What It Takes
What is the age limit to become an entrepreneur?
none
Who is the founder of Ford automobiles?
Henry Ford
What is an important factor when starting a business?
money, location, workers
Give an example of a reward?
prizes, money, a service, a product, etc.
What is a person who is considering to start a bussines called?
Entrepreneur
What are two characteristics of an entrepreneur?
Determination, Hardwork, Perseverance , Leadership, etc.
Who is the founder of JC Penny department stores?
JC Penny
What are resources needed to start a business?
Land, Labor, Capital
As an Entrepreneur, you control your ________
wage, hours, business, employees, etc.
What is a tangible product?
an item that can be handled, touched
Entrepreneurs must know what to sell. What two things can a businesses sell?
a product and/or service
Who is the founder of Microsoft?
Bill Gates
What is an advantage to starting your own business?
no debt and no bad reputation
What is a risk?
a gain, loss, or failure; bankruptcy, investing, etc.
What are all the things used in producing goods and services?
Resources
What are trends that a business goes through?
expansion, recession, depression, recovery; the business cycle
Who created Facebook?
Mark Zuckerberg
What is one way to become an entrepreneur?
buy a business, take over a family business, and start a business
What is the amount of money one puts into a business?
Capital
What is the term used for when wants are greater than the resources one has?
Scarcity
What is something an entrepreneur must know?
regulations, the economy, the market, etc.
Who is the founder of Wal-Mart & Sam's Club?
Sam Walton
What is an advantage to finding a target market?
understanding who to sell to, producing a product/service that will sell
What is a form of business organization?
sole proprietorship or partnership
What is the point that consumers buy all of a product that is supplied, leaving neither a shortage or surplus?
equilibrium or break-even point