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ENTREP BEHAVIOR > CHAPTER 1 > Flashcards

CHAPTER 1 Flashcards

1
Q

referred to as the creation and the process of innovating different goods and services for the people, society, and for the environment

A

entrepreneurship

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2
Q

individual who undertakes the risk associated with creating, organizing, and
owning a business

A

entrepreneur

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3
Q

give 7 skills needed by successful entrepreneurs

A

communication
human relation
math
problem-solving
decision-making
technical skills
basic business skills

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4
Q

process of starting and running one’s own business. This involves a considerable amount of risk.

A

entrepreneurship

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5
Q

5 steps of the entrepreneurial process

A

discovery
concept development
resourcing
actualization
harvesting

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6
Q

discovery

A

stage in which the entrepreneur generates ideas, recognizes opportunities, and studies the market

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7
Q

what does entrepreneurs should consider in discovery stage?

A

hobbies or skills
consumer needs and wants
conduct surveys and questionnaires
study demographics

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8
Q

concept development

A

entrepreneurs prepare these in this step:
developing business plan
detailed proposal describing the business idea
choosing location for the business
is the business online or does it have physical location for customers to visit to purchase products

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9
Q

resourcing

A

stage in which entrepreneur identifies and acquires financial, human, and capital resources needed for the venture startup

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10
Q

entrepreneurs contemplate the following in resourcing

A

identify potential investors
apply for loans, grants, and financial assistance
hire employees

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11
Q

actualization

A

stage in which the entrepreneur operates the business and utilizes resources to achieve its goals/objectives

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12
Q

entrepreneurs prepare this in actualization stage

A

grand opening of the business
day to day operations of the business

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13
Q

harvesting

A

stage in which entrepreneur decides on venture’s future growth, development, or demise.

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14
Q

entrepreneurs consider these in harvesting stage

A

future plans for the business
expansion to additional locations
company to change structure

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15
Q

steps in starting a business

A

develop a business plan
acquire finances
meet legal requirements

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16
Q

it is a detailed proposal that describes a new business

A

business plan

17
Q

two components of a business plan

A

executive summary
product/service plan

18
Q

it is the brief one to two page description of the key points of each section of the business plan

A

executive summary

19
Q

it presents product or service being offered and the unique features of the product or service

A

product/service plan

20
Q

it includes the qualifications of the entrepreneur and qualifications of any partners who may be involved in the business venture

A

management team plan

21
Q

it analyzes the: customers/ competition/ industry/ demographic/ geographic and economic data

A

industry/ market analysis

22
Q

it includes all processes involved in producing and delivering the product or service to the customer

A

operational plan

23
Q

it is the management philosophy of the business, key management personnel, and key employment policies

A

organizational plan

24
Q

it describes how the business will make its customers aware of its products/services

A

marketing plan

25
Q

presents plan for future expansion of the business

A

growth plan

26
Q

includes financial statements that will help forecast the future financial health of the business

A

financial plan

27
Q

it identify potential investors

A

acquire finances

28
Q

an official document giving someone authorization to run their business under the direction of the Local, State, and Federal Laws/

A

permits, certifications, or licenses

29
Q

written or spoken agreement, especially one concerning employment, sales, or tenancy that is intended to be enforceable by law.

A

contracts

30
Q

it specify the areas in which residential, industrial, recreational, or commercial activities may take place

A

zoning laws

31
Q

it is an enforced contribution of funds to state revenue, levied by the government on workers’ income and business profits or added to the cost of some goods, services, and transactions.

A

taxes

32
Q

it protects a business’ name/logo

A

trademarks

33
Q

protects the invention of processes from theft

A

patents

34
Q

protects creative works: literary, musical, dramatic, artistic work

A

copyrights

ENTREP BEHAVIOR (6 decks)

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