Entrepreneurial Mindset pt. 1
A characteristic in which an individual acts to turn ideas into action.
What is initiative?
Preventing or removing corruption or unethical behavior from a business or community.
What is social responsibilities?
Standards of professional conduct that professionals should uphold.
What is Ethical Practices?
Easy to create, but comes with unlimited liability.
What is sole partnership?
Equity
Hourly
What is non-cash compensation, and set rate of pay for hourly worked?
Trusting oneself, goals, and processes.
What is self-reliance?
One's ability to adapt to change, loss, and disappointment.
What is resiliency?
The process of coming up with solutions to solve a problem.
What is Problem-Sloving?
No Ownership, no US federal taxes
What is non-profit?
Stockholder
What is owns stock in the company?
Thinking about and planning for the future.
What is forward-thinking mentality?
The characteristic of being able to tackle goals with courage and perseverance.
What is grit?
An entrepreneur analyzes and evaluates a situation to see if starting a sustainable, profitable business is feasible.
What is Business Opportunity?
Lower tax rate that prevents the company from being double-taxed.
What is S-Corporation?
CEO
COO
CFO
What is reports to the board of directors, oversees daily operational and administrative functions, and oversees company finances?
One's ability to act to work toward achieving a goal.
What is personal agency?
The level of willingness to lose time and money when starting a business.
What is Risk Tolerance?
An individual who aspires to start and run a successful business.
What is Entrepreneur?
Ideal for a single owner seeking low-risk.
What is LLC?
Has a vested interest in the success of the company
What is stakeholder?
Using one's mind to solve a problem in the best way by considering various potential solutions to the problem.
What is critical thinking?
Believing that one can accomplish anything with hard work.
What is Growth Mindset?
The individuals who own a business.
What is owner?
Best for international business, even with being double-taxed.
What is C-Corporation?
Commission
Salary
What is a fee paid to an employee for completing a task, and a fixed payment amount provided to a full-time employee?