Reviewer for Entrepreneurship FLASHCARDS

Question 1

Someone who establishes and manages a business, taking on the associated risks for potential rewards.

Answer 1

Entrepreneur

Question 2

The ability to organize and manage a business, including facing
challenges and uncertainties.

Answer 2

Entrepreneurship

Question 3

The term entrepreneur comes from a French word meaning ______

Answer 3

to undertake

Question 4

These individuals address challenges before they occur, demonstrating foresight.

Answer 4

Proactive Entrepreneurs

Question 5

A crucial skill for entrepreneurs, who often know the key people to connect with for success.

Answer 5

Networking

Question 6

An entrepreneur within a larger company who leads new projects.

Answer 6

Intrapreneur:

Question 7

Someone who moves between companies, offering innovative solutions.

Answer 7

Extrapreneur

Question 8

A small-scale setup for selling goods, typically in open markets.

Answer 8

Flea Market:

Question 9

Incorporating the internet to market and sell products.

Answer 9

Online Selling:

Question 10

Entrepreneurial Process:

Answer 10

Starts with spotting opportunities, then planning, securing resources, and running the business.

Question 11

A detailed document outlining the strategies for marketing, operations, and
finances.

Answer 11

Business Plan

Question 12

Considered the backbone of a business

Answer 12

Employees

Question 13

Based on age, income, or education level.

Answer 13

Demographic Segmentation

Question 13

Grouping customers by characteristics like demographics, lifestyle,
or location.

Answer 13

Market Segmentation:

Question 14

Focuses on lifestyle, values, and attitudes.

Answer 14

Psychographic Segmentation

Question 15

Organizes customers based on where they live

Answer 15

Geographic Segmentation

Question 16

Used to select a group from which data will be collected.

Answer 16

Sampling Techniques:

Question 17

Every sample has an equal chance of selection.

Answer 17

Probability Sampling:

Question 18

Samples are chosen based on convenience or
preference.

Answer 18

Non-Probability Sampling:

Question 19

Tend to handle multiple tasks, manage risks, and are accountable for both
success and failure.

Answer 19

Entrepreneurs:

Question 20

Typically work fixed hours and are dependent on their employer’s success for
job security.

Answer 20

Employees:

Question 21

The process of identifying potential opportunities in the market.

Answer 21

Opportunity Spotting:

Question 22

A framework for scanning the environment, considering factors like socio-cultural, technological, political, and legal influences.

Answer 22

STEEPLED Analysis:

Question 23

Entrepreneurs must assess various options to find the most viable business opportunities.

Answer 23

Screening Opportunities:

Question 24

A stage where a product or service is tested with consumers before full
commercialization.

Answer 24

Test Marketing:

Question 25

The 4Ms in Business

Answer 25

Ma-Me-Ma-Ma
Manpower, Methods, Materials, Market

Question 26

Refers to the workforce, the lifeblood of any business.

Answer 26

Manpower:

Question 27

The raw resources needed to create the products or services.

Answer 27

Materials:

Question 28

Refers to the customers and the environment in which the business operates.

Answer 28

Market:

Question 29

Involves the procedures and systems used in running the business.

Answer 29

Methods: