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
Creates jobs for others
You get to decide your own goals, values, and motives
Your work is what you enjoy
Potential for greater wealth
risks
Potential business failure
Loss of time and hard work
Financial insecurity
Potential obstacles
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