Entrepreneurship Basics
The process of creating, managing, and running a business to make a profit is called what?
What is entrepreneurship?
Entrepreneurs are willing to take ______ in order to start their businesses.
What are risks?
Goods and services exchanged for money are part of what system?
What is the economy?
When there isn’t enough of something to go around, this is called ________.
What is scarcity?
Your lemonade stand is selling out every day. What should you do to meet demand?
Make more lemonade or raise the price.
This entrepreneur started Amazon in his garage.
Who is Jeff Bezos?
The person who takes the risk of starting a business is called what?
Who is an entrepreneur?
Name one personality trait most successful entrepreneurs share.
Creativity / perseverance / self-motivation / adaptability
A desire for goods and services backed by the ability to pay is called what?
What is demand?
This happens when prices rise because there is high demand but not enough supply.
What is inflation?
Your customers say they want a sugar-free option. What entrepreneurial skill are they helping you use?
Responding to customer feedback / innovation
This company disrupted the movie rental industry and replaced Blockbuster.
What is Netflix?
This is money left over after expenses are paid.
What is profit?
True or False: Entrepreneurs never fail.
False
The study of how people choose to use limited resources is called what?
What is economics?
Name the three basic economic questions all societies must answer.
What to produce? How to produce? For whom to produce?
You notice a park in your neighborhood has no snack stands. What have you identified?
What is a business opportunity?
True or False: Elon Musk founded Tesla Motors.
True
Name one advantage and one risk of starting your own business.
Advantage – being your own boss, unlimited income potential; Risk – losing money, uncertainty
This trait means finding new ways to solve problems or meet customer needs.
What is innovation?
This term means giving up one thing in order to have something else.
What is opportunity cost?
In this economic system, government controls most resources and decisions.
What is a command economy?
You invested $50 to start a bracelet business, had no other expenses, and made $150 in sales. What is your profit?
$100
If someone starts a food truck business, what type of business is it?
What is a small business/startup?
This is the name for a business owned by just one person.
What is a sole proprietorship?
Entrepreneurs who come up with completely new ideas are called what?
Innovators or inventors
This type of resource includes tools, machines, and buildings.
What is capital?
Explain how competition benefits consumers.
It lowers prices and improves quality because businesses compete for customers.
Your business idea fails. What is the most important entrepreneurial mindset to practice next?
Perseverance / learning from failure
Give one example of a social entrepreneur.
Answers will vary.