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Entrepreneurship > Chapter 1 > Flashcards

Chapter 1 Flashcards

1
Q

What is an entrepreneur?

A

a person who recognizes an opportunity and organizes and manages a business while knowing the potential risk

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2
Q

What is the free enterprise system?

A

economic system where businesses are privately owned and operated free of government interference

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3
Q

What is voluntary exchange?

A

a transaction between two parties to trade money for a product or service

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4
Q

What are the benefits of a free enterprise?

A

encourages entrepreneurs to use resources to satisfy consumer needs
Trade voluntarily to as large of a market as possible
Access to the internet
Free enterprise encourages competition

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5
Q

What are the Challenges?

A

if it fails, employees are out of work
Loss of money
Failed others who depend on the company

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6
Q

What is a small business?

A

Having fewer than 500 employees and selling less than $5 million worth of products and services annually

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7
Q

What are the benefits of entrepreneurship?

A

Control over time, fulfillment, independence, creation/ownership, financial reward, self-esteem, contribution to society

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8
Q

Potential costs of entrepreneurship?

A

Failure,obstacles, isolation, financial insecurity, long hours, strain on personal relationships

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9
Q

What is the cost and benefit analysis?

A

when the costs of taking an action is compared to the benefits

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10
Q

What is opportunity cost?

A

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

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11
Q

What are the two best resources for keeping on track?

A

Mentors and advisors

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12
Q

What is a mentor?

A

a trusted advisor with whom someone forms a relationship with to promote personal and or professional growth

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13
Q

What is social entrepreneurship?

A

a for-profit enterprise with the dual goals of achieving profit ability and attaining social returns

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14
Q

What is social business?

A

a company created to achieve social objective while generating modest profit to expand its reach, improve product or service, and subsidize the social mission

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15
Q

What is venture philanthropy?

A

when financial and human capitol is invested in non-profit by individuals and for-profit enterprises with he intention of generating social rather than financial returns

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16
Q

What is green entrepreneurship?

A

enterprise activities that avoid harm to the environment or help to protect it in some way

17
Q

How do entrepreneurs find opportunities to start new businesses?

A

using new or existing technology to produce product
finding a new supply of resources
develop a new market for an existing product

18
Q

For a business to be considered entrepreneurial it should?

A

exploit changes in the world

19
Q

Where others see problems entrepreneurs…..

A

see opportunity

20
Q

How do entrepreneurs create business ideas?

A

listen, observe, analyze

21
Q

An idea is not necessarily an….

A

opportunity

22
Q

Why is an opportunity situational?

A

because it is dependent on variable circumstances

23
Q

What are the five roots of opportunity in the market place?

A 
problems
changes
inventions
competitive advantages
technological advances
24
Q

What is internal opportunity?

A

one that comes from inside you or your organization

25
Q

What is an external opportunity?

A

generated by an outside circumstance

26
Q

What is a strategy?

A

a plan for how an organization or individual plans to proceed with business operations and outperform competitors

27
Q

What are the paths to small business ownership?

A

securing franchise rights
buying an existing business
licensing technology

28
Q

What is franchising?

A

a business that markets a product or service developed by a franchisor

29
Q

What is acquisition?

A

a business purchase

30
Q

What is due diligence?

A

the exercise of reasonable care in the evaluation of business opportunity

31
Q

How does one license technology?

A

you enter into a contract saying that you can use the technology without purchasing the rights to own it

32
Q

What is gazelle?

A

a company that achieves an annual growth rate of 20% or greater and is measured by the increase of sales revenue

33
Q

What is a Microenterprise?

A

a firm with 5 or fewer employees, initial capitalization requirements of under$50,000, the regular operational involvement of the owner (FIT REPUBLIC)

34
Q

What is a lifestyle business?

A

a microenterprise that permits its owners to follow desired patterns of living, such as supporting college costs and vacations

35
Q

What is a trade-off?

A

the act of giving up one thing for another

36
Q

What are the 7 rules for building a successful business?

A 
recognize an opportunity
evaluate it with critical thinking
build a team
write
gather resources
decide ownership
create wealth

Entrepreneurship (2 decks)

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