Entrepreneurship vs Employment
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Questions and Answers

What is the primary goal of a green company?

  • To increase profits by any means necessary
  • To provide on-the-job training to employees
  • To use business strategies to protect and improve the environment (correct)
  • To create new products and services

    • What is the primary difference between an aptitude and a skill?

  • A skill is only for entrepreneurs, while an aptitude is for employees
  • An aptitude is only for entrepreneurs, while a skill is for employees
  • A skill is learned through practice, while an aptitude is natural (correct)
  • An aptitude is learned through practice, while a skill is natural

    • What is the term for evaluating your strengths and weaknesses?

  • Self-improvement
  • Self-assessment (correct)
  • Self-reflection
  • Self-analysis

    • What is the primary role of a mentor?

    <p>To share knowledge and experience with an entrepreneur</p> Signup and view all the answers

    What is the term for giving employees opportunities to think like an entrepreneur?

    <p>Intrapreneurship</p> Signup and view all the answers

    What is a vision in the context of entrepreneurship?

    <p>A 'picture' of what you want to be in the future</p> Signup and view all the answers

    What is the primary difference between an entrepreneur and an employee?

    <p>Who they work for</p> Signup and view all the answers

    What is the definition of a small business according to the SBA?

    <p>Fewer than 100 employees</p> Signup and view all the answers

    What is the primary benefit of participating in an internship or apprenticeship?

    <p>To figure out what a business is like</p> Signup and view all the answers

    What is a key characteristic of an entrepreneur?

    <p>Discipline</p> Signup and view all the answers

    What is a potential risk of being an entrepreneur?

    <p>Financial insecurity</p> Signup and view all the answers

    What is one way to increase your business and entrepreneurial potential?

    <p>By gaining business knowledge</p> Signup and view all the answers

    What is involved in thinking like an entrepreneur?

    <p>Observing, listening, and thinking skills</p> Signup and view all the answers

    What is the definition of a business?

    <p>An organization that provides products and services</p> Signup and view all the answers

    Study Notes

    How Employees and Entrepreneurs Differ

    • Risk is the chance of losing something, and entrepreneurs take more risks than employees.
    • Employees work for someone else, while entrepreneurs work for themselves.
    • Employees risk losing their job, but still get paid, whereas entrepreneurs risk not being able to pay their employees or themselves if the business is slow.

    Big Business versus Small Business

    • The Small Business Administration (SBA) defines a small business as having fewer than 100 employees (or 500 for manufacturing).

    Internships and Apprenticeships

    • Internships and apprenticeships are short-term programs (a few weeks to a year) that provide on-the-job training in a business setting, and may or may not be paid.

    Rewards of Being an Entrepreneur

    • Making your own rules
    • Doing work you enjoy
    • Creating greater wealth
    • Helping your community

    Risks of Being an Entrepreneur

    • Potential business failure
    • Unexpected obstacles
    • Financial insecurity
    • Long hours and hard work

    Personal Characteristics of Entrepreneurs

    • Courage
    • Creativity
    • Curiosity
    • Determination
    • Discipline
    • Empathy
    • Enthusiasm
    • Flexibility
    • Honesty
    • Patience
    • Responsibility

    Essential Skills for Entrepreneurs

    • Business skill
    • Communication skill
    • Computer skill
    • Decision-making and problem-solving skills
    • Mathematical skill
    • Organizational skill
    • People skill

    Increasing Your Potential

    • Six specific areas to increase your business and entrepreneurial potential:
      • Business knowledge
      • Financial skills
      • Career exploration
      • Community awareness
      • Education
      • Relationships

    Thinking like an Entrepreneur

    • Involves observing, listening, and thinking skills
    • Develop a vision for your life

    Vocabulary

    • Business: an organization that provides products or services
    • Employee: someone who works in a business owned by someone else
    • Entrepreneur: someone who creates and runs a business
    • Internship: on-the-job training in a business setting
    • Apprenticeship: technical or trade skill is taught
    • Entrepreneurship: the process of being an entrepreneur
    • Green Company: uses business strategies to protect and improve the environment
    • Self-assessment: evaluating your strengths and weaknesses
    • Aptitude: naturally good at a particular type of work/task
    • Attitude: a way of viewing/thinking about something that affects how you feel about it
    • Skill: ability to learn through training and practice
    • Mentor: experienced people who volunteer to share their knowledge
    • Intrapreneurship: giving employees opportunities to think like an entrepreneur
    • Vision: a "picture" of what you want to be in the future

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    Description

    Learn about the differences between being an employee and an entrepreneur, including risk, job security, and the definition of a small business.

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