Entrepreneurship
This person identifies opportunities, creates value, organizes resources, and accepts the risks associated with starting or growing a venture.
Entrepreneur
This trend allows people to earn income by completing individual jobs, projects, or contracts rather than working in one traditional full-time position.
gig economy
This is the difference between the money a business earns and the money it spends.
profit
A lack of money or access to funding can make it difficult for an entrepreneur to start or grow a business could be an example of:
barrier to entrepreneurship
This trait involves coming up with new ideas, solutions, products, or ways of doing things.
creativity / innovation
Entrepreneurship is described as this because entrepreneurs must continually respond to changing customers, markets, technology, and opportunities.
fluid / dynamic
An entrepreneur who operates a business primarily by themselves, rather than building a large organization with many employees, is called this.
solopreneur
This term describes the movement of money into and out of a business. A company can be profitable but still experience problems if customers have not paid their bills yet.
cash flow
An entrepreneur has a great idea but is afraid to launch because they are worried about failing. This is an example of what type of barrier?
Fear risk / risk averse
An entrepreneur understands their own strengths, weaknesses, emotions, and abilities. This trait is called this.
self-awareness
A student notices that classmates struggle to find affordable lunches and creates a delivery service to solve the problem. This is the first major step in the entrepreneurial process.
opportunity recognition/discovery
An entrepreneur uses personal savings, keeps expenses low, works from home, and reinvests profits instead of relying heavily on outside funding. This strategy is called this.
bootstrapping
What is Mr. Kayal's favorite soccer team?
FC Barcelona
An entrepreneur constantly struggles to decide which tasks are most important, misses deadlines, and wastes time. What skill or area is creating a barrier?
management/prioritization
An entrepreneur notices that an employee is struggling, listens carefully, understands the employee's perspective, and responds appropriately. This demonstrates this skill.
emotional intelligence
This type of innovation can dramatically change how customers purchase, use, or think about products and can significantly change an industry.
disruptive innovation
This person acts entrepreneurially inside an existing company by developing new ideas, products, or processes without owning the entire business.
intrapreneur
This skill allows the ability to weigh many variables and find solutions to problems or and/or challenges.
Problem-Solving Skills
Changes in interest rates, inflation, unemployment, or the overall condition of the economy can create opportunities or challenges for entrepreneurs. What type of external factor is this?
economic factor
A business owner gives an employee responsibility for completing a project, explains the expectations, provides the necessary resources, and allows the employee to make decisions. What leadership skill is being demonstrated?
delegation
Name the five stages of the entrepreneurial process IN ORDER:
Discovery → Business Plan → Resourcing → Run the Business → Harvesting
An employee who is hired for a specific job at a specific rate of pay, but is not considered a permanent employee, is called:
a contract employee
A business's reason for existing is its ________, while its desired picture of the future is its ________.
mission and vision
An entrepreneur notices that new government regulations will increase the cost of operating the business. Instead of ignoring the change, the entrepreneur researches the regulation, adjusts the business plan, and changes operations. What entrepreneurial approach is being demonstrated?
adapting to external factors/change
A manager assigns an employee a project but repeatedly checks every small decision, changes the employee's work unnecessarily, and refuses to let the employee work independently. Identify the problem and explain why it can hurt a business.
micromanagement - reduce trust, motivation and development