Podcast
Questions and Answers
Which of the following is NOT a day-to-day task an entrepreneur must handle when running a business?
Which of the following is NOT a day-to-day task an entrepreneur must handle when running a business?
- Completing the finances
- Creating a marketing strategy (correct)
- Contacting customers
- Chasing payment
Which method is a way to expand a business by leveraging existing business models?
Which method is a way to expand a business by leveraging existing business models?
- Minimizing product variety
- Reducing staff
- Licensing the product (correct)
- Cutting operational costs
What characteristic is essential for someone involved in intrapreneurship?
What characteristic is essential for someone involved in intrapreneurship?
- Avoiding risks
- Adapting to existing processes
- Focusing solely on routine tasks
- Being creative or innovative (correct)
Which action represents a strategy an entrepreneur could use to earn new customers?
Which action represents a strategy an entrepreneur could use to earn new customers?
What is a major difference between running a business and expanding it?
What is a major difference between running a business and expanding it?
Flashcards
Running a business
Running a business
The daily operations of a business, including finances, stock management, customer relations, and payments.
Expanding a business
Expanding a business
Growing a business by opening new locations, franchising, licensing, diversifying into new markets, or mergers/acquisitions.
Intrapreneurship
Intrapreneurship
When an employee within a larger company acts like an entrepreneur, taking risks, being creative, and driving innovation to improve the business.
Diversifying (a business)
Diversifying (a business)
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Intrapreneur qualities
Intrapreneur qualities
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Study Notes
Running and Expanding a Business
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Running a business: daily tasks
- Entrepreneurs focus on daily business operations
- Tasks include: managing finances, purchasing inventory, listing goods for sale, contacting customers, and collecting payments
-
Expanding a business: various methods
- Open a new location
- Franchise the business
- Offer business opportunities
- License products
- Diversification (unknown meaning) - needs clarification
- Merge with or acquire another business
- Target new markets
Innovation Within a Business (Intrapreneurship)
- Intrapreneurship: employee innovation
- Employees within a company act as entrepreneurs
- Characteristics of an intrapreneur:
- Taking risks
- Creative problem-solving
- Improving processes and productivity
- Driving innovation
- Understanding trends
- Self-confidence
- Proactive value-adding
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Description
This quiz covers essential concepts on managing daily business operations and various methods for expanding a business. Topics include financial management, inventory purchasing, and innovative strategies through intrapreneurship. Test your knowledge on how entrepreneurs can drive business growth and foster innovation within their teams.
