Skill and Characteristics
Entrepreneurs ability to produce original, imaginative ideas, often involving unconventional thinking, problem-solving, and experimentation. (C______________)
Creative
New devices, methods or processes to meet customer needs
Invention
A short description of an idea, product, or company that explains the concept to understand it in a short period of time.
Elevator Pitch
Steve Jobs was the inventor and founder of __________.
Apple
Name 2 of 3 challenges facing young entrepreneurs
No Credit History
No Collateral
No History of Debt Repayment
Entrepreneurs ability to to act despite the possibility of failure, loss, or danger in exchange for a potential, often greater, reward. (R______ - _______)
Risk Taker
Legal ownership of invention is registered by inventor.
Patent
A condition or circumstance that puts a company in a favorable or superior business position
Competitive Advantage
Who revolutionized the auto industry by introducing the assembly line in 1913, allowing for the mass production of affordable vehicles like the Model T.
Henry Ford
What is a valuable asset (property, equipment, securities) pledged by a borrower to secure a loan.
(C_______________)
Collateral
An entrepreneurs belief in oneself, the conviction that one has the ability to meet life's challenges and succeed. (C__________________)
Confidence
Rights over original work of literature, art, music.
Copyright
A road map for running a venture—a written summary of what the venture can accomplish and how
Business Plan
This famous entrepreneur was also the author of the Harry Potter series.
J K Rowling
Name 2 of the 3 impacts entrepreneurs have on their communities
Creates Jobs
More Wealth
Improved Standard of Living
An entrepreneurs intense, compelling emotion or deep, enthusiastic interest in a business activity. A high level of dedication, sacrifice, and energy (P_______)
Passion
A product/service that changes existing products
Innovation
A business started by an entrepreneur
Venture
Successful entrepreneur, Sam Walton founded this massive supermarket chain.
Walmart
Name 2 of the 3 Competitive Advantages
Cost
Niche
Differentiation
An entrepreneurs continued effort to achieve goals despite difficulties, failure, or opposition. (P_________).
Perseverence
An entrepreneur notices a specific consumer want or need that isn’t satisfied by what’s available.
Market-Driven
Showing initiative and resourcefulness
Enterprising
This entrepreneur built a world that shaped childhood for generations with movies, animation characters, and theme parks.
Walt Disney
Write down the 4 types of Business Ventures
Retail
Service
Manufacturing
Not-for-Profit