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Entrepreneurship
Successful Entrepreneurs - Unit 2 Review
| Question | Answer |
|---|---|
| Define Entrepreneurship | The process of starting, operating, and growing a business. |
| What does it mean if someone says you are being reckless (in terms of your decision making)? | You are not careful in taking chances |
| Define Persistence | The characteristic that accounts for an entrepreneur's tendency to stick to a task until it is complete |
| What is economic choice about | choosing to own private property |
| What is capital? | equipment and money |
| What forces companies to become more efficient to survive? | competition |
| Define Venture | an activity in which there is a risk of losing something. |
| Define Sole Proprietorship | A business that is owned and operated by a single individual. |
| Advantages of a partnerships | easy to establish, diversity of skills, strength in numbers |
| Microsoft, Nike, Adidas, and Bank of America are examples of a | corporation |
| Disadvantages of Corporations | excessive paperwork, burdensome costs, double taxation |
| Define Focus Group | A small number of people brought together to discuss identified elements of an issue or problem |
| Define survey method (in terms of market research | Research technique that gathers information from people directly through the use of interviews or questionnaires. |
| Survey’s are considered _______ data. | primary |
| Demographic information produced by the US Census Bureau and utilized by a company is considered _______ data. | secondary |
| The first step in the market research process is to | identify the problem |
| What do Entrepreneurs aim to do? | Create value, ventures, and wealth |
| What are some advantages of being self-employed? | Independence, personal satisfaction, and prestige; the opportunity to be creative |
| A disadvantage of being self-employed is the | chance that you'll lose your investment |
| Many entrepreneurs say they were most influenced in life by whom/what? | Entrepreneurial role models |
| Entrepreneurial characteristics are | habits that can be strengthened. |
| The amount of money an entrepreneur can make is limited only by the ________ of their business. | potential |
| Define Innovation | finding a new way of doing things. |
Created by:
mclaibor
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