| A | B |
|---|
| entrepreneur | an individual who undertakes the risk associated with creating, organizing, and owning a business |
| entrepreneurship | the process of starting and operating one's own business |
| venture | a business undertaking involving risk |
| small business owner | the owner of a business that was generally started to create jobs for the owners and referred to as a "mom and pop" business |
| entrepreneurial discovery | the process of systematically scanning for technological, political and regulatory, social, and demographic changes to discover opportunities to produce new good and services. |
| environmental scanning | three step process of gathering information about your surroundings, analyzing it and determining its future impact |
| market economy | an economy where people choose what products to buy, to own private property and to start a business and compete with other businesses |
| general competition | competition between all businesses for scarce customer dollars |
| competition for substitute products | competition between two different products that satisfy the same need |
| brand competition | competition between two similar products |
| demographics | physical and social characteristics |
| small business | any business that is operated by one or a few individuals and employs less than 100 people |
| Many people start entrepreneurial ventures during times of economic recession | Which statement is true about entrepreneurship and small-business growth? |
| Restrictive loan policies | Which statement is most likely to have a negative effect on domestic small-business growth? |
| Pay in of taxes | Which positive effect do small businesses have on the local community? |
| Businesses are important to the economy. | Local governments strongly promote and support small businesses mainly due to which factor? |
| Risk-taking | What behavior is exhibited when an individual recognizes the possibility of an undesirable outcome and continues to work toward a goal? |
| Irregular paychecks | Which is a financial concern that entrepreneurs often face when starting new businesses? |
| What needs to be done | Entrepreneurs often discover business start-up ideas by looking for gaps between what is being done and which other factor? |
| Passion | Successful entrepreneurs enjoy their work and often start their businesses so that they can share their interests and enthusiasm with others. In other words, successful entrepreneurs have which characteristic for what they do? |
| Uncertain income | What is a disadvantage of entrepreneurship? |
| A higher demand for more convenience products | What is a trend that most likely affects the growth of entrepreneurial ventures? |
| Optimism | Which statement is true regarding training for entrepreneurial ventures? |
| have lower start-up costs | Home-based businesses are attractive to many people because of which factor?Home-based businesses usually: |
| The type of training and education that entrepreneurs need depends on the nature of the start-up business. | Which statement is true regarding training for entrepreneurial ventures? |
| Deregulating and reducing taxes | Governments can encourage entrepreneurial development by performing which action? |
| The Small Business Administration (www.sba.gov) | Which is considered a reliable information source for a business start-up? |
| Mentor | Alaina needs advice and assistance in starting her new business, so she contacted the Service Corps of Retired Executives (SCORE). Jack, a SCORE volunteer, agreed to act as her guide in the business start-up process. Jack is serving which role? |
| Coin Laundry Trade Association | Which source of start-up information would be recommended to an entrepreneur looking for information about the average start-up and operation costs for a self-serve laundromat? |
| Group members most often generate new ideas by altering or building upon another idea. | Which statement is true regarding the use of group creative-thinking techniques to facilitate the idea-generation process? |
| Market need | The entrepreneurial discovery process requires knowledge and the recognition of which situation? |
| Entrepreneurial discovery | For a prospective entrepreneur, what is necessary to determine the existence of goods and services? |
| Market opportunity | When using mind mapping to generate product ideas, it is best begin by writing down the main problem or which other component? |
| It is an ongoing process that facilitates the success rate of a business. | Which statement is true about entrepreneurial discovery? |
| Awareness | Identifying new product opportunities usually requires a person to possess which characteristic? |
| Satisfy an unmet demand | Entrepreneurial discovery is an important process in a free-enterprise economic system because an entrepreneur or small-business owner will most likely accomplish which goal? |
| Increased cultural diversity | Which is an example of a demographic trend that has encouraged entrepreneurial discovery? |
| Shifts in popularity ethnicity | After a Korean auto manufacturer built a plant in Ames, Iowa, Kwan noticed a substantial growth of Korean residents in the area, many of whom were relocated to Ames to work for the plant. Kwan decided to import Korean goods and sell them in a small Korean specialty store near town. This is an example of a product opportunity resulting from which situation? |
| The aging of the population | Which is an example of a demographic trend? |
| The economy affects what competitors are doing. | Which example illustrates how environmental factors are interrelated? |
| Consumer spending habits | When conducting an environmental scan, which is an economic factor that a business should consider? |
| It is always changing | Which statement is true about a business environment? |
| Conduct research | When determining venture-creation opportunities, entrepreneurs must first perform which action? |
| Lead to more opportunities | One factor that an entrepreneur should consider while assessing a venture opportunity is whether it will encounter which situation? |
| Personal experiences | Jessica’s hobby is making jewelry. There is potential to sell her bracelets and earrings on eBay. This is an example of identifying a product opportunity by considering which factors? |
| Lower tariffs | Which a global trend that might encourage an entrepreneur to consider international business opportunities? |
