1. Listen to this video: Lesson # 1
2. Read: What is an entrepreneur?
3. Definition of Terms:
2. Read: What is an entrepreneur?
3. Definition of Terms:
- Entrepreneur
"An entrepreneur sees an opportunity which others do not fully recognize, to meet an unsatisfied demand or to radically improve the performance of an existing business. They have unquenchable self-belief that this opportunity can be made real through hard work, commitment and the adaptability to learn the lessons of the market along the way.
"They are not diverted or discouraged by skepticism from 'experts' or from those from whom they seek backing and support, but willing to weigh all advice and select that which will be helpful. They are prepared not just to work seriously hard but to back their judgment with personal investment at a level which will cause problems if they are wrong about the opportunity. They understand that achievements are the result of team work and knows how to choose the necessary blend of talents and inspire them with their vision."
"Providing financial resources to finance a need, program, or project. In general, this term is used when a firm fills the need for cash from its own internal reserves, and the term 'financing' is used when the need is filled from external or borrowed money."
"Sum of money set aside . . . for a specified purpose."
"To finance . . . a business, program, or project."
Sources:
"Money provided by investors to start-up firms and small businesses with perceived long-term growth potential. This is a very important source of funding for start-ups that do not have access to capital markets. It typically entails high risk for the investor, but it has the potential for above-average returns."
"Venture capital can also include managerial and technical expertise. Most venture capital comes from a group of wealthy investors, investment banks and other financial institutions that pool such investments or partnerships. This form of raising capital is popular among new companies or ventures with limited operating history, which cannot raise funds by issuing debt. The downside for entrepreneurs is that venture capitalists usually get a say in company decisions, in addition to a portion of the equity."
"An undertaking involving uncertainty as to the outcome, especially a risky or dangerous one..."
"Business enterprise or speculation in which something is risked in the hope of profit; a commercial or other speculation."
Source: Venture
4. After listening to the video, reading the article, and knowing the definition of the terms, compose two sentences for each of the business terms covered in this lesson.
5. Explain to the wall your personal understanding of these terms in your own words.
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