entreprenuership test 1
enteprenuer
someone who creates and runs their own business
Entrepreneurial:
to think or act like an entrepreneur
Entrepreneurship:
process of being an entrepreneur
Business:
organization that provides or services, usually to make money
Product:
a physical or tangible item that a business sells to a customer
Service:
something that a business does for a customer in exchange for money
Employee:
person who works in a business owned by someone else
Pros:
Helping the community
risks
Potential business failure
Today's entrepreneur
• Follow social trends to attract customers
• Use the internet and other technologies as their primary business resource
Dot-com companies
• Serial entrepreneurs
○ Starts multiple businesses
Identify everyday problems and create solutions to those problems
Self assessment:
evaluating strengths and weaknesses
Attitude:
viewing or thinking about something that can affect how you feel about it
Professionalism:
the ability to show respect to everyone around you
Human Characteristics
Openness to experience
Conscientiousness
Extraversion
Agreeableness
Neuroticism
Characteristics
to describe a quality or behavior of a person
Skill:
an ability that is learned through training and practice
Mentors:
free guidance, tutors and suggestions to goals
NFTE entrepreneurial mindset:
entrepreneurs share a blend of characteristics, attitudes, and skills
entrpreneurial mindset (8)
• Initiative and self-reliance
• Flexibility and adaptability
• Communication and collaboration
• Critical thinking and problem solving
• Future orientation
• Opportunity recognition
• Comfort with risk
Creativity and innovation
Intrapreneur
is like being an entrepreneur, but within a company
intrapreneur thinking
• A future orientation - goal setting
• Observe
• Listen
Think
Corporate social responsibility:
is when businesses act in ways that behave profit and growth with the good of society
Mission Statement:
Companies often communicate their social responsibility vison in a company
Businesses must act responsibly toward suppliers or vendors
up there
Investors and creditors have a right to regular and timely communication
up there
Creditors are owed a return on their money and also deserve ongoing updates
up there
A green company
is one that adopts business practices aimed at protecting or improving the environment
Sustainability/Sustainable economic development
must ensure that human and natural resources are maintained for future generations
Carbon footprint:
measures the amount of carbon you use and thus release into the atmosphere
Carbon offset:
you "buy" a certain amount of carbon to help offset your carbon footprint
Greenwashing:
try to appear environmentally responsible by overstating their commitment
Cause related marketing
is a partnership between a business and a nonprofit group for the benefit of both
Sponsorship
is a form of causing-related marketing in which a business sponsors a community event or service in exchange for advertising
Philanthropy:
is done when entrepreneurs donate money and other resources
Business risk:
The possibility of loss that comes with operating a business
Integrity:
being honest and having good morals
Ethics:
a set of morals the help make decisions and actions
Universal values:
values shared by all cultures throughout history
Business ethics:
moral principles applied to a business issues and actions
Transparency:
openness and accountability in business decisions and actions
Code of ethics:
describes a businesses moral philosophy and gives concrete outlines
• Code of ethics characteristics
General
Reflect values
Idealistic
Intellectual property:
artistic and industrial creations of the mind
Copyright:
the exclusive right to perform, display, copy or distribute an artistic work
Patent:
the exclusive right to make, use or sell a device or process
Trademark
a symbol that indicates that the use of a brand or brand name is legally protected and cannot be used by other businesses
Infringement
violating a copyright, trademark, or patent holder's rights
Fair use:
provides for a limited quotation of copyrighted work without permission from or payment to the copyright holder
Public domain:
that their copyright or patent has expired
Business plan:
a statement of your business goals
Conflict of interest:
exists when personal considerations and professional obligations interfere with each other
Executive summary:
a 1 or 2 page summary of highlights, including the key selling points of the investment opportunity
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