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Buisness Unit 1
| Question | Answer |
|---|---|
| What is an entrepreneur? | Someone who organizes, operates, and manages a business while taking on financial risk. |
| What financial risk does an entrepreneur take?T | hey may lose money if the business does not succeed. |
| What are the four universal management functions? | Planning, organizing, leading, and controlling. |
| How do entrepreneurs create jobs and support the economy? | They start businesses, hire workers, pay taxes, and introduce new products or services. |
| What economic risks can come with entrepreneurship? | Financial losses, business failure, bankruptcy, and unequal distribution of wealth. |
| What is discretionary income? | Money left after paying taxes and essential expenses. |
| What is contract labour? | Hiring self-employed workers for a specific project or period of time. |
| What is autocratic leadership? | A style where the leader makes decisions and gives directions without much team input. |
| When might autocratic leadership be useful? | In emergencies or high-pressure situations when quick decisions are needed. |
| What is democratic leadership? | A style where the leader asks for team input before making decisions. |
| What is laissez-faire leadership? | A hands-off style that gives the team lots of independence and little direct supervision. |
| How are the three leadership styles different? | Autocratic leaders make decisions themselves; democratic leaders involve the team; laissez-faire leaders give the team more freedom. |
| What is a hard skill? Give an example. | A technical skill that can be taught and practiced, such as accounting or operating equipment. |
| What is a soft skill? Give an example. | A personal or interpersonal skill, such as communication, teamwork, or managing emotions. |
| How are hard skills different from soft skills? | Hard skills are job-specific abilities; soft skills affect how people work and interact with others. |
| What is an elevator pitch, and how long should it be? | A short, compelling introduction about yourself or an idea. It should take about 30–60 seconds. |
| What should you include in an elevator pitch? | An introduction, your strengths or skills, your goals, and an engaging question or call to action. |
| What helps make a message persuasive? | Knowing what matters to the audience, using a relevant story, being brief, and connecting emotionally. |
| What are some good negotiation strategies? | Listen more than you speak, understand the other person’s needs, and look for a solution that works for both sides. |
| What does a “win-win” outcome mean? | An agreement where both sides benefit. |
| What is emotional intelligence? | The ability to recognize, understand, use, and manage emotions. |
| What are the four branches of emotional intelligence? | Perceiving, using, understanding, and managing emotions. |
| What is the difference between perceiving and managing emotions? | Perceiving means recognizing emotional signals. Managing means responding to emotions in a constructive way. |
| What clues can help you understand how someone is feeling? | Their facial expressions, body language, and words or tone of voice. |
| What does active listening involve? | Paying attention, holding back judgment, focusing on what is being said, and asking clarifying questions. |
| What can get in the way of active listening? | Preconceptions, strong emotions, distractions, and language differences. |
| What is de-escalation? | Reducing tension and blame so people can focus on solving a problem. |
| How can active listening help during a conflict? | It helps people feel heard and makes it easier to understand the problem without adding blame. |
| What can a leader do when a team is under pressure? | Listen to the team, encourage constructive problem-solving, and invite input. |
| How can a leader use team members’ strengths to solve a problem? | Match tasks to people’s skills and encourage everyone to contribute. |
| What characteristics make someone a good entrepreneur? | Common examples include confidence, persistence, creativity, and willingness to take risks. |
| What skills do entrepreneurs need? | communication, negotiation, leadership, and problem-solving. |
| How can self-confidence help an entrepreneur? | It can help them share ideas, make decisions, and keep going through challenges. |
| How can emotional intelligence help someone work with others? | It helps them understand emotions, communicate respectfully, and manage disagreements. |
| What makes communication effective? | Being clear, listening carefully, and considering what the audience needs. |
| What are the steps for active listening? | Focus on the speaker, avoid judging too quickly, listen for the main facts, and ask questions to clarify. |
| What makes teamwork successful? | Communication, listening, cooperation, and using each person’s strengths. |
| How does critical thinking help solve problems? | It helps you examine information, consider options, and choose a reasoned solution. |
| What contributions do entrepreneurs make to their communities? | They create jobs, pay taxes, and bring new products, services, and ideas to the market. |
| What activities did we do in class, and what did each one teach you? | Add the class activities from your notes, then write one skill or idea you learned from each. |
| True or false - Canadian small businesses employ >60% of the workforce | True! Canadian small businesses do in fact employ >60% of the workforce |
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