Unit 1: What is Entrepreneurship?
What is an entrepreneur?
A creative thinking technique where one thinks of as many possible answers to a question, no matter how ridiculous, as quickly as possible
What is brainstorming?
A social science concerned with how people satisfy their demands for goods and services when the supply of those goods and services is limited
What is economics?
A legally defined type of business ownership in which a single individual owns the business, collects all profit from it, and has unlimited liability for its debt.
What is a sole proprietorship?
A legally defined type of business organization in which at least two individuals share the management, profit, and liability.
What is a partnership?
A business with fewer than this many employees is typically classified as a small business.
What is 500?
A business evaluation method that draws its name from the four areas it evaluates: Strengths, Weaknesses, Opportunities, & Threats.
What is a SWOT Analysis?
The quantity of goods and services a business is willing to sell at a specific price and time.
What is supply?
A business owner CANNOT be legally forced to use their personal money and possessions to pay business debt.
What is limited liability?
The quantity of goods and services customers are willing to buy at a specific price and time.
What is demand?
An employee who uses entrepreneurial skills to develop an innovative idea, product, or project within an established company.
What is an intrapreneur?
Means to change/revise the initial idea.
What is pivot?
Businesses that sell a different product or service, but still fill the same customer need or want.
What is indirect competition?
A company that adopts business practices aimed at protecting or improving the environment.
What is a green company?
A business agreement is which an established company sells the right for others to use the company's name and operating plan to sell products or services.
What is a franchise?
An ability that is learned through training and practice.
What is a skill?
The value of something you get in exchange for something you give up
What is opportunity cost?
The percentage of a target market population that is buying a particular product or service from your business.
What is market share?
The ultimate goal of the business; is usually related to the mission statement on a grander scale.
What is a vision statement?
A limit on the quantity of a good that can be imported into a country.
What is a quota?
A blend of characteristics, attitudes, and skills that describe how successful entrepreneurs think and act
What is the entrepreneurial mindset?
Another term for critical thinking
What is vertical thinking?
A policy encouraged by private organizations to ensure that small producers in developing nations earn sufficient profit on their exported goods to improve their working, environmental, and social conditions
What is fair trade?
When businesses act in ways that balance profit and growth with the good of society.
What is corporate social responsibility?
An alternative to traditional business planning that allows you to make changes to your business idea as more information is gathered.
What is a business canvas tool?