FINALS ALE

Question 1

Process of creating something new of value by devoting the necessary time and effort.

Answer 1

Entrepreneurship

Question 2

Process of creating something new and assuming the risks and rewards.

Answer 2

Entrepreneurship

Question 3

Transforming the world by solving big problems through creating an innovative product that challenges the status quo of how we live our lives on a daily basis (Nicole Martins Ferreira, 2021).

Answer 3

Entrepreneurship

Question 4

Entrepreneurship is a mindset:

Answer 4

○ Opportunity-focused
○ Innovative
○ Growth-oriented

Question 5

Individuals who actively form or lead their own business and nurture them for growth and prosperity.

Answer 5

Entrepreneur

Question 6

One who organizes, manages, and assumes risk of a business or enterprise.

Answer 6

Entrepreneur

Question 7

One who organizes, manages, and assumes risk of a business or enterprise.

Answer 7

Entrepreneur

Question 8

Someone who starts a side hustle that can eventually create a full-time, sustainable business with employees.

Answer 8

Entrepreneur

Question 9

Model of Entrepreneurial Process

Answer 9

● Innovation
● Triggering Event
● Implementation
● Growth

Question 10

the most important part of any business.

Answer 10

Customer

Question 11

The customer is

Answer 11

King

Question 12

You must first Identify your

Answer 12

customer

Question 13

Two key groups of people:

Answer 13

Buyer and seller

Question 14

Buyers

Answer 14

Demand

Question 15

Sellers

Answer 15

Supply

Question 16

Price falls

Answer 16

Demand falls
Supply rises

Question 17

Price rises

Answer 17

Demand rises
Supply falls

Question 18

refers to the process by which a company gains the ability to raise prices or exclude competitors.

Answer 18

Monopoly

Question 19

Free Market Economy

Answer 19

Competition

Question 20

“Anybody with the means can start a business and prices of goods and services are determined, not by a single business or individual, but by the interaction of supply and demand in the market”.

Answer 20

Competition

Question 21

Every business should have a

Answer 21

Competitive advantage

Question 22

a quality that makes it difficult for other businesses to exploit its weaknesses or copy its style.

Answer 22

Competitive advantage

Question 23

Calculated by dividing the profit earned on an investment by the cost of that investment.

Answer 23

ROI

Question 24

Widely used financial metric for measuring the probability of gaining a return from an investment

Answer 24

ROI

Question 25

are everything you spend on or pay for to start, run and keep your business alive.

Answer 25

Cost

Question 26

refers to any expense that a business incurs during the manufacturing or production process for its goods and services

Answer 26

Cost

Question 27

any expenses that change based on how much a company produces and sells. Labor, utility

Answer 27

Variable cost

Question 28

any expenses that remain the same no matter how much a company produces. Taxes

Answer 28

Fixed costs

Question 29

Founded Facebook while a student at Harvard. By age 27 he built up a personal wealth of $13.5 billion. 31 - 37.5

Answer 29

Mark zuckerberg

Question 30

a framework used to evaluate a company’s competitive position and to develop strategic planning.

Answer 30

SWOT

Question 31

It describe what an organization excels at and what separates its from the competition

Answer 31

Strength

Question 32

It describe what an organization excels at and what separates its from the competition

Answer 32

Weaknesses