Entrepreneur Mindset
The trait helps entrepreneurs keep going even after failure.
What is resilience?
A person who starts and runs a business.
What is a entrepreneur?
Doing the right thing even when no one is watching.
What is integrity?
MVP stands for this.
What is Minimum Viable Product?
The group of people a business wants to sell to.
What is a target market?
The ability to come up with new and useful ideas.
What is creativity?
The four main business structures include Sole Proprietorship, Partnership, Corporation, and this.
What is an LLC?
The ethical decision-making model studied in class.
What is the PLUS Model?
A change in direction based on customer feedback is called this.
What is a pivot?
A detailed description of an ideal customer.
What is a customer persona?
An entrepreneur who works inside an existing company to create innovation is called this.
What is an intrapreneur?
This business structure provides personal liability protection and flexibility.
What is an LLC?
The "P" in the Triple Bottom Line that focuses on the environment.
What is Planet?
The process of testing assumptions with customers.
What is validated learning?
B2C stands for this type of business relationship.
What is Business-to-Consumer?
This mindset believes abilities can improve through effort and learning.
What is a growth mindset?
Money earned after expenses are paid.
What is profit?
Misleading consumers into believing a company is environmentally responsible.
What is Greenwashing?
The Lean Startup method encourages entrepreneurs to Build, Measure, and ______.
What is Learn?
The process of gathering information about customers and competitors.
What is market research?
Name 2 characteristics of successful entrepreneurs.
Ex. leadership, persistence, creativity, risk-taking, communication, self- motivation.
Explain one advantage and one disadvantage of a sole proprietorship.
Advantage—easy to start; Disadvantage—owner assumes all risk.
Name two stakeholders affected by business decisions.
Employees, customers, investors, community members, suppliers, government.
Why is customer feedback important during product development?
It helps improve products and meet customer needs.
Explain the difference between a product and a service.
A product is a tangible item; a service is an action or experience.