UNIT 1 : UNDERSTANDING ENTREPRENEURSHIP Flashcards
Q: Define entrepreneurship.
A: Entrepreneurship is the process of designing, launching, and running a new business, which often starts as a small venture offering a product, service, or solution.
Q: List the key characteristics of successful entrepreneurs.
A: Traits include:
Risk-taking Innovation Vision Leadership Resilience Adaptability
Q: What is the importance of a business plan?
A: It provides a roadmap for the business, helps secure funding, outlines goals, and identifies potential challenges.
Q: What are the main components of a business plan?
A: Components include:
Executive Summary Company Description Market Analysis Organization and Management Marketing Strategy Funding Request Financial Projections
Q: What is the role of market research in entrepreneurship?
A: Market research helps identify customer needs, market trends, and competitive landscape, aiding informed decision-making.
Q: Describe the concept of innovation in entrepreneurship.
A: Innovation involves introducing new ideas, products, or processes that improve efficiency, effectiveness, or marketability.
Q: What is a startup incubator?
A: A startup incubator is an organization that supports early-stage companies through mentorship, resources, and networking.
