Ch 1-I entrepreneurs recognize opportunities

Question 1

What are a product and service and how do they relate to an entrepreneur

Answer 1

The product is something that exist in nature or is made by human industry usually to be so where is a service is in tangible.
The selection of your product or service and it’s branding will be a critical part of your marketing mix

Question 2

How does opportunity impact and an entrepreneur

Answer 2

Opportunity is all positive external events or circumstances that can help you get ahead of the competition

Question 3

Entrepreneur

Answer 3

People will have their own business work for themselves and are called small business owners

Question 4

Added value

Answer 4

when you do more with resources to where people are willing to pay more than what it calls for the resources

Question 5

Free enterprise system

Answer 5

Economic system in which businesses are privately old and operate relatively free of government interference

Question 6

Capital

Answer 6

Money or property owned or use in business

Question 7

Voluntary exchange

Answer 7

Transaction between two parties who agreed to trade money for a product or service

Question 8

Cost-benefit analysis

Answer 8

A decision making process in which the cost of taking an action or compared to the benefits

Question 9

Opportunity cost

Answer 9

The value of what must be given up in order to obtain something else

Question 10

Three benefits of free enterprise

Answer 10

1. discourages entrepreneurs who waste resources by driving them out of business.
2. It encourages entrepreneurs to use resources to satisfy consumer needs efficiently bar avoiding them with profit in wealth.
3. Encourage competition between entrepreneurs.

Question 11

Eight potential benefits of entrepreneurship

Answer 11

1. Control over time
2. For filament
3. Independence / autonomy
4. Creation /ownership
5. Financial reward /control over compensation
6. Control over working conditions
7. Self-esteem
8. Contribution to society

Question 12

Six potential cost of entrepreneurship

Answer 12

1. Business failure
2. Obstacles
3. Loneliness /isolation
4. Financial insecurity
5. Long hours /hard work
6. strain on personal relationship

Question 13

What is social entrepreneurship

Answer 13

A for-profit enterprise with the goals of achieving profitably and Attaining social returns

Question 14

What part does social entrepreneurship play and today’s new businesses

Answer 14

It is less about profit then it is about social and impact

Question 15

Five ways to find opportunities to start a business

Answer 15

1. Using a new technology to produce a new product
2. using an existing technology to produce a new product
3. Using in the existing technology to produce an old product in a new way
4. Finding a new supply of resources that might enable the entrepreneur to produce a product more economically
5. Developing a new market for an existing product

Question 16

What are two sources of ideas for a new business and how do they work

Answer 16

Idea generation and opportunity recognition

Question 17

For ways to train your mind to recognize business opportunities

Answer 17

1. What frustrates me the most when I’m trying to buy something
2. What product or service would really make my life better
3. What makes me annoyed or angry
4. What product or service would take away my aggravation.

Question 18

Five ways to use your imagination in forming a new business

Answer 18

1. What is the one thing I would like to have more than anything else
2. what would it look like ?what would it’s other attributes to be like?
3. what would I do
4. What innovative product or service idea have I been mulling over in my mind
5. What problem have a encountered in every day life and thought : there has to be a better way to do this?

Question 19

Four ways to start your own business

Answer 19

1. Buy an existing company
2. Secure franchise rights
3. License to purchase critical technology or methods
4. Inherit a company or be hired as a manager

Question 20

What is the role of profit in the business

Answer 20

Profit is the sign that an entrepreneur has added value to the resources he or she is using

Question 21

How does profit result from an entrepreneur’s choices

Answer 21

And entrepreneur choices directly affect how much profit the business make

Question 22

Seven rules for a successful business

Answer 22

1. Recognize an opportunit
2. evaluate it with critical thinking
3. Build a team
4. Write
5. Gather resources
6. Decide ownership
7. Create wealth