What It Takes
What is the age requirement to become an entrepreneur?
None!
Who is the innovator who founded Ford Motors and forever changed manufacturing?
Henry Ford
What are the four basic economic inputs when starting a business?
What are land, labor, capital, and entrepreneurship?
What are some examples of rewards?
Money, prestige, freedom, or success.
What's the term for someone who is considering going into business for themselves?
An Entrepreneur!
What are at least two of the five skills of an entrepreneur?
vision, leadership, networking, teambuilding, and selling
Who is the founder and former CEO of Amazon?
Jeff Bezos
What term describes someone who is a private partner and individual, who offers second-stage financing along with mentoring and help with your business?
An angel investor
your wages, hours, business, employees, etc
basic needs
What are two things a business can sell?
A product or a service
Who is the founder of Microsoft?
Bill Gates (and/or Paul Allen)
What is is the most common legal form that a new business takes?
What is a sole proprietorship?
What is the money a business makes called?
profit
What research do you do to discover whether your product or service is viable?
market research
What characteristics usually apply to people starting a business?
motivation, leadership, opportunity obsession, creativity, self-reliance, and risk/ambiguity tolerance
Which entrepreneur started Tesla Motors and SpaceX?
Elon Musk
How do businesses claim their name?
A fictitious business name statement (Or, a trademark).
What are some risks of starting a business?
loss of capital, business failure, bankruptcy, etc.
What is it called where there is a need for a new product to solve a common problem?
A demand in the market
Who are the first people an entrepreneur asks for money to fund their venture?
friends, family, and fools
Who is the founder of Wal-Mart & Sam's Club? He is famous for his simple lifestyle and his obsessive drive to remove extra costs from his business.
Sam Walton
What is the term for a group of people whom you have chosen to serve specifically based on their characteristics?
A target market
What is the term for the money one puts into a business?
capital/investment
What is the term that is used for when wants are greater than resources?
scarcity