ITB XHS Basics of Entrepreneurship

_________ is another name for a business

Which is a unique factor of an Entrepreneur?

Process of recognizing a need in a market to open a business & gathering all resources to do so

_____ is a tangible product

An advantage of this business type is that shareholders are only liable up to their investment

a disadvantage of this business is that the owner is responsible for all debt

A type of business where stock of ownership is involved by a group of owners

Which business type is easier to start up?

A type of business with two or more owners that share liability

Which is a characteristic of a successful entrepreneur?

________ is a tangible product that can be consumed

____ is a intangible product

A type of business that has only one owner

This business personality can be impulsive, quickly lose focus, prone to making snap decisions. Is in it for the money.

______ is where an owners financial liability is limited to a fixed sum amount.

An advantage to this type of business is that decision making is shared between owners.

Doesn’t plan to be an entrepreneur; the business popped uparound an idea. Motivated by the impact of product/service.

Loves to build the business. The type of business is lessimportant than the fact that it can be built to conquer.

An advantage of this business is that the owner gets all the profits

Good and services are

The person who organizes a business, taking on the financial risk that is involved.

Which is a unique factor of an Entrepreneur?

Develops a skill; builds a business around skill. Business based on expertise and ability to deliver a product/service.

_____ is an intangible product that is carried out by a process or activity