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To be an Entrepreneur
Staring a Business
Risks & Rewards
Vocabulary
100
What is the age limit to become an entrepreneur?
None
100
What is an important factor when starting a business?
Money, location, workers, etc.
100
Give an example of a reward
Prizes, money, a service, a product, etc.
100
What is one called who is considering going into business for themselves?
Entrepreneur
200
What are two characteristics of an entrepreneur?
Determination, hard work, perseverance, leadership, etc.
200
What resources are needed to begin a business?
Land, labor, capital, etc.
200
As an entrepreneur you control your _____________?
Wages, hours, business, employees, etc.
200
What is a tangible product?
An item that can be handled or touched
300
What are the two types of things businesses can sell?
A product and/or service
300
What is an advantage to starting your own business?
No bad reputations, your own boss, all your decisions, etc.
300
What is a risk in business?
A gain, a loss, failure, bankruptcy, etc.
300
What are all the things used in producing goods and/or services called?
Resources
400
What are trends that a business goes through?
Expansion, recession, depression, recovery, the business cycle, etc.
400
What is a way to become an entrepreneur?
Buy a business, take over a family business, or start a business
400
What is the worst thing that can happen to a business?
Bankruptcy, lawsuits, going out of business, etc.
400
What type of insurance do you need if you sell a product?
Product liability insurance
500
What is something an entrepreneur must know?
Regulations, the economy, the market, their customers, etc.
500
What is an advantage to finding your target market?
Understanding who to sell to, producing a product/service that will sell, etc.
500
What is one form of a business organization?
Sole proprietorship, partnership, corporation, or non-profit
500
What type of business are most charities?
Non-profit