Entrepreneurship 1
the process of running your own business
What is entrepreneurship?
Someone who creates a new product
What is an inventor?
An idea for a company, product or service
What is a business idea?
Morale principles that govern a person's behavior or the conduct of an activity
What are ethics?
someone who owns, operates, and takes the risk of a business venture.
What is an entrepreneur?
List 2 disadvantage of entrepreneurship.
What is entrepreneurship is risky, entrepreneurs face uncertain and irregular incomes, entrepreneurs work long hours, entrepreneurs must make all decisions by themselves?
A consumer problem, need or desire for which a business could provide a solution
What is a business opportunity?
When there is no or little competition, this exists.
What is a monopoly?
people who work for someone else
Who are employees?
List 2 advantages of entrepreneurship.
What is entrepreneurs are their own bosses, entrepreneurs can choose a business that interest them, entrepreneurs can be creative, entrepreneurs can make large sums of money.
A legal agreement for an individual to market a company's product or service
What is franchise?
What is competition?
When money is exchange for a product, this forms
What is an economy?
Name the 6 stages of business
What is identity, plan, start, operate, improve, and exit?
An approach to business that involves an entire organization and focuses on the customer and continuous improvement.
What is total quality management?
Resource that could be used for starting a business.
What is the Small Business Administration?
A growing GDP is the sign of what
Name the four parts of a business.
What is production, finance, marketing, and customer service?
Name the business cycles.
What is expansion, peak, recession, and trough?
What are demographics?