Podcast
Questions and Answers
What is the best definition of entrepreneurship?
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.
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:
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.
Define an intrapreneur.
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What is a micropreneur?
What is a micropreneur?
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What are business incubators?
What are business incubators?
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What defines a small business?
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.
The principles of management are similar for a small neighborhood business and a giant global firm.
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What is an apprenticeship?
What is an apprenticeship?
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What is an Executive Summary?
What is an Executive Summary?
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What is a Business Plan?
What is a Business Plan?
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Who are venture capitalists?
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?
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 _____.
Two functions that are primary concerns of a business startup are _____ and _____.
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What does a business plan encompass?
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!
