12Business terminology345

Apuntes

**Business terminology:** *TODO EN NEGRITA SON RESPUESAS DE LA PRÁCTICA DEL PARCIAL.* **1. Introduction to Business:** What is a business? Use resources to meet the needs of customers by providing a product or service. Why start a business? 1. Rewards of self-employment 2. Independence 3. Necessities, don’t have to find a job 4. Challenge 5. Interest/passion 6. Sharing an idea (start-ups) **Entrepreneurs:** Take an idea and expect it to grow; they create new businesses (startups). Social entrepreneurs: Made to influence change, aimed at alleviating a cultural problem. *Entrepreneurship:* The creation of a new business, which can be a startup. **Intrapreneurs:** Innovative within a certain brand; they are creative, perfectionist, and risk-taking. Can be employees with creative ideas. *Startup businesses:* A new business with a concept that didn’t exist before. --- **Why start-ups fail:** 1. Organization 2. Market research/being too optimistic 3. Business plan is too vague 4. Legal requirements not addressed 5. Finance not managed properly 6. The market launch failed **Small business owners:** Most likely to run one business for t...