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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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