Entrepreneurship

Question 1

What is entrepreneurship?

Answer 1

-create and build a venture to fill a market niche and the needs and wants of customers

Question 2

What is intrapreneurship?

Answer 2

refers to entrepreneurship that occurs inside an existing organization
-improves companies productivity, become more competitive and increases awareness of the changing marketplace, tech and opportunities

Question 3

What does the Gross National Product (GNP) measure?

Answer 3

-Gross National Product measure total of all goods and services produced in Canada in one year

Question 3

downsizing

Answer 3

Downsizing is a reduction in # of employees in an organization to reduce their operating costs

Question 4

rightsize

Answer 4

and rightsize is a reduction to a specific # of employees in an organization to meet the goals of the organization

Question 5

What is a need? Provide an example.

Answer 5

-things that are essential for human survival
-food and shelter

Question 6

What is a want? Provide an example.

Answer 6

-desires humans have for certain things that go beyond basic needs
-makeup and toys

Question 7

supply

Answer 7

when supply is GREATER than demand, the price goes DOWN

Question 8

demand

Answer 8

when supply is LESS than demand, the price goes UP

Question 9

Non for profit:

Answer 9

Goal is to raise money for their cause

Question 9

For profit:

Answer 9

Goal is to make money

Question 10

Large scale:

Answer 10

national/international operations

Question 11

Small scale:

Answer 11

Regional or local operations

Question 11

Physical

Answer 11

actual brick and mortar store

Question 12

Goods production:

Answer 12

Tangible offering to customers

Question 12

Service production:

Answer 12

intangible offering to customers

Question 13

VIrtual

Answer 13

Uses-E commerce over the internet

Question 13

Local

Answer 13

venture limited to one community

Question 14

Provincial

Answer 14

venture limited to one province or territory

Question 15

National

Answer 15

venture limited to one country

Question 16

International

Answer 16

venture operate in more than one country

Question 17

Select ONE of the demographic groups discussed in class. Explain two factors that influence their decisions in the marketplace.

Answer 17

Generation Z. The way the product is promoted online through social media and influencers is a factor that determines their decisions in the marketplace because this generation relies heavily on the internet and social media. Another factor is if the products are ethical as gen Z cares and tends to focus on what products care about their consumers, the environment and using sustainable materials/ingredients.

Question 17

Job Creation:

Answer 17

Multiplier effect
Those employed by the business have money to buy goods and services locally which leads to growth in different businesses and job creation

Question 18

New Ideas:

Answer 18

Wider range of goods and services leads to new innovations

Question 18

Negative

Answer 18

Job Less- new technological opportunities allow companies to downsize and rightsize

Question 19

Information technology- use of systems for storing, retrieving and sending information. Access to large data banks allow businesses to gain information that can turn into opportunities

Answer 19

Inexpensive software- helps with accounting, marketing research, financing and sales

Question 19

Define and give an example for the two types of motivators:

Answer 19

1. Intrinsic, naturally occurs as a person works on a task
   Example: self- esteem, satisfaction and personal growth

Question 19

Political Benefits:

Answer 19

Entrepreneurs is strong in free, democratic societies
-requires money for start up, education laws and open/free trade

Question 19

Economic Benefits:

Answer 19

More wealth is distributed in society and everyone enjoys the benefits when business ventures leads to other ventures
Competition lowers prices and improves the standard of living

Question 19

Positive

Answer 19

E-commerce (transactions conducted electronically on the internet)- streamlined and efficient decision making process

Question 19

What are the various characteristics that are reflective of entrepreneurs?
-self confident

Answer 19

-motivated
-resourceful
-creative
-goal orientated
-independent

Question 20

Define and give an example for the two types of motivators:

Answer 20

2. Extrinsic, given to someone by another person
   Example: money, promotion and holiday premiums/overtime