Risks & Rewards
What is one financial reward of entrepreneurship that motivates many people to start their own business?
High income or profit potential
Which "P" focuses on having enthusiasm and dedication for your business idea?
Passion
True or False: Networking is optional for entrepreneurs.
False
A single person runs a business, keeps all profits, but has unlimited liability.
SP
Define corporate culture.
Shared values, beliefs, and behaviors within an organization.
Name two personal rewards of entrepreneurship besides money.
Freedom, flexibility, creativity, or personal satisfaction
Which "P" involves staying committed even after experiencing setbacks?
Perseverance
A growth mindset entrepreneur receives criticism and uses it to improve. What would someone with a fixed mindset likely do instead?
Give up or assume they’re not capable
In which ownership type do two or more people share responsibility and profits but also share liability?
Partnership
What does social responsibility mean for a business?
Operating ethically and sustainably, benefiting society and the environment.
What is the term for giving up one opportunity when you choose another?
Opportunity cost
Developing a business plan and financial projections is part of which “P”?
Planning
What does each letter in SMART goals stand for?
Specific, Measurable, Attainable, Realistic, Time-bound
McDonald’s allows others to open restaurants under its brand in exchange for fees. What business model is this?
Franchise
A company redesigns its packaging to reduce plastic waste and carbon emissions. What concept is this an example of?
Social responsibility
An entrepreneur feels pressure to work long hours and struggles with family time. Which type of risk does this describe?
Work-life balance or stress/mental health risk
Building a strong team, understanding your market, and maintaining customer relationships reflects which “P”?
People
A student says, “I want to start a business that makes me happy.” How can they make this a SMART goal?
Add details: what kind, when, measurable results, timeline
A company gives away a free version of its software but charges for upgrades. What business model is this?
Freemium
Entrepreneurs who design innovative solutions for underserved communities are engaging in what type of entrepreneurship?
Social entrepreneurship
A new tech company fails because demand for their product disappears when new technology replaces it. What risk is this?
Market or technology risk
Understanding revenue, expenses, and long-term sustainability shows which “P”?
Profit
List the key components of an effective elevator pitch.
Introduction, skills/experience, accomplishments, goals/interests, call to action
Uber connects riders and drivers through an app but owns no vehicles. What business model is this?
On-demand
List at least three stakeholders a socially responsible company considers when making decisions.
Employees, customers, community, planet, investors