Entrepreneurship & Startup
This term describes a person who creates and runs a business while taking on risk.
Entrepreneur
This type of business is owned and operated by one person.
Sole proprietorship
This management function involves setting goals and deciding how to achieve them.
Planning
As price decreases, quantity demanded usually:
Increases
The 4 Ps of marketing include product, price, place, and:
Promotion
This startup process step refers to a need or want that is not currently being met.
Opportunity
This ownership structure shares profits, responsibilities, and liabilities among owners.
Partnership
Motivating and guiding employees is part of which management function?
Directing (Leading)
This market condition occurs when quantity supplied exceeds quantity demanded.
Surplus
Dividing a market by age, income, or gender is called:
Demographic segmentation
External factors like the economy, laws, and trends are part of this startup element.
Environment
This business structure is a separate legal entity from its owners.
Corporation
Integrity, honesty, and fairness are examples of leadership:
Qualities
The price where supply equals demand is called:
Equilibrium price
This financial plan shows expected income and expenses.
Budget
Which startup step turns an idea into a legal, functioning company?
New Venture Organization
This structure combines flexibility with limited liability.
Limited Liability Company (LLC)
A leader who inspires others with vision and enthusiasm is using this leadership style.
Transformational leadership
Goods that are used together, like phones and chargers, are called:
Complements
If price = $10 and variable cost = $6, what is the contribution margin per unit?
$4
You notice many students want late-night food options, but none exist nearby. This is BEST described as an:
Opportunity
An entrepreneur wants full control, easy setup, and low cost. Which ownership type BEST fits?
Sole proprietorship
A manager reviews sales data and adjusts staffing to meet goals. Which function is being used?
Controlling
If the price of burgers rises and demand for chicken sandwiches increases, chicken sandwiches are:
Substitutes
Fixed costs are $1,200. Contribution margin is $6. How many units must be sold to break even?
200 units