Entrepreneurship
Define entrepreneurship.
Setting up a business, taking on financial risks in hopes of making a profit.
Where do you get ideas for a business?
Personal interests and/or needs/problems.
List the 2 categories businesses fall under.
Product and service
Define small business.
Mom & Pop, local. Less than 500 employees.
Describe a sole proprietorship.
Easiest and least expensive; 1 owner.
Describe the risks you take as an entrepreneur.
Taking on financial risks in hopes of making a profit.
What comes first, determining business type or structure? Explain.
Type then structure because it will determine the structure.
Describe the difference between product vs. service based businesses.
Tangible item vs. doing something for someone.
Define large corporation.
McDonald’s and other franchises.
Compare and contrast sole proprietorship and partnership.
Solo vs. partnering.
What does it mean to be innovative and why is that important as an entrepreneur?
Thinking outside the box helps you stand out from the competition.
Why should you research the industry your business is in?
Determine need, evaluate competition, target market.
Give an example of a product based business.
Ex. shea butter
Define local business and give an example.
Near home, in neighborhood. Ex. cleaners
What’s the benefit of an LLC?
Owners have limited liability.
Describe how entrepreneurs impact the world.
Create solutions to problems through innovation.
Is it important to have a business plan? Explain.
Yes, because it helps create a roadmap for your business.
Give 2 examples of service based businesses.
Ex. tax preparation and dry cleaning
Define global marketplace and give an example. International, includes ecommerce.
Ex. Amazon
How does a corporation operate?
Company or group acts as single entity.