Entrepreneurship - Unit 1 Review

You need this to make your business more professional and efficient.

When an entrepreneur develops a new product or a new idea and builds a business.

An advantage because you can never get fired unless you go out of business.

An advantage because you have tons of freedom as the entrepreneur.

You need this in order to believe in yourself and your business.

You need this to come up with ideas that may help your business become more successful.

A risk because a failed business could cause substantial harm to the entrepreneur.

A risk because success isn't guaranteed.

A risk because not every individual is willing to do what it takes to succeed.

You need this to adapt and change to meet a market.

A reward because you can do something that brings something important to your community. 

An advantage because developing and creating the business is rewarding.

A reward because your income depends on the success of the business.

You need this because things will not come easy and without it great rewards may not happen.

The practice of using outside firms to perform tasks that could be performed internally.

Very small (specialized) groups within a market that are looking for a unique set of attributes

You need this to allow your business to build new paths to success & stay ahead of competition.

A risk because you need to rely on the money your business makes to live.

A risk because your business may not stick around for a long time.

A physical location where buyers and sellers meet.

Type of business that is built to compete directly with something is already successful.

A risk because you may spend long hours at the office and not spend time with family.

A characteristic of a business that allows it to compete successfully.

A type of business that takes the least amount of innovation but still takes a risk.

You need this to be able to stay committed and not give up.  Must have drive to reach a goal.

A risk because you may incur substantial costs to create your business.

An advantage because you're the boss and make the rules.

A company that forms alliances with others firms to perform necessary tasks.

A reward because you can choose your hours, employees, location and make the decisions.

A risk because each day brings challenges that could set the business back.

When markets become divided into unique and distinctive parts (but not really specialized).

You need this to stay committed and motivated to business and believe in it.

Those that develop in response to our society's concerns for our physical environment.

Techniques, machines, & processes that allow buyers/sellers to transact business electronically

A reward because you love what you are doing.