22 Questions
What is a characteristic of being an entrepreneur?
Having a lot of freedom
What is a benefit of being a successful entrepreneur?
Creating more money for the entrepreneur and opportunities for others
What is a challenge that entrepreneurs face?
Having to plan for the risk of not making money quickly
What is a requirement for being a successful entrepreneur?
Having business skills and a product that people want to buy
What is a consequence of not having business skills and knowledge as an entrepreneur?
Having a high risk of failure
What is a factor that contributes to the success of entrepreneurs in Silicon Valley?
Having a large number of both entrepreneurs and private funders
What is a target market?
The people who are most interested in buying a product
What is an entrepreneur?
A person who takes an idea and turns it into a successful new business
What is a common characteristic of entrepreneurs?
They know how to identify an opportunity
What is a service?
A type of product that is intangible
What is a supplier?
A source for goods or services
What is entrepreneurship?
The making of a new business
Why is it important for entrepreneurs to identify needed resources?
Because they need to find resources like materials, people, and money
What is an example of changing a business?
Buying a restaurant and changing the menu
What is a key difference between entrepreneurs and small business owners?
Entrepreneurs focus on growth, while small business owners focus on stability
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
What is a characteristic of small business owners?
They efficiently manage day-to-day operations
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
What is a key characteristic of day-to-day operations?
It involves selling products and services to customers
What is a goal of small business owners?
To maintain stability and keep the business small
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
What may some small business owners start as?
Entrepreneurs
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.
This quiz covers the basics of entrepreneurship, including starting and growing a business, and the day-to-day operations involved in running a company.
Make Your Own Quizzes and Flashcards
Convert your notes into interactive study material.
Get started for free
