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Entrepreneurship > unit 1 > Flashcards

unit 1 Flashcards

1
Q

importance of entrepreneurship (3)

A

PJC
PROVIDES for society
creates JOBS
creates CHANGE

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2
Q

list at least 5 entrepreneurial competencies

A
  • opportunity seeking
  • persistent
  • committed to work contract
  • risk-taker
  • initiative
  • demand for efficiency & quality
  • systematic planner
  • problem-solving
  • concern for work and employees
  • customer orientation
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3
Q

financial risks

A

sacrificing a paycheck and depending on personal capital

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4
Q

societal risks

A

evaluating popular interest

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5
Q

personal risks

A

depending on a key employee and sacrficing your time and health

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6
Q

place innovation

A

PROVIDING A PRODUCT IN A DIFFERENT WAY

when the business provides other products than the usual for sale.

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7
Q

price innovation

A

allows buyers to indicate the price they want to pay

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8
Q

advertising innovation

A

WHO, WHERE & HOW TO CAPTURE THE AUDIENCE’S ATTENTION

using celebrities for marketing

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9
Q

service innovation

A

offers more options compared to other services

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10
Q

physical environment innovation

A

creates a THEMED ambiance for the experience of the customers

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11
Q

Intellectual Property Rights (IPR)

A

created to protect a business/service from other competitors in the market

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12
Q

patents

A

protects the process methods

new machines, technologies, manufacturing, etc

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13
Q

copyright

A

protects art, music, writings, movies, photos, documents, etc

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14
Q

trademark

A

protects the BRAND for long term aspects

logos, names, mascots, slogans etc

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15
Q

design rights

A

jewelry, clothes and furnitures

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16
Q

ENTREPREEURIAL PROCESS 1ST STAGE

A

Identification and Evaluation of OPPORTUNITIES

asking yourself if the product has a potential because the market needs non existing products

17
Q

ENTREPREEURIAL PROCESS 2ND STAGE

A

Development of BUSINESS PLAN

outlines and summarizes the entire business

18
Q

ENTREPREEURIAL PROCESS 3RD STAGE

A

Gathering of RESOURCES

finding the best quality resources with the best prices (uses planning and negotiating skills)

19
Q

ENTREPREEURIAL PROCESS 4TH STAGE

A

MANAGEMENT of Resulting Enterprise

the implementation of the business plan

Entrepreneurship (1 decks)

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