Risks associated with the reputation and good standing of a venture.

Risks associated with the financial standing or performance of a venture.

Risks associated with the geography in which a venture operates.

Risks due to government laws or regulations impacting the ability to operate.

Mitigation strategies

An action plan to identify, prioritize, and implement actions to reduce risks.

Funds contributed by the owner.

When an entrepreneur works long hours for little or no pay to make a venture succeed.

An innovation, service, or feature intended to make a company or product attractive to customers.

A business created from scratch.

Communicating information so that actions are intended and complementary.

A set of beliefs that embody the strategic vision of the enterprise and guide team members.

Treating others as one would like to be treated, building culture, loyalty, and dedication.

Assessing where an enterprise stands versus the culture they would like to create.

Commonly held standards of what is acceptable or unacceptable, important or unimportant, right or wrong.

A gap between two belief systems hindering understanding or relations.

Offering objective and helpful feedback to improve an employee's actions on the job.

The quality of being honest or a group that is undivided in beliefs.

A reduction in workforce due to employees leaving, retiring, or termination.

Hiring employees that add skills to the entrepreneur's capabilities, forming a foundation for growth.

A new hire that the entrepreneur could like and respect.

A principle or standard by which something may be judged or decided.

Checking and changing measurements to ensure results are in an acceptable range.

Operating Efficiencies

Developing strategies to deliver products/services cost-effectively and timely.

Administrative Efficiencies

Producing desired results with minimum expenditure of time, money, personnel, and materials.

Financial Efficiencies

Getting more output from the same resources or the same output from fewer resources.

Developing policies to recruit, compensate, evaluate, grow, and retain top performers.

Conceiving activities that increase revenues and profits.

Developing policies to keep customers satisfied and loyal.

Maintaining records, tracking financial results, paying taxes, and maintaining liquidity.

Completing activities required for day-to-day operations, including real estate, legal, and purchasing.

Developing technology capabilities for effective operation and customer interaction.

Completing the productive activities of the enterprise.

Giving control, authority, or a job to another person.

Major accomplishments indicating a venture's success level or need for a new approach.

Choosing between hiring employees or using third-party vendors for tasks.

Working with a single vendor without evaluating multiple bids.

The network of vendors enabling product or service development/assembly.

An investment or initiative is sustainable when financial results are positive and replicable.

Interacting with others to exchange information and develop contacts.

Composing or arranging anything without previous preparation.

Continuing a process without interruption.

A future expectation or potential customer, investor, mentor, etc.

Networking to develop skills or purchasing an asset.

An activity that maximizes use and turns into a benefit.

Entrepreneurship Statewide Credential Vocabulary 2 Flashcards

Student preview

73 questions

Show all answers

1.

FLASHCARD QUESTION

Front

Human Capital

Back

A team of talented, driven individuals led by a proven-effective business leader.

2.

FLASHCARD QUESTION

Front

Contingency

Back

A future event or circumstance that is possible but cannot be predicted with certainty.

3.

FLASHCARD QUESTION

Front

Tenacity

Back

The quality or fact of being able to endure and continue with determination.

4.

FLASHCARD QUESTION

Front

Stamina

Back

The ability to sustain prolonged physical or mental effort.

5.

FLASHCARD QUESTION

Front

Risk

Back

A situation involving exposure to danger. In entrepreneurship, it includes loss of capital, time, effort, and reputation.

6.

FLASHCARD QUESTION

Front

Business risk

Back

Risks associated with the success of a single venture.

7.

FLASHCARD QUESTION

Front

Market risk

Back

Risks in a market sector that impact all competitors in that sector.

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