Entrepreneurship Basics
Economic Systems/Business Growth
Challenges & Opportunities for Small Businesses
Assistance for Small Businesses
Business Planning
100
This term describes the ability and willingness to start and manage a business while taking on financial risks.
What is entrepreneurship?
100
The fundamental economic problem that arises because resources are limited but human wants are unlimited is called ___.
What is scarcity?
100
The legal protection of inventions, literary works, and brand symbols falls under this category.
What is intellectual property?
100
This type of organization, which includes banks and credit unions, provides financial support to small businesses.
What are financial institutions?
100
This document outlines a company’s goals, financial projections, and strategies for success.
What is a business plan?
200
A company that fosters innovation and develops new businesses within its existing structure is practicing this type of entrepreneurship.
What is corporate entrepreneurship (intrapreneurship)?
200
The four main types of economic systems are traditional, market, planned, and ___.
What is mixed?
200
The process of carefully researching and selecting a profitable idea before starting a business is called ___.
What is identifying a business opportunity?
200
Governments and private organizations help small businesses by offering funding, training, and networking. These are called ___.
What are government and non-government agencies?
200
Before launching a business, entrepreneurs conduct this study to assess market demand and risks.
What is a feasibility study
300
This type of entrepreneurship focuses on solving social problems rather than maximizing profit.
What is social entrepreneurship?
300
When businesses grow and experience lower costs per unit due to factors like bulk purchasing and improved management, they achieve ___.
What are economies of scale?
300
This online method of selling goods and services allows small businesses to reach a global market.
What is e-commerce?
300
MSMEs can receive guidance in areas such as accounting, marketing, and production through this type of non-financial assistance.
What is technical assistance?
300
This section of the business plan analyzes revenue, expenses, and profitability to determine financial viability.
What is the financial plan?
400
A successful entrepreneur typically possesses qualities such as resilience, innovation, and risk-taking. These are called ___.
What are characteristics of successful entrepreneurs?
400
When a business becomes too large and experiences higher costs per unit instead of savings, it faces ___.
What are diseconomies of scale?
400
One of the biggest challenges for new businesses is securing this essential resource, needed for operations and growth.
What is capital (finance)?
400
A startup that receives structured support, such as office space and mentoring, benefits from this type of service.
What is incubation?
400
The business plan serves two key purposes: guiding business operations and attracting ___.
What are lenders and investors?
500
While entrepreneurship can lead to profits and self-fulfillment, challenges include losing a stable income and working long hours.
What are the drawbacks of entrepreneurship?
500
A business's size can be measured by factors like output volume, labor force, and ___.
What is market share?
500
As businesses expand beyond national borders, they face both challenges and opportunities due to this worldwide process.
What is globalization and trade liberalization?
500
Non-government agencies across the Caribbean provide funding and advisory services to support this group of businesses.
What are micro, small, and medium enterprises (MSMEs)?
500
The most crucial section of a business plan, this summary provides a snapshot of the entire document.
What is the executive summary