Key Terms
________ is acting on ideas to fill needs or wants in a community through a business
Entrepreneurship
Karen's Depanneur Video Reg'd is an example of which business type?
A retail business. Products sold "directly to consumer". B2C
True/False - Adding your name to the product stops others from copying it.
Example: "Sage's Scented Keychains"
False. You have to legally protect it.
True/False - Behaviour such as lying, stealing, cheating, or misleading customers counts as unethical business behaviour.
What is... an improvement to an existing idea, product, or service?
An innovation
A new business idea that someone has started or plans to start.
A venture
BoreA Canada, based in Chapais, produce, distill and transform materials from the boreal forest into essential oils, floral waters, and other organic medicines.
What type of business is it?
A manufacturing business. They "transform" or make products on site. B2B and B2C
True/False - Selling your product before your competitor will make you first to market, but does not protect you from copycats.
True. Only legal protections can stop others from copying your design(s) and strategies.
What is... a person or thing outside yourself that motivates you?
An extrinsic motivator / Extrinsic motivation
What is... an original model of an invention used to test, improve, or develop it?
A prototype
Reaching an agreement through discussion and bargaining.
Negotiation
Chantiers Chibougamau, a wood processing business.
What type of business is it?
A resource-development business. They develop wood into various products. B2B
What is... a legal protection for a word, symbol, or design associated with a product or business?
A trademark
True/False - Behaviour that follows principles of right and wrong, such as honesty, fairness, and respect for others counts as ethical business behaviour.
True
What is the difference between an invention and an innovation?
An invention introduces a new idea, technology, product, or service. An innovation improves something that already exists.
Money a business earns after paying all its costs (expenses).
Profit
The new Waswanipi hotel is an example of what type of business?
A service business. They maintain rooms and amenities to use for a fee. B2C
What is... a legal right that prevents others from copying a protected invention without permission for a set period of time?
A patent
What is... a feeling or characteristic that motivates someone from within?
An intrinsic motivator / Intrinsic motivation
Name two (2) benefits of entrepreneurship...
(answers vary)
Being your own boss.
Choosing the type of work you do.
Having more control over your schedule.
Potentially increasing your income.
Creating jobs.
Feeling pride in your achievements.
Helping your community.
A person who buys from businesses.
A consumer
Faire.com is a website that offers products in bulk to consumers. What type of business is it?
A wholesale business. They store products "in bulk". B2B
What is the difference between a patent and a trademark?
A patent protects an invention, while a trademark protects a business identifier, such as its name or logo.
True/False - Ethical behaviour can damage relationships and lead to legal consequences.
False, unethical behaviour can.
Name two (2) risks of entrepreneurship...
(answers vary)
The business may fail.
Income may be low or nonexistent.
Bills and employee wages must still be paid.
Competitors may take customers.
Competitors may steal ideas.
Poor decisions may harm employees or customers.
You might work irregular hours at the start.