Vocabulary
What is an individual who undertakes the creation, organization and ownership of a business.
What is an Entrepreneur.
Where do startups get capital?
What is themselves, banks, partners, venture capital investors, trade equity or services for startup help.
_________ is someone who owns an unincorporated business by himself or herself.
What is sole proprietorship.
There are many ways to become an entrepreneur such as this.
What is buy a business, take over a family business, and start a business.
Created by Mark Zuckerburg as a social networking site for students at Harvard and then became popular at all schools and beyond.
What is Facebook.
Resources an entrepreneur needs to have when starting a business including capital, skilled labor, management expertise, and customers is an example of what?
What are Start-up Resources.
How much money is needed to start a business?
What is
cost of supplies, labor, land/lease, and however much you, the entrepreneur, expects to be paid.
__________ is a single business where two or more people share ownership.
What is partnership.
Entrepreneurs can sell two different things that are these.
What is Goods and Services.
Which popular social media app was made because the creator “[wished the] photos {he was} sending [a] girl would disappear.”?
What is Snapchat.
What are the resources a business needs to produce goods and services customers want?
What are factors of production.
Why do startups go bankrupt?
What is lack of revenue.
________ is an independent legal entity owned by shareholders. This means that the corporation itself, not the shareholders that own it, is held legally liable for the actions and debts the business incurs.
What is a corporation.
There are a number of characteristics used to describe entrepreneurs including these.
What is Determination, hardworking, perseverance, leadership.
One of the most common startups that comes to mind. Offers people rides from registered drivers to any destination, where the connection with the driver is facilitated through an app?
What is Uber.
What is the point that consumers buy all of a product that is supplied leaving neither a shortage or surplus is called this.
What is Equilibrium or Break Even Point.
What percent of business fail within the first year?
What is 20%
_______ is a special type of corporation created through an IRS tax election.
What is an S-corporation.
To be successful, entrepreneurs must know this.
What is Regulations, the economy, the market.
What social media platform do teens use that was created in just 8 weeks?
What is Instagram.
This type product has will have little or no change in sales even if there is a price change.
What is inelastic.
On average how long does it take for a startup to turn a profit?
What is 2-3 years.
____________ is a hybrid type of legal structure that provides the limited liability features of a corporation and the tax efficiencies and operational flexibility of a partnership.
What is an LLC/Limited Liability Company.
Businesses go through trends including these.
What is Expansion, Depression, Recession, Recovery, AKA the business cycle.
What game was created as a last resort when a company that made 51 failed games needed to save their business?
What is Angry Birds.