Why do businesses fail?

Lack of experience in the planned business, Insufficient funding, Unreasonable goals, No customer need was established

What are competitive advantages?

What sets an organization apart; its competitive edge

What are resources in terms of a business?

Money, Investments, Workers, Trade tactics

An exclusive/legal right given to an inventor to exploit

Rival businesses taking service away from your business

The end result which an entrepreneur envisions to become

What is Entrepreneurship?

The process of getting into and operating one's own business

What are positive characteristics of a business?

Secured suppliers and distributers, Less competition, Expertise through participation, Satisfy customers

A potential group of customers/investors paying for product

What is the Break-Even Point?

When a business makes minimum sales to cover expenses

What are demographics?

The vital statistics of a population

What are negative attributions to a business?

Not thinking about customers above all, Not interpreting customer needs/wants

The rules/principals that define right/wrong actions

What is an entrepreneur?

A person that organizes and manages an enterprise

How should entrepreneurs think?

Be cognitively adaptable, Effectively, Learn from failure

What are sources of new ideas?

Existing products/services, Distribution Channels, Internal mindset, Consumers

What is a key to an innovating trend?

Implementing a product which will have a long lasting impact

A share of ownership in a corporation

What is Globalization?

The linkage of economies/cultures that fosters a business

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Entrepreneurship

20 termsStudBud Administration32 plays

Enterpenuership for Deca

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Questions 20

Answers

1
Why do businesses fail?
Lack of experience in the planned business
Insufficient funding
Unreasonable goals
No customer need was established
2
What are competitive advantages?
A situation in adherence to the local community
The loss of money due to theft in a company
A definite problem when it comes to deciphering problems
What sets an organization apart; its competitive edge
3
What are resources in terms of a business?
Money
Investments
Workers
Trade tactics
4
What is a patent?
An exclusive/legal right given to an inventor to exploit
Document signed by all employees prior to working
A document claiming legal protection from being sued
The legal form provided to an individual proving citizenship
5
What is competition?
A global trade unit benefiting your business
Rival businesses taking service away from your business
Employees leaving on their lunch break early
Businesses in the same field trying to aide your progress
6
What is a vision?
The french word translating to deja vu
The end result which an entrepreneur envisions to become
The last market an owner witnesses before failure
The technique used so a business owner knows who to fire
7
What is Entrepreneurship?
Someone who initiates and actively seek to begin a business
A legal agreement to begin a new branch location
The process of getting into and operating one's own business
A systematic and structured threat that can harm a business
8
What are positive characteristics of a business?
Secured suppliers and distributers
Less competition
Expertise through participation
Satisfy customers
9
What is a market?
A range from 1-10 on how valued customers are
A board entrepreneurs put their ideas on during stage 1
A potential group of customers/investors paying for product
An office building filled with enterprises
10
What is the Break-Even Point?
A sufficient balance of product to customer ratio
The point in which entrepreneurs break and lose their wealth
The start time when a market first begins selling an item
When a business makes minimum sales to cover expenses
11
What are demographics?
How many employees have a significant partner and family
The struggle between various competitive businesses
The frequency of how many vacation days employees take
The vital statistics of a population
12
What are negative attributions to a business?
Understanding of healthy customer-entrepreneur relations
Being able to cope with co-workers
Not thinking about customers above all
Not interpreting customer needs/wants
13
What are ethics?
The rules/principals that define right/wrong actions
The amount of wealth a certain business owns
The skin color of your employees
The location of a market for max profit
14
What is an entrepreneur?
A business with innovative ideas
A person that organizes and manages an enterprise
An individual who is involved in community service
Someone who owns a building in a city
15
How should entrepreneurs think?
Be cognitively adaptable
Effectively
Close mindedly
Learn from failure
16
What are sources of new ideas?
Existing products/services
Distribution Channels
Internal mindset
Consumers
17
What is a key to an innovating trend?
Creating a product on the basis of ones own needs
Creating a product which serves similar purpose to one prior
Creating a product for the minority of customer ratio
Implementing a product which will have a long lasting impact
18
What is stock?
A share of ownership in a corporation
A group of employees who belong to a union
Taxes business holders must pay on a monthly basis
Investments made in sponsoring a foundation
19
Why is it risky to start "NEW"?
Role conflict
Failure to have prior expirience
All the above
Cost of learning
20
What is Globalization?
The ratio of foreign customers to native customers
An internal bond between two employees
An Ap Human Geography term I have not memorized yet/forgot
The linkage of economies/cultures that fosters a business

Entrepreneurship Flashcards | StudBud