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Entrepreneurship- Chapters 2, 3 and 4 Flashcards | StudBud
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Entrepreneurship- Chapters 2, 3 and 4
Entrepreneurship- Chapters 2, 3 and 4
20 terms
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StudBud Administration
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business high school
Flashcards
20 cards
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Practice quiz
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Questions
20
Answers
1
What is a market niche?
a successful business venture
a large general marketplace
=fancy type of food products
a small specialized market
2
A person that an entrepreneur is inspired by and tries to emulate
a friend
an enemy
a role model
a frenemy
3
What are at least 2 current trends that provide opportunities for entrepreneurs?
fax machine production companies
internet businesses
DVD/Blu ray rental stores
"green" businesses
4
What are some important business foundation skills?
good at problem-solving, communication & math skills
very arrogant and conceited, inflexible skills
argumentative and emotional personality, no social skills
always very careful and slow-moving
5
To conduct international business successfully, you must understand & respect foreign customs
False
True
6
What does GDP mean?
gross domestic product, total value of goods, services in a country
gross dependent people
gross domesticated product and the highest salary range in a country
great dependable people
7
What is outsourcing?
finding the best source of skills or materials in a company
hiring outside people or companies to handle certain tasks
creating company branches and jobs in other countries
moving your company to another country
8
What are some realistic rewards of being an entrepreneur?
extra sleep, relaxing
guaranteed profits
being your own boss, being creative
getting rich and famous
9
What is the difference between psychographics and demographics?
demographics = why people buy, more psychological info.
psychographics = shows how psycho some people are
demographics = a demonstration of skills
psychographics = why people buy, more psychological info.
10
What is a "focus group"?
an in-depth interview with a group of target customers
help people get new glasses to improve their focus
a survey with a group of potential customers
demographics and charts
11
What are some rewards and challenges of running a family business?
trust with family coworkers, can never fully leave work
some relatives will get big egos when they get too famous
guaranteed success and profits working with your family
guaranteed failure when working with your own family
12
To fully evaluate a business opportunity you should hire an accountant and an attorney to help
False
True
13
Why are personal values and goals important in business?
they make people happy with the company
so people like you and buy your product
develop trust and brand identity w/customers & employees
they are not very important
14
what is an advantage of buying an established business vs. starting a new one?
always less expensive
no financial risk, no customers
guaranteed to be profitable
less financial risk, existing customers
15
What are some realistic risks of being an entrepreneur?
losing money, stress, working long hours
getting so rich that people ask you for money
doing something you enjoy
getting too famous and successful
16
What are some characteristics of successful entrepreneurs?
persistent, creative, responsible
bad at math, but nice
happy and friendly but lazy
laid-back, super chill, very humble
17
What are demographics and how do they affect business?
charts in your business powerpoints/slides
statistical data- population groups affect target market/s
how to demonstrate your project for your target market
how to create graphics to demo your product
18
What are some ways to find creative business ideas using outside sources?
look up creative business ideas on snapchat
trade shows and trade magazines
look up creative business ideas on wikipedia
google "creative business ideas"
19
The World Trade Organization works to eliminate or lessen trade barriers & tariffs (and is controversial to some).
False
True
20
Indirect competition means...?
most of their $ is made selling products the same as others
they are too nice to be competitive
only small part of $ is made selling same products as others
a company that is very competitive
