Principles of Entrepreneurship
People who see a need and then create a business to fill that need?
What are Entrepreneurs.
How many factors effect the economy in business?
What are 6 factors.
What is a must when starting a business?
What is having secure funding and commiting to the basic requirements to set up the business.
What is a companys most valuable asset?
What is the company's brand.
What is the federal agency establish in 1953 that helps set up small businesses with mentoring, advice and training?
What is the U.S Small Business Administration (SBA).
How does entrepreneurship begin?
What are innovations(new ideas, products, models, services)
What is the reason for success in hospitality and tourism related businesses?
What are people having discretionary income to spend.
What is a business plan?
What is when providing funding, investors need information about your business.
What is the value of a brand?
What is the brand equity.
What are mentors?
What are people without a financial interest in the company who an entrepreneur can go for impartial advice.
What is the hospitality and tourism industry made up of?
What are business created by entrepreneurs.
What economy factor effects taxes, policies and laws.
What are changes in political positions or dominating politcal parties effect these.
What is a Swot analysis?
What is an overview of the businesses strengths, weaknesses, opportunities and threats.
What is the most important part of branding?
What is creating a story in the minds of the customer.
What is part of the SBA and provides free or loe cost advice and training for entrepreneurs?
What is the Small Business Development Centers (SBDCs).
What is the difference between product level competition and financial level competition?
What is product level reffering to all similar available products and finacial level reffering to all things consumers can do with their money.
What is important to focus on when including foreign business?
What are exchange rates and worldwide currency.
What are the 3 things included in a financial projection?
What is Forecasts, Feasibility Study and Funding.
What are external communications?
What is everything that a business communicates to the general public, news media, shareholders, suppliers and other stake holders.
What are the chambers of commerce?
What are local associations of business owners that promote the interest of businesses.
What are some traits of entrepreneurs? Name 3.
What is They are strong willed and determined;They have a vision; They have passion; They are relationship builders; They are willing to fail and learn; They have grit and show resilience
Explain the economic principle of supply and demand.
What is the realationship between the amount of a good or service available and consumers desire to purchase that good or service.
What is required by the state to be able to recognize a business as a collector of taxes?
What is a Seller's Permit.
What determines how potenial customers will react to a product?
What is market testing.
What is the National Restaurant Association and the American Hotel and Lodge Association.