Enreprenuership Flashcards
What is entrepreneurship?
The process of starting and running a new business.
True or False: Entrepreneurs are always motivated by profit.
False
Fill in the blank: A person who identifies a business opportunity and takes the risk to develop it is called an __________.
entrepreneur
What are the four types of entrepreneurship?
Small business, scalable startup, large company, and social entrepreneurship.
Multiple Choice: Which of the following is NOT a characteristic of an entrepreneur? A) Risk-taking B) Creativity C) Fear of failure
C) Fear of failure
What is a business plan?
A formal document outlining the goals, strategies, and financial forecasts of a business.
True or False: A startup is a company that is in the early stages of development.
True
What does SWOT stand for?
Strengths, Weaknesses, Opportunities, Threats.
Fill in the blank: Market __________ is the process of analyzing the market to understand customer needs.
research
What is the primary goal of a startup?
To find a scalable and repeatable business model.
Multiple Choice: Which funding source is typically used by startups? A) Bank loans B) Venture capital C) Personal savings
B) Venture capital
What is the role of an incubator?
To support startups by providing resources, mentorship, and funding.
True or False: Social entrepreneurship focuses solely on profit maximization.
False
What is a value proposition?
A statement that explains how a product solves a problem or fulfills a need for customers.
Fill in the blank: A __________ is a detailed analysis of the competition within a market.
competitive analysis
What is bootstrapping?
Starting a business with minimal financial resources, relying on personal savings and revenue.
Multiple Choice: Which of the following is an example of a scalable business model? A) Freelance services B) Software as a service (SaaS) C) Local retail store
B) Software as a service (SaaS)
What is the importance of networking for entrepreneurs?
It helps in building relationships, gaining insights, and accessing resources.
True or False: All entrepreneurs need formal education to succeed.
False
What is a target market?
A specific group of consumers at which a company aims its products and services.
Fill in the blank: The __________ is the amount of money a company has left after all expenses are paid.
profit
What is an elevator pitch?
A brief, persuasive speech that outlines an idea for a product or service.
Multiple Choice: Which of the following is a common reason for business failure? A) Lack of market demand B) Strong competition C) High customer satisfaction
A) Lack of market demand
What does MVP stand for in entrepreneurship?
Minimum Viable Product.
True or False: Entrepreneurs should avoid taking risks.
False
What is crowdfunding?
The practice of funding a project or venture by raising small amounts of money from a large number of people, typically via the Internet.
Fill in the blank: A __________ is a legal entity that is separate from its owners, providing limited liability protection.
corporation
