The 5 P’s of Entrepreneurship
Which of the 5 P's is when someone is driven to be independent and successful
Purpose
What does SBA stand for?
Small Business Administration?
What is an entrepreneur?
Someone who starts or purchases a business
Name one financial reason a business might fail
Lack of money (or poor credit/budgeting)
Which athlete signed a lifetime deal with Nike? only the third ever to do so
LeBron James
Which of the 5 P's is when entrepreneurs combine what they are good at with what they enjoy
Passion
True or False: A small business must dominate its industry nationally
False
Name one business type based on how it operates (producer/intermediary/service)
A service business (or other)
What does poor management often lead to?
Business failure
Which NBA legend turned his sneaker brand into a billion-dollar empire with Nike?
Michael Jordan
Which of the 5 P's is when entrepreneurs use determination to work through obstacles is key in becoming a successful entrepreneur.
Persistence
What are the two ways a business is defined as small?
Number of employees and average annual receipts
What is a sole proprietorship?
A business owned and run by one person
How can poor location impact a business?
Reduced visibility and customer access
This global sports brand’s slogan is “Just Do It.”
Nike
Which of the 5 P's is when entrepreneurs use professional connections and business associations can offer helpful resources and shared experiences.
People
What is one major role of the SBA?
Helping entrepreneurs start and grow their businesses
What’s the main advantage of partnerships?
Shared responsibility and resources
What natural event can cause a business to close down?
A natural disaster
This quarterback made more money off the field than on it, with deals including Subway, Gatorade, and Under Armour
Tom Brady
Which of the 5 P's is when successful entrepreneurs must manage all of the finances of a business and keep the business profitable.
Profit
What is the name of the SBA program for minority-owned businesses?
The 8(a) Business Development Program
What is one way to expand globally mentioned in the slides?
Franchising, licensing, or joint ventures
What’s one way to avoid inefficient inventory control?
Using tracking systems or better forecasting
Name the tennis icon who co-founded a business investing in women- and minority-owned startups
Serena Williams