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Entrepreneurship > Chapter 1 > Flashcards

Chapter 1 Flashcards

1
Q

An organization that provides products or services, usually to make money.

A

Business

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2
Q

A person who works in a business owned by someone else.

A

Employee

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3
Q

Someone who creates and runs a business is called an…

A

Entrepreneur

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4
Q

To think or act like an entrepreneur means to be…

A

Entrepreneurial

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5
Q

Work programs that provide practical, on-the-job training in a business setting.

A

Internship

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6
Q

Another word for internship, usually used for technical or trade skills taught.

A

Apprenticeship

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7
Q
  • Making your own rules.
  • Doing work you enjoy.
  • Creating greater wealth.
  • Helping your community.
A

Rewards of being an Entrepreneur

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8
Q
  • Potential business failure.
  • Unexpected obstacles.
  • Financial insecurity.
  • Long hours and Hard work.
A

Risks of being an Entrepreneur

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9
Q

The process of being an entrepreneur.

A

Entrepreneurship

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10
Q

One that adopts business practices aimed at protecting or improving the environment.

A

Green Company

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11
Q

Self-assessment

A

evaluating your strengths and weaknesses.

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12
Q

A natural ability to do a particular type of work or activity well.

A

Aptitude

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13
Q

A way of viewing or thinking about something that affects how you feel about it.

A

Attitude

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14
Q

3 characteristics of an Entrepreneur

A
  • Courage
  • Creativity
  • Curiosity
  • Determination
  • Discipline
  • Empathy
  • Enthusiasm
  • Flexibility
  • Honesty
  • Patience
  • Responsibility
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15
Q

An ability that is learned through training and practice.

A

Skill

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16
Q

Name 4 skills entrepreneurs need:

A
  • Business skills
  • Communication skills
  • Computer skills
  • Decision-Making and Problem-Solving skills
  • Mathematical skills
  • Organizational skills
  • People skills
17
Q

When employees have opportunities to be creative and try out new ideas, almost like being an entrepreneur within the company.

A

Intrapreneurship

18
Q

“Picture” of what you want the future to be.

A

Vision

19
Q

An entrepreneur
a. has the final say in business decisions.
b. may not employ anyone else.
c. is responsible for the success or failure of his or her
business.
d. all of the above.

A

D

20
Q

Which of the following is not a risk for an entrepreneur?

 a. potential business failure
 b. financial stability
 c. financial insecurity
 d. long hour and hard work
A

B

21
Q

How many business owners have home-based businesses?

 a. about 75%
 b. about 50%
 c. about 25%
 d. fewer than 10%
A

B

22
Q

A natural ability to do a particular type of work or activity well is called

 a. a skill
 b. an attitude
 c. an aptitude
 d. self-esteem
A

C

23
Q

When a business encourages employees to be creative within the company, the practice is called

 a. entrepreneurship
 b. creating a vision
 c. implementing a mission
 d. intrapreneurship
A

D

24
Q 
What is a dot-com company?
     a. a small company
     b. a company that runs most or all of its business from the 
         internet
     c. implementing a mission
     d. intrapreneurship
A

B

25
Q

What is possibly the biggest reward of becoming an entrepreneur?

 a. empowerment
 b. fame
 c. money
 d. none of the above
A

A

26
Q

A common standard that defines a non-manufacturing business as small is

 a. having fewer than 500 employees
 b. having fewer than 250 employees
 c. having fewer than 100 employees
 d. having fewer than 50 employees
A

C

27
Q

As an entrepreneur, the amount of time you spend working is typically
a. constant - 35-40 hours a week, just like an employee
b. a little less than for an employee
c. more than for an employee, particularly during initial startup
d. significantly less than for an employee - around 20 hours a
week

A

C

28
Q

As an entrepreneur, the amount of money you receive from your company

 a. is constant, like a paycheck for any other employee
 b. is typically less than for an employee
 c. is typically more than for an employee
 d. may go up or down, depending on the business
A

D

29
Q

What percentage of business owners use their own money to start the business?

 a. more than 75%
 b. more than 60% but less than 75%
 c. more than 40% but less than 60%
 d. less than 40%
A

B

30
Q

An experienced person who volunteers to provide free guidance, tutoring, and suggestions to younger individuals is called a(n)

 a. mentor
 b. intrapreneur
 c. entrepreneur
 d. employee
A

A

Entrepreneurship (2 decks)

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