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What is the definition of an entrepreneur? A person who attempts to earn a profit by taking a risk of operating a business enterprise
What is profit? Money that is made after paying the cost or business expense
What is risk? Exposing yourself to a chance of loss
What is the definition of a business enterprise? An establishment that supplies us with products in exchange for a payment. Payment can be cash zelle or debit cards
What are three ways in which you can start a business? Scratch, existing, franchise
What is the definition of entrepreneurship? Owning and or managing a business enterprise
What is the definition of a product? A tangible item. Tangible is defined as something you can touch
List three examples of products. Hamburger, bracelet, and computer
What is the definition of a service? Tasks we pay other to do for us. They are intangible and are defined as something you can't touch
List three examples of services. Calling a plumber, getting a haircut, serving food
What is brainstorming? A problem solving technique that involves generating as many ideas as possible
What are the three ways one can start a business? Scratch, existing, and franchise
What is a scratch business? ADVANTAGES: decision making; creativity; build your company DISADVANTAGES: no customers; no reputation; a lot of work and hiring employees
What is an existing business? ADVANTAGES: customers; reputation; employees; no set up DISADVANTAGES: bad reputation; ill will (bad feelings); uncooperative employees
What is a franchise? You have a legal agreement between the company (franchisor) and you, the entrepreneur(franchisee). The entrepeneur pays fees to the company. The company grants use of the name and gives help.
Created by: %!UK7Ux8Oh
 

 



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