Podcast
Questions and Answers
What is one way for an entrepreneur to decrease risk? (Select all that apply)
What is one way for an entrepreneur to decrease risk? (Select all that apply)
- By mimicking popular products
- By maintaining personal flexibility
- By developing reliable sources for materials
- By creating a strong business strategy (correct)
To be successful, an entrepreneur must be willing to invest money, considerable effort, and ________.
To be successful, an entrepreneur must be willing to invest money, considerable effort, and ________.
time
What must an entrepreneur do after creating a business plan?
What must an entrepreneur do after creating a business plan?
- Finance the business (correct)
- File the right paperwork
- Identify an opportunity
- Open the business
An entrepreneur is someone who:
An entrepreneur is someone who:
A new business should be based on an entrepreneur's individual interest because the entrepreneur must:
A new business should be based on an entrepreneur's individual interest because the entrepreneur must:
What can the reader reasonably conclude from the information in the graph?
What can the reader reasonably conclude from the information in the graph?
How are Bill Gates and Henry Ford similar? (Select all that apply)
How are Bill Gates and Henry Ford similar? (Select all that apply)
What is one purpose of writing a business plan before entering the market?
What is one purpose of writing a business plan before entering the market?
What led to Henry Ford's success as an entrepreneur?
What led to Henry Ford's success as an entrepreneur?
An entrepreneur would most likely be interested in:
An entrepreneur would most likely be interested in:
Flashcards
Strong business strategy
Strong business strategy
A plan developed to minimize risks for a business.
Time investment
Time investment
The commitment of hours needed to run a business effectively.
Finance the business
Finance the business
The process of securing funds needed to start and operate a business.
Entrepreneur
Entrepreneur
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Personal interest
Personal interest
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Fewer new businesses in 2010
Fewer new businesses in 2010
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Human needs
Human needs
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Business plan purpose
Business plan purpose
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Innovative production methods
Innovative production methods
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Financial gain
Financial gain
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Study Notes
Entrepreneurship Risk Management
- Decreasing risk can be achieved through creating a strong business strategy.
- Other strategies include mimicking popular products, maintaining flexibility, and securing reliable material sources.
Required Investments for Entrepreneurs
- Success demands substantial investments of time, money, and effort from entrepreneurs.
Post-Business Plan Actions
- After drafting a business plan, securing financing is a crucial next step, along with filing the necessary paperwork and identifying opportunities.
Definition of an Entrepreneur
- Entrepreneurs are individuals who start and manage businesses rather than being employees or investors in others' enterprises.
Importance of Personal Interest in Business
- New businesses should reflect an entrepreneur's individual interests to ensure dedication, as they may need to invest many hours into the venture.
Business Trends and Data Interpretation
- A decline in new business formations was observed in 2010 compared to previous years, with a peak in business openings occurring between 2007 and 2008.
Comparison of Notable Entrepreneurs
- Bill Gates and Henry Ford share similarities: both achieved wealth and success, enhanced the lifestyles of others, and created products fulfilling human needs.
Business Plan Purposes
- Writing a business plan serves multiple purposes, including differentiating the company from competitors and acting as a tool for securing funding.
Key to Henry Ford's Entrepreneurial Success
- Ford's success is attributed to his innovative production methods, which revolutionized manufacturing processes.
Entrepreneurial Interests
- Entrepreneurs are often primarily motivated by financial gain, alongside interests in personal fulfillment and flexible working environments.
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