BDI 3C - Chapter 1 review

The ability to adjust, whether in industry, or with workers or consumers is being flexible.

Keep track of financial transactions as well as things like inventory & staffing information

Socially responsible business goal: maximize profits & possibly have positive impact on society

The quantity that a business is willing to sell, at a given price

An inventor is someone who improves existing products or ways of doing things

A business operating in Ottawa, Kingston, and Kemptville would be

The ability to manage time well and to get things done in an orderly and efficient manner

Free Trade Agreements allow countries to buy/sell together without tax

Entrepreneurship is:

Which is better?

Someone who has a positive attitude and is not discouraged by problems that may arise

Successful entrepreneurs work hard at achieving goals & afterwards usually don’t set new goals

Someone who has an inner need to achieve goals and feel a sense of accomplishment

A place where consumers and retailers come together

An enterprising person is willing to take the same financial risks as an entrepreneur.

Managing risk means taking a calculated risk where chances for success > chances for failure

Anticipate problems almost before they come up and handle them with creative ideas

The business ownership that involves the most personal risk to the owner is:

Someone who develops a network of contacts that can help with different issues that will arise

The ability to interact with people & develop business relationships with them is networking

Being an entrepreneur wouldn't drastically change your life–it’s just like working a 9 to 5 job

Negotiating: come to a compromise with another party (customer, supplier, employee)

People who need the freedom to make their own decisions and like to be their own boss

Something that is required for human survival

Enterprising people usually do not like the responsibility of being their own boss