Entrepreneurship and Business Operations

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Questions and Answers

What is a characteristic of being an entrepreneur?

Having a lot of freedom (correct)

Having a boss to report to

Working only for a company

Receiving a fixed salary

What is a benefit of being a successful entrepreneur?

Having to work for someone else

Having limited opportunities for employees

Creating more money for the entrepreneur and opportunities for others (correct)

Having a high risk of failure

What is a challenge that entrepreneurs face?

Having to plan for the risk of not making money quickly (correct)

Having a guaranteed salary

Having too much money to manage

Having limited freedom

What is a requirement for being a successful entrepreneur?

Having business skills and a product that people want to buy Signup and view all the answers

What is a consequence of not having business skills and knowledge as an entrepreneur?

Having a high risk of failure Signup and view all the answers

What is a factor that contributes to the success of entrepreneurs in Silicon Valley?

Having a large number of both entrepreneurs and private funders Signup and view all the answers

What is a target market?

The people who are most interested in buying a product Signup and view all the answers

What is an entrepreneur?

A person who takes an idea and turns it into a successful new business Signup and view all the answers

What is a common characteristic of entrepreneurs?

They know how to identify an opportunity Signup and view all the answers

What is a service?

A type of product that is intangible Signup and view all the answers

What is a supplier?

A source for goods or services Signup and view all the answers

What is entrepreneurship?

The making of a new business Signup and view all the answers

Why is it important for entrepreneurs to identify needed resources?

Because they need to find resources like materials, people, and money Signup and view all the answers

What is an example of changing a business?

Buying a restaurant and changing the menu Signup and view all the answers

What is a key difference between entrepreneurs and small business owners?

Entrepreneurs focus on growth, while small business owners focus on stability Signup and view all the answers

What do entrepreneurs often do with their start-up or new business once it grows to a certain size?

They sell it and start a new business Signup and view all the answers

What is a characteristic of small business owners?

They efficiently manage day-to-day operations Signup and view all the answers

What do entrepreneurs and small business owners have in common?

They both have skills and styles, such as finding the right idea and identifying resources Signup and view all the answers

What is a key characteristic of day-to-day operations?

It involves selling products and services to customers Signup and view all the answers

What is a goal of small business owners?

To maintain stability and keep the business small Signup and view all the answers

What is a difference in the way entrepreneurs and small business owners approach business?

Entrepreneurs are more focused on growth, while small business owners are more focused on stability Signup and view all the answers

What may some small business owners start as?

Entrepreneurs Signup and view all the answers

Study Notes

Entrepreneurs vs. Small Business Owners

Entrepreneurs pursue growth and often sell their business once it reaches a certain size.
Small business owners focus on maintaining stability and may own only one business at a time.
Both entrepreneurs and small business owners are good at finding the right idea, identifying resources, and implementing a plan.

Entrepreneurship

Entrepreneurship is the process of creating a new business, either a start-up or an existing business that has been changed to be more successful.
An entrepreneur takes an idea and turns it into a successful new business that is expected to grow.
Entrepreneurs require business skills, passion, and a willingness to work hard.

Key Characteristics of Entrepreneurs

Know how to identify an opportunity with potential to succeed and grow.
Know how to identify needed resources, such as materials, people, and money.
Know how to find potential customers that will support their business.
Know how to make a plan and get support.
Know how to follow a plan and implement growth.

Challenges of Entrepreneurship

Risk of failure due to the time it takes to make money.
Difficulty in getting training or needed knowledge to manage money and government rules.
Stress due to the responsibility of managing everything.
Need to have business skills and a product that people want to buy.

Other Concepts

Target market refers to the people who are most interested in buying a product.
Risk is the possibility that something bad will happen.
A start-up is a new business that did not exist before.
A service is a type of product that is intangible.
A supplier is a source for goods or services.

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Description

This quiz covers the basics of entrepreneurship, including starting and growing a business, and the day-to-day operations involved in running a company.