Entrepreneur Basics
Someone who identifies an opportunity by creating a solution to a problem and starts a business.
What is an entrepreneur?
Creating or improving ideas, solutions, products, services, methods, or processes.
What is innovation?
What does “challenging the status quo” mean?
Questioning the way things are and looking for ways to improve them.
What is the role of profit in a business?
To sustain the operations and growth of the business.
A circumstance or set of circumstances that presents something favorable to capitalize on or benefit from.
What is an opportunity?
A process that begins with solving a problem.
What is entrepreneurship?
What type of innovation dramatically changes the normal order of things?
Disruptive innovation.
What does it mean to be a lifelong learner?
Continuously learning and improving throughout your life.
What do entrepreneurs manage that can be limited or scarce?
Resources.
An increase in the general level of prices in an economy.
What is inflation?
An entrepreneur is a person; entrepreneurship is a process.
What is one major difference between an entrepreneur and entrepreneurship?
Airbnb is given as an example of what type of innovation?
Disruptive innovation.
Why should entrepreneurs continuously scan the marketplace?
To find ways to make customers’ lives easier and better.
What must entrepreneurs do to stay relevant and grow?
Continue innovating.
When companies get goods or services from another supplier.
What is outsourcing?
What two major types of risk does an entrepreneur assume?
Personal and financial risk.
Why was Airbnb considered disruptive to the hotel industry?
It shifted some hotel income toward personal homes and apartments.
Name TWO things that constantly change and require entrepreneurs to adapt.
Consumer wants and needs, competition, economic issues, or regulations.
What are entrepreneurs required to do when things around their business change?
Anticipate and adapt.
A business innovation that dramatically changes the normal order of things.
What is disruptive innovation?
According to the lesson, what are two goals entrepreneurs strive for besides starting a business?
Growing the business and improving society.
LED lights are an example of an innovation that can create what kind of lasting change?
A change for the better, including using less electricity and providing environmental benefits.
Why is entrepreneurship described as a fluid and dynamic process?
Because circumstances constantly change, so entrepreneurs must anticipate and adapt.
What are some ways entrepreneurs can continue improving their businesses?
Developing new ideas, solutions, ways, methods, and processes.
The entrepreneur accepts personal and financial risk associated with the venture.
What does it mean for an entrepreneur to “assume risk”?