Entrepreneurship Exam Flashcards
What are examples of internal and external motivators
Internal - self esteem
External - Money, love, Wisdom
What do Inventors usually do?
develop new idea’s for product’s, processes, and services
Define Market Equilibrium
The point where supply and demand intersect
What are business startups called
Ventures
Ways entrepreneurs impact the community
Job creation
New ideas
Economic benefits
Political benefits
Responding to demographics
Changing technology
Define demographics
Statisitcal characteristics of a population, such as age, gender, race, income, employment, and education
What characteristic do self-confident entrepreneurs express
Realistic about what they can accomplish
Believe in themselves
Set attainable goals
Explain the SMART Goal principle
SMART stands for…
Simple
Goals should be simple and written down.
Your written list of goals also serves as a consistent reminder of where YOU are headed.
Measurable
If the goal is measurable then it’s easy to tell when you’ve achieved it.
Achievable and Realistic
Set a goal you know you have the resources to reach. (so you make the goal happen)
Goals should be challenging enough to require some effort.
TIMELY
Set a target date for all of your goals. By setting a target date for accomplishment, you
can balance the amount of effort you apply.
Define practical skills
Skills specific to a certain job
Examples: a computer engineer needs technology and software skills; a mechanic must be good with his/her hands and at operating tools; a chef needs cooking skills and must be good with measuring ingredients and using kitchen equipment.
What are ways to protect an idea
A PATENT
A patent is a grant made be the government that gives the creator of an
invention the sole right to make, use, and sell the invention in Canada
for a set period of time (20 years).
Explain the problem-solving process
The problem solving process involves 3 stages:
Problem Finding
Try to define the problem by gathering information, observations, feelings, and impressions
Idea Finding
try to come up with different alternatives for solving the problem, even the “crazy” ones
Solution Finding
Establish a criteria and evaluate the alternatives, choosing the best option
What does lateral thinking mean
Lateral thinking means generating ideas by being flexible and creative
Define fads
Fads are trends that gain popularity quickly but fade away after a short period
List the 4 P’s and 2 C’s
4 P’s: Product, Price, Place, Promotion
2 C’s: Customer, Competition
What is a person who works remotely called
telecommuter
