested in pursuing an entrepreneurial venture. Entrepreneurship reviews truths and myths about entrepreneurship. Review them to see if these factors apply to you and whether your beliefs about entrepreneurship are accurate.
1. Not all business ideas have the potential to become successful business ventures.
In addition to a title page and a table of contents, a business plan will include sections on the market and competition, a marketing strategy, an operations plan, identification of management, a financial plan, and supporting documents. The business plan is a key factor in taking your concept to the next level: determining if a real business potential exists. A business plan can be a complex document, so reviewing its contents will be valuable as you head into the final exam.
2. Not all business plans present a viable business opportunity.
If you become an investor in a new enterprise, you will need to know what to look for to evaluate the viability of the product or service described in the business plan.
1. There are several ways to protect your business enterprise.
2. Ethics plays a strong role in how business owners operate their company and, in turn, how the public views the company. Companies adopt various strategies for ensuring that they are good corporate citizens, including by making donations of goods and services, either regularly or through periodic contributions.
To review, see Business Ethics in a Nutshell.
This vocabulary list includes terms that might help you answer some of the review items above and some terms you should be familiar with to be successful in completing the final exam for the course.