Entrepreneurial Skills and Careers Flashcards
Why are entrepreneurial skills essential in today’s economy?
Small businesses create most new jobs.
Entrepreneurship helps stimulate new business creation.
Success in a trade or skill (e.g., fixing computers, building houses) requires business skills to turn it into a profitable business.
What are some risks associated with entrepreneurship?
occasional income
Business failure and investment loss
Liability for debts
Difficulty finding work or restarting a business
Less financial security
What is a calculated risk in entrepreneurship?
A risk that has been carefully evaluated, considering both potential costs and benefits before making a decision.
How does entrepreneurship education help young people?
Helps them make informed career choices, whether they decide to become entrepreneurs or not.
What are the financial rewards of entrepreneurship?
Profits
Capital growth
Give examples of entrepreneurs who started their businesses at a young age.
Mark Zuckerberg – Facebook (age 20)
Dame Anita Roddick – The Body Shop (age 27)
Sara Blakely – Spanx (age 28)
Sam Walton – Wal-Mart (age 26)
What are some non-financial rewards of entrepreneurship?
Independence
Personal satisfaction
Building something meaningful
Being in control
Providing employment
Contributing to the community
What is the difference between a “need” and a “want” in business?
A “need” is something essential that people require.
A “want” is something desired but not necessary
Give examples of business ideas based on needs.
Sober living environment
Shoe and leather repair
Car inspections
Airport transportation
Child care services
Give examples of business ideas based on wants.
Custom jewelry and wedding rings
Chic fitness apparel
Snow-kiting lessons
Luxury hostess gifts and chocolates
Why do professionals need entrepreneurial skills?
Many skilled professionals are good at their craft but lack business management knowledge.
Which careers benefit from entrepreneurial skills?
Doctors, dentists, and optometrists (private clinics)
Architects and accountants (own firms)
Web designers and interpreters (freelancing)
Insurance agents and funeral directors (business ownership)
Caterers, restaurant owners, and tour guides (service industry)
Why should students care about entrepreneurship education?
Allows them to create their own jobs and follow their passions.
Builds valuable skills for future careers.
Improves resumes (starting a business looks better than entry-level jobs)
What are the five assets students already possess for entrepreneurship?
Time
Talent
Attitude
Energy
Knowledge of local markets
Why should parents support entrepreneurship education?
Helps children become excited about learning and earning money.
Teaches the importance of reading, writing, and math.
Encourages self-sufficiency and pride in work.
Why is entrepreneurship considered a lifelong skill?
Entrepreneurs who successfully build and sell a business often start new ones.
They develop a mindset of opportunity and innovation.
The entrepreneurial buzz drives them to create more businesses over time.
