1.01 Intro to Entrepreneurship
What does it mean to be an Entrepreneur?
An Entrepreneur is someone who has a new business idea and pursues the creation of their own company.
What is a Manager?
A manager is someone who works for an existing company and runs the day-to-day operations of the business.
True or False: You should conduct an Entrepreneurial Self-Assessment on a regular basis.
What is the difference between ethics and regulations?
Ethics are guidelines for people to follow while Regulations are rules that will result in being punished if you break them.
What is a Sole-Proprietorship?
A business that is owned by one person. They take on all of the responsibility of the business but also receive all of the profits.
What is the definition of Globalization?
Process by which businesses develop international influence.
What is the difference between an Entrepreneur and a Small Business Owner?
An entrepreneur is someone who has an innovation idea and opens their own business, while a small business owner is someone who runs a stable company that is not really concerned with offering something new.
What is an Entrepreneurial Self-Assessment?
A study into your own entrepreneurial potential.
Why would a business act unethically?
It benefits the company, it is not illegal, it is accepted within the industry, etc.
What is the difference between a General Partnership and a Limited Partnership?
A General Partnership is when each partner has unlimited liability and share all responsibilities.
A Limited Partnership is when some partners have unlimited liability and others have limited liability. People with limited liability are just investors.
What is the difference between an Entrepreneur and an Intrapreneur?
An entrepreneur opens their own business and an intrapreneur creates products as an employee of an existing business.
What is one reason someone would want to become an Entrepreneur?
Gaining Financial Independence.
Obtaining Personal Satisfaction.
Pursuing their Passions.
Being more Creative.
Having a Flexible Work Schedule.
What does it mean to be objective?
What is an example of an unethical business behavior?
Exploiting workers.
Over-billing customers.
Exploiting tax loopholes.
Lying to Employees.
What are the three types of Corporations?
Public, Private, and Non-Profit
What is the difference between a Scalable Startup and a Large Company entrepreneur?
A Scalable Startup is an entrepreneur that owns an innovative new company with the intent of changing the world. Usually in the tech industry.
A Large Company is an intrapreneur that works for an existing company.
What is an Angel Investor?
People who fund the start-up of an organization and also seek a portion of the ownership.
Why would you want to complete an Entrepreneurial Self-Assessment?
To figure out your strengths and weaknesses.
What is the effect of Unethical Business Behavior on Society?
It can cause shame to everyone involved or affiliated. It can result in significant financial loss.
It can even cause others to act unethically which perpetuates the problem.
Please list and describe the 2 types of franchises.
Product Trade Name Franchise- A type of franchise in which the franchisor only gives the inventory and the franchisee sells that specific line of goods.
What is the last stage of the Entrepreneurial Process?
The last stage of the Entrepreneurial Process is the Growth stage.
What is one of three most common reasons that businesses fail?
1. Finances
2. Personal Responsibility
3. Personal Commitment
What is the final step of an Entrepreneurial Self-Assessment?
Completing a Personal Skills Inventory
What could happen to businesses that act unethically?
Negative public image, financial loss, decrease in customer loyalty, lawsuits, jail time.
What are the three ways that corporations can grow?
Mergers, Consolidations, and Expansions.