Identify 5 of the 9 Skill Areas an Entrepreneur Should

question 33

Essay

Identify 5 of the 9 skill areas an entrepreneur should review in order to determine whether or not they need help writing parts of the business plan.

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Definitions:

Firm

A business organization, such as a corporation, partnership, or sole proprietorship, that sells goods or services to make a profit.

Economic Profits

The difference between total revenue and total costs, including both explicit and implicit costs, representing the additional gain beyond the normal profit level.

Implicit Costs

The opportunity costs of using resources owned by the firm for its own production rather than earning income elsewhere.

Accounting Profits

The net income reported on the financial statements of a company, calculated as total revenues minus explicit costs and depreciation.