Single seller controlling the market

Cultural differences in international business

They influence business communication and practices

Importance of a business plan

It guides business operations and goals

Obtaining services or ideas from a large group of people

Demand significantly affected by price changes

The value of the next best alternative given up

Social entrepreneurship

Creating business solutions for social problems

Green entrepreneurship

Business focused on environmental sustainability

A business owned and operated by one person who assumes all risks and rewards

Advantage of forming a Limited Liability Company (LLC)

Personal asset protection while maintaining operational flexibility

Partnership statement

Partners share profits and losses according to their agreement

Purchasing a franchise

Payment of initial fees and ongoing royalties

Advantage of purchasing an existing business

Starting with an established customer base

Unethical but legal business behavior

Misleading advertising that doesn't technically lie

Common ethical challenge for entrepreneurs

Respecting patent rights while innovating

Importance of a code of ethics for a business

It provides guidelines for decision-making and behavior

Corporate social responsibility

Balancing profit-making with environmental and social benefits

Demonstrating environmental responsibility

By implementing sustainable practices

Key consideration in a family business

Understanding established roles and expectations

Building customer loyalty through social responsibility

By engaging in community service

Factor in selecting a business opportunity

Market research and potential demand

Promoting goodwill in the community

By participating in community events

Characteristic of secondary data

Using existing government statistics

Advantage of using primary data in market research

It's specifically tailored to your research needs

Fostering positive relationships with customers

Through consistent communication

A commitment to customer expectations

Direct competitors in a competitive analysis

Companies selling similar products

A business selling substitute products

Components of a SWOT analysis

Both internal and external factors

Entrepreneurship and Business Concepts Flashcards

Student preview

50 questions

Show all answers

1.

FLASHCARD QUESTION

Front

Entrepreneurship

Back

Starting and running your own business venture

2.

FLASHCARD QUESTION

Front

Characteristic of successful entrepreneurs

Back

Innovation and creativity

3.

FLASHCARD QUESTION

Front

Self-analysis in entrepreneurship

Back

Evaluating your personal strengths and weaknesses

4.

FLASHCARD QUESTION

Front

Impact of entrepreneurship on the global economy

Back

It creates new jobs and innovation

5.

FLASHCARD QUESTION

Front

Potential risk of becoming an entrepreneur

Back

Financial uncertainty

6.

FLASHCARD QUESTION

Front

Example of a non-traditional business venture

Back

A social media marketing agency

7.

FLASHCARD QUESTION

Front

Scarcity in economic terms

Back

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