Entrepreneurship Terminology #1

What is an entrepreneur?

• A person who is in charge of a specific location.
• A person who works for someone else in order to learn skills.
• A person who organizes and operates a business or businesses.
• None of these

Is flexible hours an advantage or disadvantage of being an entrepreneur?

• Advantage

• Disadvantage

the freedom to make your own rules, hire your own employees, and set your own schedule

• Business Plan

• Autonomy

• Marketing Plan

• Risk

Many businesses struggle to stay open because of overhead. What is overhead?

• a formal written document containing business goals, the methods on how these goals can be attained, and the time frame within which these goals need to be achieved

• describes how your business operates on a continuing(regular) basis

• The bills/expenses of the business (rent, utilities, employees salary, buying supplies, etc.)

• provides an overview of the plan(tell briefly about the business) and includes the explanation of costs involved in implementing the plan

Being able to work any shift and being available any day of the week means that you are _____________

• Honest

• Flexible

• Timid

• Punctual

What is the top BENEFIT of entrepreneurship?

• Autonomy

• Honesty

• Financial Insecurity

• Long Hours and Hard Work

Which is NOT an advantage of an entrepreneur?

• Freedom to do as you want

• Ability to bank all of the profits

• Workload of working very long hours

• Flexibility to make your own schedule

expenses associated with operating/running a business

• collateral

• risk

• overhead

• sole proprietorship

A formal, written, document that directs a company's activities for a specific period of time is a

• Executive Summary

• Target Market

• Marketing Plan

• Target Plan

A brief overview of the entire marketing plan.

• Situational Analysis

• Executive Summary

• Strategy

• Objectives