Scheduled maintenance: Wednesday, February 8 from 10PM to 11PM PST
Upgrade to remove ads
Only $35.99/year

Chapter One Quiz

Terms in this set (32)

Entrepreneur
A persons who owns, operates, and takes the risk of a business venture. They try to identify unmet needs in the marketplace and then provide a good/or service to meet those needs.
Money, be your own boss, personal dream, help others in need
Why become an entrepreneur?
Green Entrepreneurship
Focus is on the environment and sustainability.
social entrepreneurship
Finding creative solutions to society's most challenging social problems to bring about long-term change.
Economic Slowdown in BIG Business: Conservative/cautious, scale back production, conserve, cash, laying off workers.
How businesses can fail
SMALL Business can make changes quickly, be more creative, and take more risks. This approach tends to lead to more technological innovation and increased productivity=economic recovery. Government can offer tax incentives and grants to help support small businesses.
The benefits of a small business
Adequate Capital, Large enough to have Employees, Owner's Education level, Their reason for Starting the Company=MOTIVATION to Succeed, Owner's Business Experience
Factors Affecting Success
Professionalism
Ability to show respect to everyone around you while you perform your responsibilities as best as you can. When you show ____________________ you earn the trust and respect of your employees, customers, suppliers, and community.
Key Characteristics=Integrity, Courtesy, Honesty, Dependability and Responsibility
Key characteristics of professionalism
Attitude
A way of viewing or thinking about something that can affect how you feel about it. Entrepreneurs tend to be people with positive __________ and work ethics. Look at problems as opportunities.
Skills
An ability that's learned through training and practice
Business Skills
Understanding how to create and manage a business.
Communication Skills
The ability to listen well, write well, and speak well.
Computer Skills
The ability to use technological tools effectively.
Magazines: Fast Company, Entrepreneur, Fortune, The Economist, Bloomberg

Newspaper Articles

Internet Research: How do you sort through information?

Podcasts: Startup, How I Built this, The Tim Ferris Show

Films/Television Programs about successful entrepreneurs

Your Network: Talk with people in your network about owning a business
How to acquire business knowledge
Strengthen your math skills.

Take an accounting, personal finance or investing class.
How to strengthen financial skills
1. Self Assessment: Know what your strengths and weaknesses are. Be honest with yourself to help you determine what you are interested in and what you will be passionate about.
2. Look for opportunities for internships or jobs and other ways that you can learn about an industry you are interested in.
3. Talk with people who have a career you think you are interested in.
Career Exploration and Community Awareness
Initiative and Self Reliance, flexibility and adaptability, communication and collaboration, critical thinking and problem solving, future orientation, opportunity recognition, comfort with risk, creativity and innovation
Entrepreneurial Mindset
Making your own rules/Be your own Boss

Doing work you enjoy

Can be creative

Creating Greater Wealth

Helping your community
Rewards of Being an Entrepreneur
Potential Business Failure

Unexpected Obstacles

Financial Insecurity/Uncertain and Irregular Incomes

Long Hours and Hard Work

Sole Decision-Maker
Risks of Being an Entrepreneur
Ideas, opportunities, hobbies/interests, past experiences, invention
How do Entrepreneurs Choose What Business to Start?
Ideas
Concepts from creative thinking.
Opportunities
Possibilities that arise from existing conditions (made possible through researching what is missing in a particular market).
specific, measurable, attainable, realistic, timely
SMART Goals
answer what, why, and how?

Establish ways to measure your progress.

Should not be too far out of reach.

Represent things to which you are willing to commit.

Should have a time frame for achievement.
Goals should...
Financial Goals
How much money will you earn? How quickly will I pay off debts?
Non-financial goals
Serve a community need/Support a charity, etc.

Do something you like/for your self

Enjoy personal independence
1. Define the Problem
2. Gather Information
3. Identify Various Solutions
4. Evaluate Alternatives and Select the Best Option
5. Take Action
6. Evaluate the Action/Reflect on Outcome
Six Steps to Being a Problem Solver
Good communication, brainstorming, learn from mistakes
More helpful problem solving skills
Good communication
Important to communicate clearly and confidently. Also be a Good Listener.
Brainstorming
By generating a large number of creative solutions to the problem. No idea is a bad one at this point, do not judge your ideas, once you have a list of solutions you can use the problem -solving model to determine the best alternative.
learn from mistakes
Do not be afraid to make a mistake, use them as a learning experience.
Students also viewed