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Pricing Schools Business

Features Pricing Schools Business

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Running and Expanding a Business

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Questions and Answers

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?

Minimizing product variety

Reducing staff

Licensing the product (correct)

Cutting operational costs

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?

<p>Targeting other markets (D)</p> Signup and view all the answers

What is a major difference between running a business and expanding it?

<p>Expansion involves opening new locations while running does not. (D)</p> Signup and view all the answers

Flashcards

Running a business

The daily operations of a business, including finances, stock management, customer relations, and payments.

Expanding a business

Growing a business by opening new locations, franchising, licensing, diversifying into new markets, or mergers/acquisitions.

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)

Expanding into new product lines or markets to reduce risk and increase revenue for a business.

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Intrapreneur qualities

Characteristics of an intrapreneur include taking risks, being creative and innovative, problem-solving, focusing on process improvement, driving innovation, understanding trends, and being proactive.

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Study Notes

Running and Expanding a Business

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.