ENTREPREURSHIP 20.

What are the twelve

CHAPTER 1 TO 4 characteristics of successful
10. Need entrepreneurs?
1. Who is an entrepreneur?
expressing necessity or obligation  Persistent
a person who organizes and
11. Want  risk taking
operates a business or businesses,
 self-confident
taking on greater than normal something that is desired, not
financial risks in order to do so  goal-oriented
needed  restless
2. What is the difference between 12. Four Factors of Production:  action-oriented
entrepreneurship and  responsible
entrepreneurial?  Land (including all natural  self-demanding
resources),  creative
entrepreneurship is the making of  Labor (including all
business and entrepreneurial is a  enthusiastic
human resources),
way in which an entrepreneurship  inquisitive
 Capital (including all man-
would carry something out  independent
made resources), and
3. What is Economics?  Enterprise (which brings 21. Ten (some) essential
all the previous resources entrepreneurial skills?
the branch of knowledge together for production)
concerned with the production,  Math skills
consumption, and transfer of 13. Supply v. Demand Theory  people skills
wealth.  need to achieve
the quantity of a good demanded
falls as the price rises, and vice  courageous
4. What four questions do all
economic systems attempt to versa.  functional
answer?  hard working
14. What is the role of  motivation
 What goods and services entrepreneurship in the U.S.  decision making
will be produced? Economy?
 How will these goods and 22. How can you strengthen your
they proceed to increase the flow entrepreneurial characteristics
services be produced? of ideas in business to make profit
 Who will get the goods and build your entrepreneur
while helping our economy profile?
and services?
 How will the system 15. List Rewards of Work hard and focus on your goals
accommodate change? Entrepreneurship
23. Recent Business Trends
5. What is a free enterprise You pick your hours, employees,
system? and values Internet Business, Outsourcing

a type of economy where products,
prices, and services are determined
by the market, not the government.
It's capitalism, not communism.
6. What is the main motive of
business?
Profit
7. Monopoly vs. Oligopoly
An oligopoly market has a small
number of relatively large firms
that produce similar but slightly
different products. Again, there are
significant barriers to entry for
other enterprises. In a monopoly,
the seller charges high prices for
the goods because there is no
competition.
8. Good
having the qualities required for a
particular role.
9. Service
the action of helping or doing work
for someone.
16. List Risks of 24. Online Business
Entrepreneurship
Works online
long hours, investing and risk,
25. Service Business
paying people,
Works to provide services for
17. Capital Investment
customers
funds invested in a firm or
26. Home-Based Business
enterprise for the purpose of
furthering its business objectives Run out of ones home
18. What is competition? How 27. Nonprofit Business
does it affect business?
Works for no profit
the rivalry among sellers trying to
28. How has technology
achieve such goals as increasing
impacted trends in business?
profits, market share, and sales
volume by varying the elements of
Ex: The internet makes it easier to
the marketing mix: price, product,
find businesses and to buy online,
distribution, and promotion. It
advertising, etc
affects business by making some
prices cheaper than others-good for 29. What are the benefits of
consumers outsourcing different aspects of
business?
19. Are entrepreneurs born or
made? Allows a small business to focus
on what it does best while tapping
Both
into outside expertise
30. Strategic Alliance 51. Some ways to find import
opportunities?
an agreement between two or more 40. Advantages of Buying
parties to pursue a set of agreed Franchise Do business overseas so that they
upon objectives needed while will want to sell your things to you
remaining independent Employees already there and
organizations trained, equipment ready, customer 52. Some ways to find export
base down opportunities?
31. Corporate Venture
41. Disadvantages of Buying Find regions where your product or
a practice of a large company, Franchise service is needed and offer to sell it
taking a minority equity position in to them to import.
a smaller company in a related picking up where they left off
field 53. How does the government
42. What you should ask yourself regulate international trade?
32. How to recognize before starting your own
opportunity business? Using organizations such as the
North American Free Trade
Entrepreneurial Thinking Is this right for me? Will the Agreement (NAFTA) -an
schedule work well for me? Am I agreement among the United
Is about ideas and recognizing okay with working long hours? States, Canada and Mexico
opportunities designed to remove tariff barriers
43. Global Economy
involves training your mind to look between the three countries. EU-
at products and services in a the international exchange of European Union
different way and figuring out goods and services
54. Five things to consider before
ways to improve upon them 44. Exporting going global:
33. Strategies to activate Making products and shipping  Do you have solutions?
creativity them elsewhere for profit  Do you have a new idea?
look around your home town, see 45. Importing  Is there a market for the
what needs to be provided/create product or service?
products to make life more Buying cheap products and  How good are you at
convenient bringing them in to sell for more handling risk and
money frustration?
34. Sources for ideas you can
look at 46. Trade Barrier  Do you have any good
contacts in other
The internet, your home town, measures that governments or
countries?
your household public authorities introduce to
make imported goods or services
35. Outside sources that you can less competitive than locally
look at to find business ideas produced goods and services
International Trade Administration 47. Tariff
Department of Commerce a tax or duty to be paid on a
U.S. Chamber of Commerce particular class of imports or
exports
36. Rewards of Entering Family
Business 48. How to evaluate global
opportunities
Easy to find employees, easier to
pay, better teamwork think about how countries differ in
their cultures, political systems,
37. Challenges of Entering economic systems, legal systems,
Family Business and levels of economic
development
Having to deal with your family,
learning to work with family 49. Why is operating global
members, working around business different from
everyone's schedule operating domestic businesses?
38. Advantages of Buying You must learn new customs to
Existing Business succeed with global business
Employees already there and 50. Why is it important to
trained, equipment ready, customer understand other cultures you
base down may conduct business with?
39. Disadvantages of Buying So that you don't offend them-you
Existing Business can risk losing your partnership or
even your business
Having to deal with their
problems, picking up where they
left off