14 Questions
What is the primary goal of a green company?
To use business strategies to protect and improve the environment
What is the primary difference between an aptitude and a skill?
A skill is learned through practice, while an aptitude is natural
What is the term for evaluating your strengths and weaknesses?
Self-assessment
What is the primary role of a mentor?
To share knowledge and experience with an entrepreneur
What is the term for giving employees opportunities to think like an entrepreneur?
Intrapreneurship
What is a vision in the context of entrepreneurship?
A 'picture' of what you want to be in the future
What is the primary difference between an entrepreneur and an employee?
Who they work for
What is the definition of a small business according to the SBA?
Fewer than 100 employees
What is the primary benefit of participating in an internship or apprenticeship?
To figure out what a business is like
What is a key characteristic of an entrepreneur?
Discipline
What is a potential risk of being an entrepreneur?
Financial insecurity
What is one way to increase your business and entrepreneurial potential?
By gaining business knowledge
What is involved in thinking like an entrepreneur?
Observing, listening, and thinking skills
What is the definition of a business?
An organization that provides products and services
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
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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