Entrepreneurship Unit 1
Natural risk
Flooding
Human risk
Shoplifting
goods and services
Standard of living is a level of material comfort a society enjoys as measured by _______.
Risk mitigation
Taking steps to reduce the consequences of risk is known as ______.
An individual who starts and organizes a business while taking on high risks to do so business while taking on high risks to do so.
Which of these describes an entrepreneur?
Business venture
Which of these is a business startup that is expected to produce profits and is accompanied by the risk of loss or failure?
Business plan
Which of these is a document stating a business's goals and strategies for achieving them?
A market condition in which the volume of a product or service exceeded the demand in an economy
Which of these is market saturation?
Venturing
Which of these is the ability and willingness to solve a specific problem by developing and managing a business venture?
Barriers to entry
______ are any obstacles preventing a startup from entering a market space.
Natural risks
______ are risks from nature that can adversely affect organizations.
Economic risks
______ result from changes in market conditions as a whole.
Speculative risk
_______ is the possibility of loss assumed by a company that also holds the possibility of a potential return.
Controllable risks
________ are those that company owners can do something about.
Insurable risks
________ occur when the probability of risk can be approximated.
Natural risk
Changes in climate
Risk assessment
A ______ is an analysis of potential risks and their relative probabilities of affecting an organization.
15
A small business has ______ or fewer employees.
Age
Demographic segmentation
Race
Demographic segmentation
Human risk
Employee injury
Practice/future
Entrepreneurs can _____ making tough decisions and plan for the _____.
State
Geographic segmentation
Zip code
Geographic segmentation
Economic risk
Increased competition
Using teams to encourage diverse perspective and problem-solving skills.
Mina is struggling with the entrepreneur challenge of managing people. What suggestion could help her deal with this problem?
Economic risk
Product obsolescence
Habits
Psychographic segmentation
Hobbies
Psychographic segmentation
Uninsurable risks
Risk that cannot be insured against because its probability of occurrence is too difficult to estimate is known as ______.
Human risks
Risks caused through human actions, including those of customers, employees, or others outside an organization, are known as _______.
Pure risks
The possibility of loss assumed by a company without a potential return is called ______.
Business risks
The possibility that a venture will have less profitability than anticipated or fail altogether is called ______.
Business plan
The suggestion of creating a _____ helps entrepreneurs with their tolerance for the unkown.
Performed regularly
The three main qualities of a risk assessment are that it is data-driven, recorded, and ______.
Shares, or part ownership of the company
Venture capitalists are investors who provide startup funding to entrepreneurs, typically in exchange for what?
Reduce it, avoid it, transfer it, and accept it.
Which of these are the four main decision strategies available after severity has been estimated?
Loans and self funding
When trying to establish a new company, it can be difficult for an entrepreneur to secure startup funding. Which of these are possible sources of funding?
Patenting a trendy new type of shoe that no other company currently offers and selling a cost-effective truck in bulk to distribution companies at a faster rate than anyone else.
Which of these are examples of a competitive advantage?
