Questions and Answers
What is the best definition of entrepreneurship?
Accepting the risk of starting and running a business
Most entrepreneurs do not get their ideas from a flash of inspiration; they come more from their passions or looking at problems.
True
An entrepreneurial team is a group of experienced people from different areas of business who join together to:
Form a managerial team with the skills needed to develop, make, and market a new product.
Define an intrapreneur.
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What is a micropreneur?
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What are business incubators?
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What defines a small business?
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The principles of management are similar for a small neighborhood business and a giant global firm.
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What is an apprenticeship?
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What is an Executive Summary?
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What is a Business Plan?
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Who are venture capitalists?
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What are all consumers with unsatisfied wants and needs who have both resources and the willingness to buy?
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Two functions that are primary concerns of a business startup are _____ and _____.
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What does a business plan encompass?
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Study Notes
Entrepreneurship
- Defined as accepting the risk of starting and managing a business.
- Ideas for entrepreneurship often stem from passions or problem-solving rather than sudden inspiration.
Entrepreneurial Teams
- Consist of skilled individuals from various business sectors.
- Collaborate to manage the development, production, and marketing of new products.
Types of Entrepreneurs
- Intrapreneur: Works within a corporation to drive innovative product development and marketing.
- Micropeneur: Operates on a very small scale, typically with no more than five employees, and aims to maintain a small business that balances lifestyle and work.
Business Support Structures
- Business Incubators: Provide new businesses in early development stages with low-cost office space and essential services such as accounting and legal advice.
Small Business Characteristics
- Independently owned and operated, not dominant in its industry, adhering to specific size standards regarding employees or annual revenue.
Management Principles
- Management principles are consistent across small and large businesses, indicating universal themes in business operations.
Apprenticeship
- A mutual benefit relationship where trainees learn small-business management while assisting the owner with daily operational tasks.
Business Plan Components
- An executive summary details the business nature, target market, competitive advantages, and the qualifications of the owner.
- The business plan encompasses the same key elements as the executive summary, outlining the strategy and vision for the business.
Venture Capitalists
- Investors, either individuals or firms, who provide funding to new businesses in exchange for partial ownership.
Market Definition
- Comprises all consumers with unmet wants and needs who possess the resources and willingness to purchase.
Startup Concerns
- The primary focuses for a business startup are effective planning and securing financing.
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Description
Test your knowledge about entrepreneurship with this set of flashcards. Each card focuses on key concepts and definitions that are essential for understanding how to start and run a business. Get ready to enhance your entrepreneurial skills!
