Exam Review Flashcards
what is an entrepreneur?
a person that creates and runs a business
what is a need?
something that you require in order to survive. it is essential
what is a want?
something that you use for comfort. it is not required, but having it adds to the productivity of a business, like comfy chairs
what is entrepreneurship?
a process of creating and running a business
what is profit?
a gain in the company
what is a not-for-profit
often volunteer led, based on not making company money.
what is a good?
a product that youcan sell to hte public, like an invention
what is a service?
something that requires expertise, and is provided bya person. having a service requires multiple visits often.
what is globalization?
extending a good or service to all parts of the world
what is a demographic?
data about groups of people, this can be age, ethnicity, religion, income, and family size.
what is intrapreneurship?
creating ideas within an existing organization.
what are the characteristics of an entrepreneurial venture?
low income, high startup cost, lots of emotional investment
how does supply and demand work?
Supply represents how much the market can offer. Demand refers to how much of a product or service is desired by buyers. higher demand with lower supply makes higher prices.
how can entrepreneurs effect the economy?
enterprising businesses stay local, keeping the money in the community.
are entrepreneurs made or born?
theyre both made and born, it required opportunity and ethics.
what are enterprising employees?
people that are bold, resourceful, and have initiative
what is the difference between internal and external motivators?
internal motivators are things that you do for you, like completing a puzzle instead of focusing on your responsibilities, external motivators are things that you do for other people or things not related to you.
what is a mentor?
An experienced and trusted adviser
what is workplace cultre?
Where employees feel their input is valued and where it is safe to make and learn from mistakes
what are The different characteristics of successful entrepreneurs
Self confident Hard working Motivated Creative Flexible
what are entrepreneurial skills?
Lead others Generate ideas Plan Communicate, listen, speak, and write Make decisions Solve problems
what roles do entrepreneurs take when operating a venture
Inventor -Develop new ideas for products, processes or services
Innovator -Improve existing products, processes or services
Manager -Set goals and develop a plan to achieve them
Administrator -Implement the plan to achieve the goals
Leader -Create the vision and communicate it to others
most Important factors that affect an entrepreneur?
To be your own boss
To achieve a sense of personal accomplishments
To make better use of training and skills
To be challenged
least Important factors that affect an entrepreneur?
To leave an insecure work environment
To follow the example of a person you admire
To do the only thing I could
what are goals
The purpose of your work - the objective you wish to reach.
whart does swot analysis stand for?
Strengths
Weaknesses
Opportunities
Threats
what are goals, milestones, and stepping stones
goal is waht you want to achieve in the end, milestones are the key points towards completing a goal, and stepping stones are the small things you do to make it to your goal
what is a fad
a short term event
what is a trend?
A trend is potential of becoming a long-term influence on the future market
what are SMART goals?
Simple Measureable Achievable Realistic Timely
what are some skills that a successful entrepreneur needs?
Interpersonal- Willingness and ability to talk to others, especially those different from ourselves
Critical and creative thinking -The ability to solve problems by evaluating a variety of solutions
Practical- Involve the ability to use special tools designed for a specific job
what are some Strategies for Entrepreneurial success
Think first- Take the time to think before you act, and to consider problems from different perspectives
Believe in yourself- Be confident in your abilities and set goals for improving your own performance
Know yourself- Take time to consider your own abilities, character traits, skills and goals
Enjoy the challenge- To be worth your time and effort, a venture should challenge your abilities, encourage your creativity and suit your personality.
what is invention?
creating something new
what is innovation
improving upon something that is already created
what are ordinary marks?
Words or symbols that distinguish services of a specific firm or individual
what are certification marks?
Identify wares or services that meet a defined standard
what are trademarks?
A symbol, word, or words legally registered or established by use as representing a company or product
what are traditional jobs
Jobs that are traditionally filled by a certain gender
what is google culture?
Google hires people whos main job is to keep other people happy and productive
what is the problem solving method?
Problem finding
Idea finding
Solution finding
what are some sources of information for new ideas?
Newspaper- Contain info about local and global business trends
Magazines- Predict and report changes in consumer buying
Trade shows- Manufactures and distributions displays their newest products and services for others in similar businesses or for potential customers
where to go with a new business
Government agencies and departments- Provincial and federal governments offer programs that support business start ups
Community organizations- Many nonprofit and volunteer organizations exist to help people find jobs or start their own business
Business associations- Business people often form groups to exchange ideas and welcome new business development
what are The 7 Steps in the Problem Solving Process
Think about the problem Generate lots of possible solutions Establish criteria for evaluating ideas Use your criteria for evaluating ideas Rank your ideas and select the best one Try out your idea Is the problem solved? If not, choose another idea and try again
what are the thinking hats?
White- Gathering facts, figures and objective info
Red- Recognizes that emotions and intuition influence thinking
Green- Includes creativity, alternatives, and proposals
Black- Use of judgment and caution
Yellow- Thinking logical in a positive way
Blue- Solving problems/having control
What is opportunity?
a set of circumstances that makes it possible to do something
what is a Market-pulled entrepreneurship?
Push-pull marketing strategies are two distinct methods of promoting products and services to a target market.
what is a fad?
An intense and widely shared enthusiasm for something, especially one that is short-lived and without basis in the object’s qualities; a craze
what are forecasts?
Predict or estimate (a future event or trend)
what is a Time-series forecasts?
Prediction based on the assumption that the trend of variations in the value of a variable will continue to recur in the future
what are demographics?
Statistical data relating to the population and particular groups within it.
what is the Window of opp?
There is an opportunity to do something but that this opportunity will only last for a short time and so it needs to be taken advantage of quickly
what is a Current Global trends occurring in the economy?
The world population is at an all-time maximum and is continuing to grow. According to research conducted by the United Nations, the total populations of development countries, like Canada, will decrease from 20% of the world’s population to 10% by 2100
Methods of Primary Research
Mail
In person
Telephone
Internet
what are the Sections is Designing a Questionnaire ?
- Statement of purpose
Explain the purpose of your research and establish a positive relationship with the respondent - Personal information
The respondent should find their name, address, email, and any other info needed for records - Questions
Survey about the product or service, the questions should elicit info about customers perception of features such as quilty, price and availability - Demographic information
Includes customers profile
what are the steps in Marketing Research?
- Identify objectives
What do you need to know?
-Plan the research program
Will you use primary or secondary research?
-Select a sample
Whose opinions will you sample? How many people will you contact?
-Collect the data
How will you collect the data? How do you plan to organize it?
-Analyze the data
How will you interpret the info?
-Draw conclusions
Prepare a summary of your findings
-Decide how to proceed
What decisions can you make based on your findings?
What is a venture plan?
A type of written plan that is written by an entrepreneur as to how they will manage and direct their new business and attain specific business goals. This will help the new business owner in obtaining financial resources for attaining these goals.
What are the six reasons to prepare a venture plan?
- helps identify the market, understand customers
- plan shows what venture is best, helps take a realistic view
- plan introduces to others who are helpful
- helps you determine the financing
- helps identifies targets
- written plans makes management easier
What are the 5 major sections in a venture plan?
- Executive summary: most important points
- Market analysis: determine goods or services
- Resource analysis: determine material, human and financial resources
- Operating strategy: tells u how to manage
- Financial strategy: capitalize the venture
what is a survey?
a general view, examination, or description of someone or something
what is a Marketing Strategy?
a plan of action designed to promote and sell a product or service
what is a target market?
a particular group of consumers at which a product or service is aimed
what are fixed costs?
business costs, such as rent, that are constant whatever the quantity of goods or services produced
what are Variable Cost?
a cost that varies with the level of output
3 types of Marketing Research
Primary
Secondary
Internal
what is internal research?
using a business’s own records to gather information about sales, products, customers, or complaints. It works best for a venture that has been operating for a number of years. Internal research is easy and inexpensive to conduct.
difference between Primary and Secondary Research?
Primary is the term used when researchers gather information directly through observation, experiments, interviews, and surveys. While secondary refers to the use of data collected by someone else. Such data may, for example, be published in a trade magazine or be posted on the internet.
What are the 4 Stages of a Business Life Cycle?
- Intro: first appears in the market
- Growth: product has reached a place in market
- Maturity: product has reached its peak of opportunity
- Decline: when sales begin to drop
what is a Sole Proprietorship
- Easiest business ownership
- There is only one owner, who is entitled to all profits and responsible for all liabilities
what is a partnership?
- Formal commitment between two or more people to work together to achieve the objectives of a business.
- All partners may or may not be actively involved in the day-to-day operation.
- Share profits and losses according to the percentages laid out in their agreement
what is a Corporation?
A company or group of people authorized to act as a single entity (legally a person) and recognized as such in law.
what is a silent partner?
A partner not sharing in the actual work of a firm.
what is a franchise?
An authorization granted by a government or company to an individual or group enabling them to carry out specified commercial activities, e.g., providing a broadcasting service or acting as an agent for a company’s products.
what are capital goods?
Goods that are used in producing other goods, rather than being bought by consumers
what are expenses?
The cost required for something; the money spent on something
what are Variable Costs?
a cost that varies with the level of output.
what is a Marketing Mix?
A combination of factors that can be controlled by a company to influence consumers to purchase its products.
How do you keep good employees?
- Treat employees with respect
- Value their ideas
- Ask for their opinion
- Be honest about future opportunities
- Ask for input and give feedback
- Be flexible
- Provide opportunities for ongoing staff development
- Clearly communicate
What are the four different types of Effective Leaders?
- Motivating others
- Facilitating communication
- Resolving conflicts
- Managing personal stress
What are the different kinds of pay incentives that employers offer employees?
- gain sharing
- profit sharing
- group incentives
- individual incentives
- pay for knowledge
- key communication
- long-term programs
Who are the different members of the External Venture Team? What is their role?
- lawyer: can offer advice
- banker: lend money and give financial advice
- accountant: keep financial track
- real-estate agent: find physical location
- insurance agent: arranging insurance coverage
- management consultant: helps manage all phases, helps with start up growth
What are the 4 functions of management?
- planning: setting goals
- organizing: finding the right people to do work
- leading: motivating peps to achieve there goals
controlling: monitoring everything - being the boss
cash flow statement
finally understand how to do one
what does ROI stand for?
Return on investment
what is market share?
The portion of a market controlled by a particular company or product.
what is profit margin?
The amount by which revenue from sales exceeds costs in a business.
what are start up costs?
The starting cost which allows your business to operate
what are Operating Expenses?
An expense incurred in carrying out an organization’s day-to-day activities, but not directly associated with production
