Principles of Entrepreneurship
People who see a need and then create a business to fill that need are called
entrepreneurs
Which entrepreneurial trait is the ability to stick to something, even when others might quit?
a. Resilience
b. Passion
c. Vision
d. Determination
A. resilience
Name one type of funding available to fund a new bsuiness:
Donation financing
Debt financing
Equity financing
Venture capitalists
crowdfunding
the value of a brand is called:
Brand Equity
Small Business Development Centers (SBDCs) are part of the SBA. They provide free or low-cost advice and training for entrepreneurs.
true or false
true
People who create and innovate new ideas for their employer are called
intrapreneurs
Which determines the success of many hospitality and tourism businesses?
a. People who can invest in the business
b. Owners reinvesting in their operation
c. People with discretionary income to spend
d. A strong marketing program
c. people with discretionary income to spend
When an individual or entity lends money with the assumption that it will be repaid, presumably with interest, it is called
a. debt financing.
b. donation financing.
c. crowdfunding.
d. venture capitalist.
a. debt financing
A communication produced by the company for external consumption is called
a. external communications.
b. a press release.
c. public relations.
d. an official statement.
c. public relations
What federal agency was set up to help small businesses with mentoring, expert advice, training, learning, and networking?
SBA: small business adminstration
When surveying the competition, an entrepreneur finds similar products that will fill the need she is exploring. This type of competition is called
a. Product-level competition
b. Financial-level competition
c. Class competition
d. Destination competition
c. Class competition
Which factor can have a devastating effect on consumer habits, employment, and the economy?
a. Infrastructure
b. Population
c. Health crises
d. Human capital
c. Health crises
Money that is lent to a business in return for a portion of ownership in the business is called
equity financing
An official statement made by a company and intended for external publication is called a(n)
press release
People without a financial interest in the company that an entrepreneur can go to for impartial advice are called
mentors
What is the main reason some new restaurants go out of business quickly?
A. Poorly managed cash flow
B. Lack of online presence
C. Inability to control expenses
D. Lack of business knowledge
D. Lack of business knowledge
Earthquakes and mudslides can affect the economy and are examples which factor?
natural disasters
Which type of funding includes private investors who represent investment firms that specialize in high-risk, and presumably high-return, businesses?
venture capitalists
Judy’s Bar and Grill is offering a free appetizer to all guests who come in on Tuesday and purchase a meal. This is an example of
promotion
what is the name of the local associations that business owners can join to promote the interests of the businesses
Chamber of commerce
there are many traits of a successful entrepreneur. Name 2
Are strong willed and determined
Have a vision
Have passion
Are relationship builders
Are willing to fail and learn
Have grit and show resilience
there are many factors that affect the economy: such as natural diasters. Name 2 more
weather
Politics
current trends
exchange rates
health crisis
supply and demand
Name two components to a business plan?
Financial projection
strategic plan
market research and analysis
Products and services
company profile
executive summary
A local restaurant has experienced a foodborne illness outbreak and the management team will meet to determine the best way to report the incident to the media. This is an example of
crisis management
This hospitality industry has two of the largest national associations: name one
FRLA
AHLA