Chp 4 - Entrepreneurship

Front

Why do entrepreneurs need math skills?

Back

To make decisions and calculations.

Front

What skill is essential for using computers and other technology in business?

Back

Technology & Computer Skills.

Front

What must entrepreneurs do to solve their problems?

Back

Make good decisions and find inventive solutions.

Front

What is NOT a benefit of starting a new business?

Back

Inheriting a previous owner’s mistakes.

Front

Which of the following is a reason to become an entrepreneur?

Back

To be in charge.

Front

Define entrepreneurship.

Back

The process of starting and running a new business to make a profit.

Front

What is a business plan?

Back

A formal document outlining the goals, strategies, and financial forecasts of a business.

Front

What is risk management in entrepreneurship?

Back

The process of identifying, assessing, and mitigating risks associated with business ventures.

Front

What is the importance of market research for entrepreneurs?

Back

It helps entrepreneurs understand their target market and make informed decisions.

Front

What does it mean to be innovative in business?

Back

To introduce new ideas, products, or methods that improve efficiency or effectiveness.