What is entrepreneurship?

Ace your homework & exams now with Quizwiz!

What entrepreneurs contribute

Turn demand into supply, provide venture capital, provide jobs, promote changes in society, create more wants.

Discontinuance

a business that disappears from the tax rolls because it may be operating under a new number because the owner has purposely discontinued in order to start a new business.

4 steps for entrepreneurs to succeed

1. recognize opportunity 2. test the opportunity in the market place 3. assemble a expert team to execute the business concept 4. plan and manage effectively

Opportunity

An idea that has commercial value

Enterpreneur

An individual who undertakes the creation, organization, and ownership of a business.

A ------- files chapter 7 bankruptcy.

Business failure

When entrepreneurs are ready start up a new business, they must use ------ to put together the necessary start up resources.

Creative talent

New business seek ------ that provide incentives.

Enterprise zones

List them

Entrepreneur, environment, opportunity, startup resources, new venture organization.

The five components of the ---------------- work together to create a new business.

Entrepreneurial startup process

As an --------, you accept the ----- and --------- of business ownership.

Entreprenuer, risks, responsibilites

The fifth component of the startup process is the -------- of the new venture organization.

Execution

Starting a home-based business calls ------- on the part of the owner.

For entrepreneurship

While founders of entrepreneurial ventures have a desire to

Innovate, grow and, great new value

Four basic factors of production

Land, entrepreneurship, labor, capital

Entrepreneurs -------- opportunities and pull together the resources to ----------.

Recognize, exploit opportunities

enterprise zones

Specially designed areas of a community that provide tax benefits to new business located there; communities may also provide grants for new product development.

The entrepreneur is the driving force of the

Start up process

Four categories of environmental variables

The nature of environment, the availability of resources, ways to realize value, incentives to create new businesses.

Economics

The study of how people allocate source resources to fulfill their unlimited wants.

An idea plus a market equals an

Opportunity

A good opportunity can be turned into

Business

A business that ------- may be a failure or a discontinues.

Disappears for tax roles

Knowledge of ------ contributes to an understanding of how ---------- and ------- interact.

Economics, entrepreneurs, costomers

Four stages of the business

Growth, recession,depression, recovery

The difference between-------- and ---------- is that owners start small business to create jobs for themselves.

Small business and entrepreneurial venture

Start up resources

The capital, skilled labor, management experience, legal and financial advice, facilities, equipment, and costumes need to start a business.

New venture organization

The infrastructure or foundation that supports all the products, process and services of a new business.

Entrepreneurial

The process of recognizing an opportunity, testing it in the market; and gaining the resources necessary to start a business.

Creating and running a business -------- requires a variety of skills.

Venture

Venture

a new by siness undertaking that involves risk


Related study sets

Lamar University Woodwind Day Schedule

View Set

OPEN STAX BOOK Chapter 8 - Perfect Competition

View Set

5.8.5 Practice Questions Storage Spaces

View Set

EASA Part 66 : Electronics Question6

View Set

Final MS: Infection, Pain & Cancer

View Set

ATI RN Fundamentals Online Practice 2023 B

View Set