Test 1

Question 1

What is an entrepreneur?

Answer 1

A person who organizes & operates a buisness or businesses, the goal is to earn profit and create value for community’s, many entrepreneurs seek freedom in their work

Question 2

What is a intrapreneur

Answer 2

People who are tasked with creating new products within an already established company, they use entrepreneurial thought

Question 3

What is a venture

Answer 3

A new business or business activity that entrepreneurs or institutions Lauch that involves the potential for risk & return

Question 4

What is a need and a want

Answer 4

Needs - essential for human survival (food,shelter,clothing
Wants - human desires that go beyond basic needs and are not essential for survival

Question 5

Supply & demand

Answer 5

Supply - what you have to sell
Demand - people want to buy

Question 6

Law of supply

Answer 6

As price increases, supply increases
As price decreases, supply decreases

Question 7

Law of demand

Answer 7

As price increases, demand decreases
As price decreases, demand increases

Question 8

5 characteristics of entrepreneurial ventures

Answer 8

For profit/non-profit
Physical/virtual
Large scale/small scale
Service production/goods production
Local/provincial/ national/global

Question 9

Impact on community’s

Answer 9

• job creation
• new ideas
• economic benefits
• political benifits

Question 10

Characteristics of entrepreneurs

Answer 10

-creative, self confident, goal oriented, optimistic, flexible, visionary, gets along with others, resourceful, motivated

Question 11

Entrepreneurial skills

Answer 11

• generate ideas, plan, organize, solve problems, keep records, communicate, lead others, network, make decisions

Question 12

Autocratic

Answer 12

Pros - fast decision making
- productivity
- improves crisis management
Cons - high pressure work environment
- discourages feedback
- lacks creativity
Good for use when it’s a new employee

Question 13

Bureaucratic

Answer 13

Pros - job security
- efficiency
- accountability
Cons - limits innovation
- competition discouraged
- slow adaption to change
Good to use when handling dangerous objects

Question 14

Democratic

Answer 14

Pros - encourages creativity
- builds team trust
- promotes employee engagement
Cons - can be time consuming
- leaders can too be consultive, not decisive enough
Good to use when there’s lots of input needed

Question 15

Laissez-faire

Answer 15

Pros - higher investment
- more innovation
- competition
Cons - lack of direction
- income inequality
- risk of chaos
Good to use when you trust your employees, have staff specialists or consultants

Question 16

Bobby knight and coach K

Answer 16

Bobby was autocratic, motivated his players with aggression & intimidation
Coach k was Democratic, he coached his players through communication & support

Question 17

Smart goals

Answer 17

S- specific (clear, well defined)
M- measurable (specific criteria to measure your progress)
A- attainable (not impossible to achive)
R- realistic (relevant in your life)
T- timely (clear, defined timeline)

Question 18

Enterprising person

Answer 18

They do not take financial ricks, they work for a company because of its stability and little financial risk, seek jobs that offer trade offs

Question 19

Trade offs

Answer 19

• meaningful work
• leisure time
• opportunity to learn skills
• money
• security

Question 20

Steps to create a slogan

Answer 20

1. decide what you want to communicate about your project
2. Keep it simple
3. Establish your company’s voice
4. Brainstorm ideas

Question 21

Steps to create a logo

Answer 21

1. Your company’s story
2. Brainstorm words, symbols about your brand
3. Sketch simple ideas, small amounts of colour

Question 22

Mission statements

Answer 22

• short statement of why your organization exists
• realistic, practical
• motivational
• short, concise, easy to read