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?
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?
What characteristic is essential for someone involved in intrapreneurship?
What characteristic is essential for someone involved in intrapreneurship?
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?
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What is a major difference between running a business and expanding it?
What is a major difference between running a business and expanding it?
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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
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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.
