Key Terms
This is a person who takes the risk of starting and running a business.
What is and Entrepreneur
This characteristic helps entrepreneurs continue despite setbacks.
What is determination/perseverance?
A wooden table sells for $200. Materials cost $80. What is the added value?
120
An employee who develops innovative ideas within an existing business.
What is an intrapreneur?
Lack of start-up capital.
What is a common financial barrier to enterprise?
This type of entrepreneur works within an existing organization.
What is an intrapreneur?
This characteristic involves making decisions despite uncertainty.
What is risk-taking?
Branding, quality improvements, customer service, unique design
What are two ways businesses can increase added value?
It encourages innovation and new product development
What is one benefit of intrapreneurship to a business?
Fear of failure.
What barrier may stop someone from taking entrepreneurial risks?
A business that aims to solve social problems while generating revenue.
What is a social enterprise?
This characteristic helps entrepreneurs generate new ideas.
What is creativity?
This method of adding value: A company places a famous logo on a t-shirt.
What is Branding
It helps large firms remain competitive and adapt to market changes.
Why do many large businesses encourage intrapreneurship?
Existing businesses may already control much of the market.
Why can competition be a barrier to enterprise?
This is the willingness to try something new and different.
What is innovation?
This skill is important for motivating employees and guiding a business.
What is leadership?
Selling specialty coffee drinks instead of coffee beans
Which would create greater added value?
An employee at Google creating a new product.
Which example best describes an intrapreneur?
Poor decision-making and management mistakes.
How can a lack of business skills become a barrier to enterprise?
The process of identifying opportunities and turning them into successful business activities.
What is enterprise?
Name three characteristics of successful entrepreneurs.
Daily Double 🚨
Risk-taking
Innovation
Creativity
Leadership
Determination
Self-confidence
Initiative
Higher customer satisfaction but increased production costs.
What is one advantage and one disadvantage of improving product quality?
They use the resources of an existing business rather than their own funds.
Why do intrapreneurs face less financial risk than entrepreneurs?
Finance, experience, or business skills.
What are examples of major barriers faced by young entrepreneurs?