A.C.T Like an Entrepreneur
These three words make up the A.C.T. framework.
What are Attitude, Commitment, and Teamwork?
A good or item that a business sells is called this.
What is a product?
This is the willingness to recognize something that needs to be done and begin without waiting for someone else.
What is initiative?
A business sells 100 products for $20 each. This is its total revenue.
What is $2,000?
Changing “I have to” into “I get to” is a practice designed primarily to strengthen this part of A.C.T.
What is Attitude?
A person or organization that purchases or uses what a business provides is called this.
What is a customer?
This entrepreneurial trait involves generating new ideas or finding different ways to solve problems.
What is creativity?
A business earns $7,500 in revenue and has $5,000 in expenses. This is its profit.
What is $2,500?
This part of A.C.T. is demonstrated by preparation, follow-through, resilience, and doing what you said you would do.
What is Commitment?
This term describes the group of potential customers for a product or service.
What is a market?
Recovering, learning, and continuing after difficulty demonstrates this entrepreneurial trait.
What is resilience?
Rent, insurance, and some salaries are examples of this type of expense because they generally do not change directly with the number of products sold.
What are fixed expenses?
A group member says, “I finished my part, so I’m done.” This response shows weakness in this part of A.C.T.
What is Teamwork?
This is the organized effort to produce and sell products or services to meet customer needs and earn a profit.
What is a business?
A founder receives strong evidence that the original strategy is failing and changes the approach while keeping the larger goal. This trait is being demonstrated.
What is adaptability?
Materials, packaging, shipping, and sales commissions are typically examples of this type of expense.
What are variable expenses?
An entrepreneur refuses to abandon the goal but changes the product, price, and marketing strategy after receiving new evidence. This demonstrates the difference between commitment and this quality.
What is adaptability?
A coffee shop and a hardware store sell very different things, but both must ultimately do this for customers in order to survive.
What is create value / meet a customer need or solve a problem?
Creativity without Critical Thinking can become impractical, while persistence without adaptability can become this.
What is stubbornness / commitment to a failing strategy?
A business earns $12,000 in revenue and $3,000 in profit. This is its profit margin.
What is 25%?