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ENTREPRENEURIAL MIND > WEEK 1 > Flashcards

WEEK 1 Flashcards

1
Q

​​A person who is engaged in carrying out any activity, related to commercial and industrial purposes. Sets up his business as a new entrant in the market as for the existing business.

A

DEFINITION OF BUSINESSMAN​

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2
Q

a person who conceives a unique idea or concept to start an enterprise and brings it into reality. ​is a person who conceives a unique idea or concept to start an enterprise and brings it into reality. ​He is the person who bears risks and uncertainties of the business.

A

DEFINITION OF ENTREPRENEUR​

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3
Q

STARTS A BUSINESS FROM AN EXISTING IDEA​
TRADITIONAL​
AVOIDS TAKING RISKS​
PROFIT ORIENTED​
MARKET PLAYER​

A

BUSINESSMAN​

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4
Q

STARTS A BUSINESS FROM A UNIQUE AND INNOVATIVE IDEA​
REVOLUTIONARY​
RISK TAKER​
CUSTOMER ORIENTED​
MARKET LEADER​

A

ENTREPRENEUR​

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5
Q

5 MYTHS OF ENTREPRENEURS:

A

Myth No. 1: Entrepreneurs are Essentially Inventors​
Myth No. 2: Entrepreneurs are Mainly Motivated by Money​
Myth No. 3: Entrepreneurs Have to be Risk-takers​
​Myth No. 4: Entrepreneurs are Born​
Myth No. 5: Entrepreneurship is Prone to High Failure​

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6
Q

5 REALITIES OF ENTREPRENEURS:

A

Reality: Entrepreneurs are Ideators​
Reality: Entrepreneurs are Motivated by Passion​
Reality: Entrepreneurs Have to be Challenge-takers​
Reality: Entrepreneurs are Made​
Reality: Entrepreneurship is Dependent on Performance​

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7
Q

10 Principles of Entrepreneurship​

A
  1. Be a Solution Provider​
  2. Have a Vision​
  3. Select the Team Wisely​
  4. Make Viable Products or Services​
  5. Proper Identification of Capital Requirements​
  6. Accountability and Responsibility with Integrity​
  7. Effective Growth and Marketing​
  8. Know your Customers​
  9. Find the Right Opportunity ​
  10. Respect your Customers and Employees​
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8
Q

9 TRAITS OF AN ENTREPRENEUR​

A
  1. Good Leader​
  2. Optimistic​
  3. Confident
  4. Passionate​
  5. Disciplined​
  6. Proactive​
  7. Open minded​
  8. Competitive​
  9. Kind​
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9
Q

is the process of managing your money to achieve specific financial goals and objectives. It involves setting financial goals, creating a budget, saving, investing, and managing risks.

A

Financial planning

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10
Q

5 Tips and Tools for Financial Planning​

A

A. Budgeting​
B. Emergency Fund​
C. Debt Management​
D. Investing Basics​
E. Insurance Planning​

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11
Q

2 Tips and Tools for Budgeting​

A
  1. Create a Budget
  2. Track Expenses
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12
Q

4 Tips and Tools for Emergency Fund

A
  1. Importance of Emergency Fund:
    Financial Safety Net:
    Rule of Thumb:
  2. How to Build an Emergency Fund:
    Start Small:
    Automate Savings:
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13
Q

2 Tips and Tools for Debt Management​

A
  1. Types of Debt - Good vs. Bad Debt​
  2. Debt Repayment Strategies​
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14
Q

Types of Debt - 3 Good vs. 3 Bad Debt​

A

Good Debt:
Mortgage
Student Loans
Business Loans

Bad Debt:
Credit Card Debt
Car Loans for Depreciating Assets
Payday Loans

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15
Q

2 Debt Repayment Strategies​

A

Debt Snowball Method
Debt Avalanche Method

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16
Q

2 Tips and Tools for Investing Basics​

A
  1. Diversification
  2. Long-Term vs. Short-Term Goals:
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17
Q

2 Tips and Tools for Insurance Planning​

A
  1. Types of Insurance
  2. Risk Management
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18
Q

5 Types of Insurance​

A
  1. Health Insurance​
  2. Life Insurance
  3. Auto Insurance
  4. Property Insurance:
  5. Liability Insurance​:
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19
Q

2 Risk Management under Insurance Planning:

A

Regular Assessment:
Emergency Fund:

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20
Q

4 Financial Planning Cycle​

A

Assessment Phase
Planning Phase
Implementation Phase
Monitoring and Adjustment Phase

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21
Q

3 Importance of Financial Planning​

A

A. Achieving Financial Goals
B. Risk Management​
C. Building Wealth​

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22
Q

2 Importance of Achieving Financial Goals

A
  1. Empowerment:
  2. Peace of Mind:
23
Q

2 Risk Management under the Importance of Financial Planning​

A
  1. Minimizing Financial Risks:
  2. Emergency Preparedness:
24
Q

2 Importance of Building Wealth

A
  1. Saving and Investing
  2. Retirement Planning
25
Q

Develop a realistic and comprehensive budget that outlines your income, expenses, and savings goals.

A

Create a Budget:

26
Q

Keep a record of your daily expenses to identify areas where you can cut back and save more.

A

Track Expenses:

27
Q

Emergency fund is a crucial safety net for unexpected expenses like medical bills or car repairs, preventing the need to rely on credit cards or loans.

A

Financial Safety Net:

28
Q

Have three to six months’ worth of living expenses in the emergency fund.

A

Rule of Thumb:

29
Q

Emphasize that building an emergency fund is a gradual process; it’s okay to start with a small amount and incrementally increase it.

A

Start Small:

30
Q

Encourage setting up automatic transfers to the emergency fund each month.

A

Automate Savings:

31
Q

typically considered an investment in your future, as it has the potential to generate long-term benefits or increase your overall net worth.

A

Good Debt:

32
Q

Buying a home is often the most significant investment for many individuals.

A

Mortgage: `

33
Q

Investing in education to enhance skills and career opportunities.

A

Student Loans:

34
Q

Funding the start-up or expansion of a business.

A

Business Loans:

35
Q

generally considered non-essential and does not contribute to wealth creation. It often involves high-interest rates and can lead to financial stress if not managed properly.

A

Bad Debt:

36
Q

Purchasing non-essential items or covering living expenses beyond one’s means.

A

Credit Card Debt:

37
Q

Financing a vehicle that depreciates in value over time.

A

Car Loans for Depreciating Assets:

38
Q

Short-term loans to cover immediate expenses until the next paycheck.​

A

Payday Loans:

39
Q

focuses on paying off the smallest debts first, regardless of interest rates. The idea is to create small victories by eliminating smaller debts, providing motivation to tackle larger debts.

A

Debt Snowball Method

40
Q

prioritizes paying off debts with the highest interest rates first. It aims to minimize the total interest paid over time.

A

The Debt Avalanche Method

41
Q

involves spreading investments across different asset classes (e.g., stocks, bonds, real estate) to reduce risk. The goal is to create a well-balanced portfolio that can withstand market fluctuations.

A

Diversification:

42
Q

Investment strategies differ based on the time horizon of financial goals. Long-term goals, such as retirement, allow for a more aggressive and growth-oriented investment approach.

A

Long-Term vs. Short-Term Goals:

43
Q

2 Types of Property Insurance:​

A

Homeowners Insurance​
Renter’s Insurance

44
Q

2 Types of Liability Insurance​

A

Umbrella Insurance​
Professional Liability (Errors and Omissions) Insurance

45
Q

Discuss how insurance can be a crucial tool in managing financial risks.

A

Risk Management:

46
Q

Regularly assess your insurance needs as life circumstances change (e.g., marriage, childbirth, home purchase).

A

Regular Assessment:

47
Q

Recognize that insurance complements an emergency fund in managing unexpected financial risks.

A

Emergency Fund:

48
Q

Financial planning empowers individuals to take control of their financial future and work towards their goals.

A

Empowerment:

49
Q

Having a well-thought-out financial plan provides a sense of security and peace of mind.

A

​​ Peace of Mind:

50
Q

Financial planning involves a systematic approach to identify and understand potential risks that could impact one’s financial stability. These risks may include market volatility, economic downturns, job loss, or unexpected expenses.​

A

Minimizing Financial Risks:

51
Q

An emergency fund is a designated pool of money set aside to cover unforeseen expenses or financial emergencies. It serves as a crucial component of financial planning to provide a financial safety net in times of need.

A

Emergency Preparedness:

52
Q

are two fundamental financial activities that individuals engage in to build wealth, achieve financial goals, and secure their financial future.

A

Saving and Investing:

53
Q

is the process of determining how much money you need to save for retirement and creating a strategy to achieve that goal.

A

Retirement Planning:

ENTREPRENEURIAL MIND (3 decks)

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