Section 4

Question 1

Entrepreneur

Answer 1

A person who organizes and operates a business venture and assumes much of the associated risk

Question 2

The goals of an entrepreneur

Answer 2

Includes achievement of independence , financial success, social change

Question 3

Intra-preneurship

Answer 3

When entrepreneurship is describing activities within a firm or large organization

Question 4

Seniority

Answer 4

Measure for the amount of time a person has been a member of an organization as compared to other members , with an eye towards awarding privileges to those who have been members long

Question 5

Reasons for starting a business

Answer 5

Own bosses, greater possibility of achieving sig. Financial rewards than working for someone else, provides ability to be involved in total operation of business, offer prestige of being erosion in charge, gives opportunity to build equity

Question 6

What is equity

Answer 6

Overall worth of what you are

Question 7

Benefits of small organization

Answer 7

Greater flexibility and capacity to respond promptly to industry or community developments

Question 8

Greater flexibility

Answer 8

Able to innovate and create new products and services more rapidly and creatively than larger companies mired in beuracracy , make decisions in days, well suited to internet marketing (find specialized niches), modify products and services in response to unique customer needs (knows customer base better)

Question 9

Bureaucracy

Answer 9

Structure and regulations in place to control activity usually in large organizations and govt. operations

Question 10

Entrepreneurial spirit

Answer 10

People who are fully engaged and doing what they want, atmosphere of fun and excitement that is generated when ppl. Work together to create an opportunity for greater success , inspire to do best

Question 11

Startup business

Answer 11

New organization or business venture

Question 12

Independence

Answer 12

ability to be own boss, operate independently, make own decisions, take own risks, reap own benefit s

Question 13

Valley of death

Answer 13

When you are so far in debt you can’t get out of it, failure of independent company because of lack of funds

Question 14

Entrepreneurship and the economy

Answer 14

Creativity and entrepreneurship are needed to combine inputs in profitable ways resulting in large scale economic growth and development

Question 15

Equilibrium models

Answer 15

Central to mainstream economics and exclude entrepreneurship, use economic data to estimate how an economy might react to changes in a policy technology or other external factors

Question 16

Business models

Answer 16

The particular way in which business organization ensures that it generates income

Question 17

In entrepreneurship who is boss

Answer 17

Consumers

Question 18

Make own decisions writhing constraints of

Answer 18

Economic and environmental factors

Question 19

Startup must have people who

Answer 19

Passionate compulsive desire to succeed

Question 20

Entrepreneurship results in either

Answer 20

New organization or revitalizing mature organizations in response to perceived opportunity