Entrepreneurial Traits
What is one personal trait that entrepreneurs share?
Risk-taking / initiative / persistent & determined / creative & innovative / problem solver / flexible / adaptable / resilient / opportunity recognition / communication & collaboration / leadership
A business opportunity exists when there is both a customer ___ and a way to meet it.
Need or demand
True or False: All businesses involve risk.
True
Buying the right to open a Chick-fil-A is an example of what business path?
Franchise
Demand means people are both willing and able to ___ a product.
Buy
True or False: Entrepreneurs usually prefer stability over uncertainty.
False
Spotting a chance to improve or create something new is called recognizing a(n) ___.
Opportunity
Which of the following is an example of personal risk?
a) Losing money
b) Losing free time
c) Facing competition
d) Paying taxes
b.
True or False: Starting a new business always has the lowest risk.
False
What season is demand highest for snow shovels?
Winter
This trait involves bouncing back quickly after failure.
Resilience
Give one example of a problem at school that could become a business opportunity.
(varies)
What is one financial risk of starting a new business?
Losing invested money
Buying an existing business saves time because it already has ___.
Customers, employees, or systems
A product that sells extremely well in fall, like the Pumpkin Spice Latte, shows what type of demand?
Seasonal demand
What is the ability to influence and motivate others toward a goal called?
Leadership
What type of business solves a social problem while also earning revenue?
Social entrepreneurship
An entrepreneur invests $25,000 into a clothing boutique. After six months, they realize sales are much lower than projected because a larger competitor opened nearby. What could the entrepreneur have done differently to reduce it?
Conduct stronger market research before investing.
What is the biggest drawback of franchising?
Less independence / franchise fees
If only 2 out of 30 students say they’d buy a $10 milkshake, what does this show?
Weak demand / price too high
True or False: Entrepreneurs are born with all the skills they need and never have to learn new ones.
False — skills can be developed
Spotting an opportunity often requires researching the ___ and customer needs.
Market
Which risk occurs when customer demand is not as strong as expected?
Market risk
Name the 3 paths of business ownership an entrepreneur can take.
-Franchise
-New business or invention
-Purchase an existing business
An entrepreneur wants to sell umbrellas in South Texas. What factors should they consider to determine if strong demand exists?
Weather patterns (low rain), customer need, location, frequency of use — likely weak demand.