Entrepreneurship
This is the act of starting and operating a new business in response to opportunities in hopes of making a profit
What is entrepreneurship
The capacity to support a lifestyle without having to be employed or be dependent on others
What is financial independence
Define 3 characteristics of successful business managers
Communication skills, Determination, Knowledge, Strong ethics, Flexibility
This business opportunity was discussed in entrepreneurship
Innovation
This way of goal setting asks you to be Specific, Measurable, Attainable, Relevant and Time bound
SMART goals
This company was created in 2003 by Elon Musk
What is Tesla
This provides motivation for production of goods and services through making the world a better place
Fulfilling a social need
Define a manager
A person who has responsibility for overseeing the operations of the business to ensure that it successfully achieves its goals
"Change in the number of potential customers" affects this business opportunity
Changing customer needs
This financial goal involves increasing the stock price of your product
Increasing market share
Entrepreneurs use their imagination and creativity to improve existing products or processes.
What is innovation
This company fulfilled a social need (search on google) and is a major soft drink company
Coca-Cola
Define 3 characteristics of entrepreneurs
Ability to take risks, share a vision, demonstrate initiative, innovation and enterprise
Elon musk invests in this source of business opportunity so as to keep his business evolving
R&D
What is a vision statement
Describes where the business wants to be in the future
There are two types of these people - calculated, and non calculated
What is a risk taker
This is a limitation of owning your own business and it involves not having much free time to yourself
Hard work and long hours
What does initiative mean
Take the first step in a series of actions of in a process
Explain the relationship between "research and development" and "innovation"
Short answer: to be innovative in producing goods and services, businesses must do R&D to find new ways to produce goods and services.
This social goal involves incorporating community events and promotions
Community service
This is a part of what an entrepreneur does when they seek new trends, explore new products and new approaches
Seeking growth
What is the definition of a market need
Determine what Carman's fine foods CEO, Carolyn Cresswell's, net worth is
$57 Million
This source for business opportunity provides access to more customers and more sales around the world
Global markets
This is a 5 step process involves developing goals, outlining the facts, identifying alternative solutions, analysing the alternatives and choosing it and implementing it
The decision making process