Overview Flashcards
To say an entrepreneur is a risk taker doesn’t mean they are gamblers. What type of risks do they take?
Calculated Risks
True or False. Because an entrepreneur research their risks, their innovation or economic venture will not fail.
False - Failure is part of the dynamics of innovation and economic renewal.
Can you be an Entrepreneur in the public sector (portion of society controlled by national, state or provincial, and local governments. The public sector overlaps with the private sector in producing or providing certain goods and services.)
Yes you can such as city right always have trees planted in them. Cities are responsible for maintaining the trees. So someone contracts with the city to trim and maintain the trees.
How can Bootstrapping be an advantage to an entrepreneurship?
If they frugally use their own funds or have little loan, they don’t have as much overhead and can make more profit sooner.
What is the main step in the entrepreneurial process?
Opportunity recognition
What do most start-up entrepreneurs run out of the most?
Cash
In order to learn from mistakes and setbacks, entrepreneurs seek what?
Feedback
Myth or not: Leaders are born, not made.
Myth
Myth or not: Entrepreneurs are gamblers.
Myth
Myth or not: Solo entrepreneurs limit their potential for growth.
Not Myth
Myth or not: Entrepreneurs should be young and energetic.
Myth
The process of getting into and operating a business of one’s own.
Entrepreneurship
Entrepreneurs are the mechanism by which our economy turns which supply into demand or demand in supply?
Demand into Supply
Process of starting, opening, and growing a business.
Entrepreneurship
One reason why people become entrepreneurs is so they don’t have to put in such long hours.
False - most entrepreneurs have to work long hours to get their business going.
