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Entrepreneurship Chapter 1 Flashcards | StudBud
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Entrepreneurship Chapter 1
Entrepreneurship Chapter 1
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Chapter 1, Strategic #Entrepreneurship - review questions
Flashcards
15 cards
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Questions
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Answers
1
For-profit enterprise w/ the dual goals of achieving profitability & attaining social returns.
venture philanthropy
social business
social entrepreneurship
non-profit
2
A decision making process in which the costs of taking an action are compared to the benefits.
cost/benefit analysis
competitive advantage analysis
opportunity cost
taking the long view
3
Which one is NOT a way an entrepreneur can be paid?
stocks
wage
salary
commission
4
A plan for how a business intends to go about its own performance and outdo competition.
benchmark
strategy
goal setting
long range plan
5
Which one(s) is considered a product?
Shoes
Music lesson
gym
Hair cut
6
5 roots of opportunity include all of these except:
technological advances
competitive advantages
inventions
global trends
7
The purchase of a business is called:
franchise
trademark
acquisition
license
8
There are 5 ways to find a business opportunity - which one of these is
NOT
one of the 5?
Use new technology to produce a new product
Use an exisiting technology to produce a new product
Find ways to acquire current customers from other businesses
Find a new supply of resources
9
A downfall of being a business owner include:
Financial reward / Control over compensation
Fulfillment
Creation / Ownership
long hours, hard work
10
All ideas are considered opportunities.
False
True
11
SWOT stands for strengths, weaknesses, opportunities, threats. Which is internal?
threats
opportunities
weaknesses
strengths
12
What percentage of businesses in the United States are considered "small?"
82%
25%
55%
99.9%
13
What is considered a small business?
less than 500 employees and less than $5 mil in annual sales
less than 100 employees and less than $1 mil in annual sales
less than 500 employees and less than $1 mil in annual sales
less than 250 employees and less than $2 mil in annual sales
14
Someone who organizes and manages a business, assumes risk for the sake of potential return.
employee
gazelle
manager
entrepreneur
15
A business grosses $100,000 and has $20,000 in expenses in a year. What is their profit?
$100,000
$20,000
$120,000
$80,000
