Entrepreneurship
The process of identifying an opportunity, developing an idea, taking risks, and creating value.
Entrepreneurship
Improving an existing product to solve a customer problem is called this.
Innovation
Continuing to develop knowledge and skills throughout a career.
Development
Principles that help people decide what is right and wrong.
Ethics
A business owned by one person.
Proprietorship
Owners of a corporation are called this.
Shareholders
An arrangement allowing a business owner to use another company's name, brand, products, and system.
Franchise
A person who creates or operates a business and takes risks to create value or earn profit.
Entrepreneur
The possibility of losing money, time, or resources from a business decision.
Risk
Evaluating your own skills, abilities, strengths, and weaknesses.
Assessment
Rules created by governments or organizations.
Regulations
The number of people who own a sole proprietorship.
One
A corporation is legally ______ from its owners.
Separate
The company that owns the franchise system.
Franchisor
This opportunity can result from owning a business and potentially making money.
Income
A risk taken after carefully considering possible outcomes.
Calculated
Something you do well.
Strength
Advertising a product accurately is an example of this.
Ethical
An advantage of a sole proprietorship is having complete ______.
Control
One way a corporation can grow by combining with another company.
Merger
The person or business that pays to operate using the franchise system.
Franchisee
This career path organizes people and resources.
Manager
Spending a small amount of money to test a product before spending more is an example of this type of risk.
Calculated
Looking at yourself honestly and fairly.
Objectivity
Hiding a known product defect is an example of this.
Unethical
A major disadvantage of a sole proprietorship is ______ personal liability.
Unlimited
When two or more companies combine to create a new company.
Consolidation
A franchise allows an owner to use another company's ______.
Brand
A person who starts or operates a business is taking on this.
Responsibility
Continuing despite difficulties is an entrepreneurial characteristic called this.
Persistence
The process of identifying areas where you are strong and areas where you need improvement.
Assessment
When making an ethical decision, businesses should ask if someone could be ______.
Harmed
A business owned by two or more people.
Partnership
A business structure that provides limited personal liability and flexible management.
LLC
The person who purchases the right to operate under a franchise system.
Franchisee