Test 1 Flashcards
What is entrepreneurship?
Create and build a venture to fill a market niche and the needs and wants of customers
What is intrapreneurship?
-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
What does the Gross National Product (GNP) measure?
-Gross National Product measure total of all goods and services produced in Canada in one year
What is downsizing?
Downsizing is a reduction in # of employees in an organization to reduce their operating costs
What is rightsizing?
Rightsizing is a reduction to a specific # of employees in an organization to meet the goals of the organization
What is a need? Provide an example.
-things that are essential for human survival
-food and shelter
What is a want? Provide an example.
-desires humans have for certain things that go beyond basic needs
-makeup and toys
Supply/Demand
when supply is GREATER than demand, the price goes DOWN
when supply is LESS than demand, the price goes UP
For profit
- Goal is to make money
- Ex. Canadian Tire
Non-Profit
- Goal is to raise money for their cause
- Ex. United Way
Large Scale
- National or International operations
- Ex. Walmart
Small Scale
- Regional or Local operations
- Ex. Kelly’s Bake Shop
Service production
- Intangible offering to customers
- Ex. RBC
Goods production
Tangible offering to customers
- Ex. Nissan
Physical
- Actual ‘Brick and Morter’ store
- Ex. Home Depot
Virtual
- Uses e-commerce over the internet
- Ex. Amazon
Local
- Ventures invited to one community
- Ex. Bliss kitchen
Provincial
- Ventures limited to one province
- Ex. HydroOne
National
- Ventures limited to one country
- Ex. Telus
International
- Ventures that operate in more than one country (Globalization- expansion)
- Ex. Coca Cola
Generation Z
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.
What are the four impacts that entrepreneurs have on the community? (FIRST)
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
What is the second impact that entrepreneurs have on the community
New Ideas:
- Wider range of goods and services leads to new innovations
What is the third impact that entrepreneurs have on the community
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
What is the fourth impact that entrepreneurs have on the community
Political Benefits:
- Entrepreneurs is strong in free, democratic societies
- Requires money for start up, education laws and open/free trade
Positive impacts that technology has on entrepreneurs.
- 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
Negative impacts that technology has on entrepreneurs.
- Job Less- new technological opportunities downsize and rightsize
What are the various characteristics that are reflective of entrepreneurs?
-self confident
-motivated
-resourceful
-creative
-goal orientated
-independent
Intrinsic Motivators
- Naturally occurs as a person works on a task
- Ex. self- esteem, satisfaction and personal growth
Extrinsic Motivators
- Given to someone by another person
- Ex. money, promotion and holiday premiums/overtime
