Entrepreneurship Flashcards
What is an Entrepreneur?
An entrepreneur is someone who creates and manages a business, taking on financial risks in the hope of profit.
What are the benefits of entrepreneurship?
Benefits include the potential for high income, personal fulfillment, and the ability to create jobs.
What are some drawbacks of entrepreneurship?
Drawbacks can include financial instability, long hours, and high levels of stress.
What is the importance of risk and uncertainty in entrepreneurship?
Entrepreneurs must navigate risk and uncertainty to achieve their goals and reach their potential.
How can entrepreneurs maintain a positive mindset?
Keeping a positive mindset helps entrepreneurs overcome challenges and stay motivated.
What does ‘certainty of income’ refer to?
Certainty of income refers to the predictability of revenue, which is often low for entrepreneurs.
What is the significance of resources for entrepreneurs?
Resources such as time, money, and skills are essential for starting and sustaining a business.
What are the cultural diversity of entrepreneurship
Young entrepreneurs
Women entrepreneurs
Part-time entrepreneurs
Immigrant entrepreneurs
What are some deadly mistakes of entrepreneurs?
Poor location
Incorrect pricing
Improper inventory control
Uncontrolled growth
