Entrepreneurship II: Objective 1.03 Vocabulary Quiz

Individuals employed in local/area organizations.

• Business Community

• Mentor

• Supplier

• Vendor

The basic principles that govern a business’s actions.

• Market Opportunity

• Business Ethics

• Resources

• Concept Development

Defining your organization’s goals, structure and future strategy.

• Business Ethics

• Resources

• Business Planning

• Risks

Involves coming up with a detailed description of an idea, explained from the perspective of your customer.

• Business Planning

• Concept Development

• Resources

• Social Media

Suppliers of inputs that come from outside a business.

• Resources

• External Resources

• Vendors

• Government Agencies

Special government organizations set up for a specific purpose such as the management of resources, financial oversight of industries, or national security issues.

• Government Agencies

• Supplier

• Vendor

• Network

A situation in which a product or service is potentially wanted or needed by consumers is identified by a business as not being supplied by rival companies.

• Market Opportunities

• External Resources

• Concept Development

• Business Planning

An experienced worker who can act as a guide to new employees.

• Supplier

• Mentor

• Vendor

• Government Agencies

To connect with individuals who might help accomplish personal, career, and professional goals.

• Network

• Social Media

• Market Opportunities

• Mentor

Any person or business with the potential to purchase a good, service, or idea; qualified lead.

• Prospective Customer

• Mentor

• Supplier

• Vendor