1. B. OVERVIEW OF SMALL BUSINESS
2.00 Explain the basic concepts leading to success in small business entrepreneurship.
2.01 Explain the factors and personality traits that contribute to the success of a small business entrepreneur.

2. Entrepreneur: An individual who undertakes the risk associated with creating, organizing, and owning a business.

3. Entrepreneurship: The process of starting and operating one’s own business.

4. Venture: A business undertaking involving risk.

5. Small business: “Mom and Pop” businesses generally started to create jobs for the owners.

6. Mission Statement: A written description of the goals of a company.

7. Opportunity: An idea that has commercial value.

8. Manager: An employee who coordinates people, processes, and other resources of a business in order for the business to achieve success and make a profit.

9. Major factors contributing to the success of a small business
Competence of the entrepreneur
Product/service
Financing
Planning
Management
Resources
Image

10. Basic characteristics of successful entrepreneurs
Persistent
Creative
Responsible
Inquisitive
Goal-oriented
Independent
Self-demanding
Self-confident
Risk-taker
Action-oriented

11. Skills necessary for the entrepreneur
Communication skills
Human relations skills
Math skills
Problem-solving and decision-making skills
Technical skills
Basic business skills