Entrepreneurship

Question 1

Describe the nature of entrepreneurship (EN:039) (SP)

Answer 1

Process of starting, developing, organizing, managing, and assuming the responsibility for a business from the ground up, including coming up with an idea and turning it into a profitable business

All businesses require entrepreneurship. Businesses are a fundamental part of the economy, and play a major role in society.

Question 2

Explain the role requirements of entrepreneurs and owners (EN:040) (SP)

Answer 2

Central position in economy- activate and stimulate economic activity.
An entrepreneur is an individual who creates and grows a business through their creative ideas. Entrepreneurs play key roles besides generating income as they grow their businesses.

Entrepreneurs are often the owners of a small business

1. Initiating and leading business activities
2. Allocating employees’ duties
3. Forecasting business changes
4. Creating jobs
5. Identifying business opportunities
6. Building strategic partnerships

Question 3

Describe the use of business ethics in entrepreneurship (EN:044) (SP)

Answer 3

Define ethical behavior
Entrepreneurs have a lot of decision-making power. They need to ensure that they make decisions that are morally correct.

Business is about creating relationships with employees and customers. You need trust. Trust is created through ethical behavior.

Example: We have to be complete, and accurate. We need to explain both sides, not just promote our own goods. Sometimes competitor’s goods are geared better to our customer.

Question 4

Describe small-business opportunities in international trade (EN:041) (SP)

Answer 4

• Small businesses are reflective of entrepreneurship

95% of customers are outside the US

These customers can be harnessed through the internet, which is reflective of globalization.

International trade alliances such as USMCA can allow small businesses to target foreign customers.