The Entrepreneur
The process of identifying a need, taking a risk, and creating a business to earn a profit.
What is entrepreneurship?
A business owned and operated by one person.
What is a sole proprietorship?
A gap in the market or an unmet customer need that a business can address.
What is a business opportunity?
This document outlines a business's goals, strategies, operations, and financial expectations.
What is a business plan?
This form of intellectual property protects a business name, logo, or slogan used to identify its brand.
What is a trademark?
This person organizes resources, takes risks, and operates a business venture.
Who is an entrepreneur?
A business owned by two or more individuals who share responsibilities and profits.
What is a partnership?
These are businesses that compete with one another by offering similar products or services to the same customers.
What are competitors?
This is a short presentation used to communicate a business idea to potential investors or partners.
What is a pitch deck?
This protects original creative works such as books, photographs, music, and artwork.
What is copyright?
This is the ability to recognize a problem and develop a creative solution that provides value to customers.
What is innovation?
This business structure helps protect owners' personal assets from many business debts and liabilities.
What is a limited liability company (LLC)?
A business owner surveys students to determine whether they would purchase a new snack product. This helps measure this.
What is market demand?
This planning tool summarizes a business model using sections such as customer segments, value propositions, and revenue streams.
What is a lean canvas?
This protects a new invention or a new and useful process.
What is a patent?
An entrepreneur notices a problem in the community and develops a product to solve it. This demonstrates this entrepreneurial skill.
What is opportunity recognition?
This business structure is legally separate from its owners and can issue stock.
What is a corporation?
A student wants to start a tutoring business but first researches competitors, startup costs, and potential customers. This process helps determine this.
What is business viability?
This section of a business plan identifies the people most likely to purchase the product or service.
What is the target market?
A restaurant keeps its secret sauce recipe confidential so competitors cannot copy it. This is an example of this.
What is a trade secret?
An entrepreneur understands that a business may fail but researches the risks and makes informed decisions before investing. This is an example of this.
What is calculated risk-taking?
Two friends start a business together. They want to share ownership but also want personal liability protection. Which business structure might be a good fit?
What is an LLC?
Before opening a bakery, an entrepreneur researches the number of potential customers, competing bakeries, customer preferences, and local demand. What type of research is being conducted?
What is market research?
An entrepreneur presents a business plan to a lender to explain the business concept, expected expenses, revenue, and ability to repay a loan. This demonstrates this purpose of a business plan.
What is securing financing?
A student downloads a photographer's image from the internet and uses it in a business advertisement without permission. What intellectual property issue has the student potentially violated?
What is copyright infringement?