Entrepreneurship Basics
This is the process of identifying an opportunity and taking the risk to create and operate a business.
What is entrepreneurship?
Entrepreneurs often see problems as these rather than simply as obstacles.
What are opportunities?
Creating or improving a product, service, or process in a new way is called this.
What is innovation?
Emails, reports, letters, and text-based messages are examples of this type of business communication.
What is written communication?
A person who starts and manages a business while accepting the risks and potential rewards is called this.
What is an entrepreneur?
The willingness to continue working toward a goal even after setbacks is called this.
What is persistence/perseverance?
Entrepreneurs often discover opportunities by identifying an unmet customer ______.
What is a need or want?
Meetings, speeches, phone calls, and presentations primarily use this type of communication.
What is oral/verbal communication?
Unlike an entrepreneur, this person develops new ideas or projects within an existing company.
What is an intrapreneur?
Name three skills that can help an entrepreneur succeed.
Examples: communication, leadership, creativity, problem-solving, time management, financial literacy, adaptability, networking.
hanges in technology, customer preferences, society, and the economy can create these for entrepreneurs.
What are opportunities?
Name the three purposes of an oral presentation?
What is to inform, educate, entertain, and persuade?
Name two common goals someone may have for becoming an entrepreneur.
What are independence, profit/income, pursuing a passion, solving a problem, flexibility, or creating an impact.
Being willing to adjust when customers, technology, or the market changes demonstrates this entrepreneurial trait.
What is adaptability/flexibility?
AI, e-commerce, remote work, and social-media businesses are examples of changes entrepreneurs should monitor called these
What are trends?
What is the difference between a memo & a letter?
What is a memo is for internal communication and a letter is for external communication?
Explain one major difference between entrepreneurship and intrapreneurship.
An entrepreneur creates/owns a venture, while an intrapreneur innovates within an existing organization.
A student launches a business, receives poor customer feedback, changes the product, and tries again. What two entrepreneurial mindset traits are being demonstrated?
What are resilience/persistence and adaptability?
A restaurant owner notices more customers want convenient healthy meals and creates a healthy meal-prep subscription. What created the entrepreneurial opportunity?
A change/trend in customer needs and preferences.
Why is effective communication important for an entrepreneur? Give two reasons.
Examples: pitching ideas, selling, marketing, leading employees, negotiating, networking, communicating with customers/investors.