Entrepreneurship Basics
This is the term used for people who own, operate, and take the risk of a business venture
What is an entrepreneur?
3 characteristics of successful entrepreneurs
What is independent, self-confident, determined, perseverance, goal-oriented, creative, strong work ethic, master networkers, and technologically up to date?
Allows the entrepreneur to connect, build, and maintain a network of mentors.
What is social networking?
Possibilities that arise from existing conditions.
What are opportunities?
2 categories of goals
What is financial and nonfinancial?
Entrepreneurs try to identify this in the marketplace
What are unmet needs?
This process helps potential entrepreneurs know their strengths and weaknesses.
What is self-assessment?
A creative problem-solving technique that involves generating a large number of fresh ideas
What is brainstorming?
Thoughts or concepts that come from creative thinking.
What are ideas?
The part of a SMART Goal that answers “What?” “Why?” and “How?”
What is S --> specific?
This is the process that involves defining a problem, gathering information, and evaluating solutions.
What is the problem-solving model?
The right set of skills needed to get the job done and to help accomplish the team’s goals.
What is competency?
A disadvantage of becoming an entrepreneur is facing this type of income.
What is uncertain/irregular?
Special meetings where companies of the same or related industry display their products
What are trade shows?
Goals should not be too far out of reach.
What is attainable?
After gathering info and evaluating options, the next step in the problem-solving model is to do this.
What is take action?
The ability to learn a particular kind of job
What is aptitude?
Sells products to other businesses rather than the final consumer
What are wholesaling businesses?
4 places that ideas for businesses come from.
What is hobbies, interests, past experiences, discoveries/inventions?
Goals should represent things to which you are willing to commit, meaning they should be...
What is R --> Realistic?
One of the last steps of the problem-solving model, this involves looking back on what was done.
What is evaluate the action?
Ensures that the highest standards of conduct are observed in their relationships with everyone affected by the business’s activities.
What is ethical behavior?
Building materials and supply stores are an example of this type of business.
What are retailing businesses?
Passed in 2009 to stimulate the economy after the 2008 slowdown, this Act included $30 billion in tax relief and $13 billion in various forms of capital to support small businesses.
What was the American Recovery and Reinvestment Act?
Businesses operating with the goal of being environmentally friendly