Enterprise And Entreprenurship Flashcards
What is the definition of entrepreneurship?
Entrepreneurship is the process of starting and running a new business, typically involving risk and innovation.
True or False: An entrepreneur is someone who starts a business to make a profit.
True
What are the four factors of production?
Land, labor, capital, and entrepreneurship.
Fill in the blank: A __________ is a business that is owned and operated by one individual.
sole proprietorship
What is a business plan?
A business plan is a document that outlines a company’s goals, strategies, and financial projections.
Which type of business structure limits personal liability?
Limited liability company (LLC) or corporation.
True or False: Market research is important for understanding customer needs.
True
What is the purpose of a SWOT analysis?
To assess a business’s strengths, weaknesses, opportunities, and threats.
What does the acronym ‘USP’ stand for in business?
Unique Selling Point
What is the difference between revenue and profit?
Revenue is the total income generated from sales, while profit is the income remaining after expenses are deducted.
Fill in the blank: __________ is the amount of goods and services that consumers are willing and able to buy at a given price.
Demand
What is a target market?
A specific group of consumers at which a company aims its products and services.
True or False: A franchise is a type of business that allows individuals to operate under a larger company’s brand.
True
What is crowdfunding?
Crowdfunding is the practice of funding a project or venture by raising small amounts of money from many people, typically via the internet.
Name one advantage of being self-employed.
Greater flexibility in work hours or the ability to be your own boss.
What is a business incubator?
A business incubator is an organization designed to help startups develop by providing services such as management training and office space.
Fill in the blank: __________ is the process of creating a new product or service to meet consumer needs.
Innovation
What does ‘market segmentation’ refer to?
The process of dividing a market into distinct groups of buyers with different needs or characteristics.
True or False: All entrepreneurs are risk-takers.
False
What is the role of a mentor in entrepreneurship?
A mentor provides guidance, advice, and support to a less experienced entrepreneur.
What is e-commerce?
E-commerce is the buying and selling of goods and services over the internet.
What is a value proposition?
A value proposition is a statement that explains how a product or service solves a problem or improves a situation for customers.
Fill in the blank: A __________ is a formal agreement between two or more parties to conduct business together.
partnership
What is the primary goal of marketing?
To attract and retain customers.
What does ‘scalability’ mean in a business context?
The ability of a business to grow and manage increased demand without compromising performance.
True or False: Startups are typically characterized by high levels of uncertainty.
True
What is a pitch in the context of entrepreneurship?
A pitch is a presentation intended to convince others to support an idea or business.
