Entrepreneur
Essentials
Essentials
What term describes a person who takes the risk of starting and operating a business?
Entrepreneur
A person opens a Subway location using the company's name and operating system. What business arrangement is this?
Franchise / franchising
What are the four basic functions of management?
Planning, organizing, leading, and controlling
A streaming service's executives set the company's five-year direction. What level of planning is this?
Strategic planning
A Nike employee pitches a new training app within the company. What do we call an entrepreneurial employee?
Intrapreneur
What is the difference between debt financing and equity financing?
Debt is borrowed money to repay; equity trades ownership for investment
A Target manager assigns staff to checkout, stocking, and pickup orders. Which management function is this?
Organizing
A statement of an organization’s purpose and what it seeks to accomplish
What is a mission statement?
Name one characteristic of successful entrepreneurs besides willingness to take risks.
Self-directed, self-nurturing, action-oriented, energetic, or tolerant of uncertainty
A startup offers an investor 15% ownership in return for cash. What kind of financing is this?
Equity financing
Which management function establishes goals and decides how to achieve them?
Planning
A manager asks employees to vote on how to improve the break room. Which leadership style is shown?
Democratic / participative leadership
A founder launches a new gaming accessory despite not knowing whether customers will buy it. Which entrepreneurial trait is illustrated?
Tolerance for uncertainty/Risk
A popular sneaker store sells plenty of shoes but lacks cash to pay rent this week. What problem does it have?
Cash-flow problem
A manager compares actual sales with the monthly goal and adjusts staffing. Which management function is this?
Controlling
How does tactical planning differ from strategic planning?
Tactical planning translates long-term
strategic goals into shorter-term departmental actions
A group of people with complementary skills who work together to create and run a business
Entrepreneurial Team
Before launching a food truck, an owner documents target customers, costs, operations, and marketing. Name the document.
Business plan
What is the purpose of the controlling function?
To measure results against goals and make corrections
A concert merchandise company prepares a backup supplier in case its main supplier fails. What type of planning is this?
Contingency planning