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entrepreneurship > Test 1 > Flashcards

Test 1 Flashcards

1
Q

What is entrepreneurship?

A

Create and build a venture to fill a market niche and the needs and wants of customers

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2
Q

What is intrapreneurship?

A

-refers to entrepreneurship that occurs inside an existing organization
-improves companies productivity, become more competitive and increases awareness of the changing marketplace, tech and opportunities

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3
Q

What does the Gross National Product (GNP) measure?

A

-Gross National Product measure total of all goods and services produced in Canada in one year

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4
Q

What is downsizing?

A

Downsizing is a reduction in # of employees in an organization to reduce their operating costs

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5
Q

What is rightsizing?

A

Rightsizing is a reduction to a specific # of employees in an organization to meet the goals of the organization

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6
Q

What is a need? Provide an example.

A

-things that are essential for human survival
-food and shelter

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7
Q

What is a want? Provide an example.

A

-desires humans have for certain things that go beyond basic needs
-makeup and toys

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8
Q

Supply/Demand

A

when supply is GREATER than demand, the price goes DOWN
when supply is LESS than demand, the price goes UP

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9
Q

For profit

A
  • Goal is to make money
  • Ex. Canadian Tire
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10
Q

Non-Profit

A
  • Goal is to raise money for their cause
  • Ex. United Way
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11
Q

Large Scale

A
  • National or International operations
  • Ex. Walmart
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12
Q

Small Scale

A
  • Regional or Local operations
  • Ex. Kelly’s Bake Shop
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13
Q

Service production

A
  • Intangible offering to customers
  • Ex. RBC
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14
Q

Goods production

A

Tangible offering to customers
- Ex. Nissan

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15
Q

Physical

A
  • Actual ‘Brick and Morter’ store
  • Ex. Home Depot
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16
Q

Virtual

A
  • Uses e-commerce over the internet
  • Ex. Amazon
17
Q

Local

A
  • Ventures invited to one community
  • Ex. Bliss kitchen
18
Q

Provincial

A
  • Ventures limited to one province
  • Ex. HydroOne
19
Q

National

A
  • Ventures limited to one country
  • Ex. Telus
20
Q

International

A
  • Ventures that operate in more than one country (Globalization- expansion)
  • Ex. Coca Cola
21
Q

Generation Z

A

The way the product is promoted online through social media and influencers is a factor that determines their decisions in the marketplace because this generation relies heavily on the internet and social media. Another factor is if the products are ethical as gen Z cares and tends to focus on what products care about their consumers, the environment and using sustainable materials/ingredients.

22
Q

What are the four impacts that entrepreneurs have on the community? (FIRST)

A

Job Creation:
- Multiplier effect
- Those employed by the business have money to buy goods and services locally which leads to growth in different businesses and job creation

23
Q

What is the second impact that entrepreneurs have on the community

A

New Ideas:
- Wider range of goods and services leads to new innovations

24
Q

What is the third impact that entrepreneurs have on the community

A

Economic Benefits:
- More wealth is distributed in society and everyone enjoys the benefits when business ventures leads to other ventures
- Competition lowers prices and improves the standard of living

25
Q

What is the fourth impact that entrepreneurs have on the community

A

Political Benefits:
- Entrepreneurs is strong in free, democratic societies
- Requires money for start up, education laws and open/free trade

26
Q

Positive impacts that technology has on entrepreneurs.

A
  • E-commerce (transactions conducted electronically on the internet)- streamlined and efficient decision making process
  • Information technology- use of systems for storing, retrieving and sending information. Access to large data banks allow businesses to gain information that can turn into opportunities
  • Inexpensive software- helps with accounting, marketing research, financing and sales
27
Q

Negative impacts that technology has on entrepreneurs.

A
  • Job Less- new technological opportunities downsize and rightsize
28
Q

What are the various characteristics that are reflective of entrepreneurs?

A

-self confident
-motivated
-resourceful
-creative
-goal orientated
-independent

29
Q

Intrinsic Motivators

A
  • Naturally occurs as a person works on a task
  • Ex. self- esteem, satisfaction and personal growth
30
Q

Extrinsic Motivators

A
  • Given to someone by another person
  • Ex. money, promotion and holiday premiums/overtime

entrepreneurship (1 decks)

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