Entrepreneurship (Ch.1 & 2 slides)

Successful Entrepreneurs are:

• Independent, self-centered, determined, creative

• Dependent, self-confident, determined, hard workers

• Independent, self-confident, determined, creative

• Dependent, self-centered, networker, hard workers

Good Team Members have what traits

• Commitment, Competency, Communication, Cooperation, Creativity

• Commitment, Coolness, Communication, Cooperative, Creativity

• Commitment, Competency, Communication, Calmness, Creativity

• Commitment, Competency, Communication, Cooperative, Creativity

Financial Goals should be

• Realistic

• attainable

• measurable

• All of the above

SMART stands for

• Specific, Measurable, Affordable, Realistic, Timely

• Specific, Measurable, Attainable, Realistic, Timely

• Steady, Measurable, Attention, Realistic, Timely

• Solid, Measurable, Attainable, Ready, Timely

SBA

• Smart Business Attitude

• Smart Business Art

• Small Business Attitude

• Small Business Admin

The quanity of a good or service that consumers are willing to buy at a given price

• Demand

• Supply

• Production

• Equilibrium price and quanity

Small number of dominant businesses selling similar products

• Monopoly

• Economies of Scale

• Oligopoly

• Marginal Benefit

Measures the disadvantages of producing one additional unit of a good or service

• Marginal Cost

• Economies of scale

• Oligopoly

• Marginal Benefit

The cost advantages obtained due to expansion

• Marginal Cost

• Economies of scale

• Variable Cost

• Marginal Benefit

Disadvantages of Entrepreneurship

• Risk, regular income, long hours, independent decisons

• Risk, irregular income, short hours, independent decisions

• Risk, irregular income, long hours, dependent decisions

• Risk, irregular income, long hours, independent decisions