Entrepreneurship Basics
What is the definition of entrepreneurship?
The process of starting, organizing, managing, and assuming the responsibility for a business.
Who is the founder of Amazon?
Who is the founder of Amazon?
What does "ROI" stand for?
Return on Investment.
What is the term for money borrowed that must be repaid with interest
loan
What is the definition of teamwork
Collaborative efforts of a group to achieve a common goal.
Name two traits of successful entrepreneurs.
Name two traits of successful entrepreneurs.
Who started Microsoft with Bill Gates?
Paul Allen.
What is a "target market"?
A specific group of consumers a business aims to reach.
What is the formula for calculating net income?
Total revenue - total expenses = net income.
Name one key skill for effective leadership
Communication, decision-making, problem-solving, or adaptability
What is a business plan, and why is it important?
A document that outlines the goals, strategies, and operational details of a business. It's important for setting a roadmap and securing funding.
This entrepreneur created Tesla and SpaceX
Elon Musk.
What is "equity"?
The value of ownership in a company, often in the form of shares.
What is a budget?
financial plan that outlines expected income and expenses over a period.
What does it mean to "delegate" tasks
Assigning responsibility for tasks to team members.
What is the Lean Business Canvas Model?
A strategic template for developing new business ideas by focusing on key elements like problem, solution, and target market.
Who founded Apple alongside Steve Jobs?
Steve Wozniak.
What is the term for the amount of money left after all expenses are paid?
Profit
What is the purpose of an emergency fund?
To cover unexpected expenses or financial emergencies.
What is constructive feedback?
Feedback that is specific, actionable, and helps improve performance.
What are the three types of business ownership structures?
What are the three types of business ownership structures?
Name the first Black female billionaire entrepreneur who owns a media empire
Oprah Winfrey.
What does "value proposition" mean?
The unique benefit or advantage a business offers its customers.
What is the difference between gross income and net income?
Gross income is earnings before deductions, while net income is earnings after deductions.
What is the difference between a manager and a leader
Managers focus on processes and tasks; leaders inspire and guide people.