What Is Entrepreneurship?
This term describes recognizing and creating new chances to solve problems or serve markets.
opportunity identification
This benefit of entrepreneurship helps communities grow by introducing new sources of revenue and supporting local development.
economic opportunities
Choosing between corporation, partnership, or LLC is part of this start‑up decision category.
legal structure decisions
This simplest form of business gives full control to one owner but also full liability.
sole proprietorship
Changes that occur with intention and preparation are known as this type of change
planned change
Entrepreneurship often involves developing new __________, services, or ventures.
products
New products and services developed by entrepreneurs help strengthen this aspect of the market.
competition
Many entrepreneurs struggle with finding enough capital, also described as this challenge.
What are financing challenges
This business structure is owned by two or more individuals who share responsibilities.
partnership
Improving products, services, or processes on a regular basis is called this.
continuous innovation
A key goal of entrepreneurship is generating this type of value, often financial
economic value
Entrepreneurship drives this key national outcome by introducing innovation.
economic growth
One of the earliest steps is identifying a market gap—also known as this.
opportunity identification
This structure limits an owner’s liability while combining features of corporations and partnerships.
LLC
Innovation that drastically changes products or markets is known as this.
radical innovation
This trait allows entrepreneurs to move forward even when the future is uncertain.
risk-taking
Entrepreneurs create new ideas and products that make life easier for people. This leads to better what for customers?
options
The written document outlining a company’s mission, model, and plan is known as this.
business plan
This organizational structure divides workers by their function (e.g., marketing, finance).
functional structure
When a business gets bigger, the owner can’t do everything alone anymore. What do they need to start doing?
delegating
Entrepreneurs must trust in their ideas and decisions—this personal trait helps them persuade employees and investors
self-confidence
Entrepreneurs help new businesses grow, which creates more jobs. This helps increase what in a community?
employment
Failing to plan for operations, marketing, and financial forecasting results in this broad type of issue
business planning issues
This complex structure blends functional and divisional forms.
matrix structure
Updating a product to make it faster, easier to use, or better quality is an example of what?
product innovation