Unit Quiz 1: Intro to Entrepreneurship

Entrepreneurship is

• the capacity and willingness to develop and manage a business
• manage and accept risks to make a profit
• willingness to start a new business
• mindset that enables you to see opportunities everywhere
• all of the above

Entrepreneurship is NOT (check ALL that apply):

• a get-rich-quick scheme

• a road to becoming famous

• a viable lifestyle for many people

• easy

Small Business

• Companies or ventures that are focused on a single product or service that the founders want to bring to market

• A firm revenue (ranging from $1 million to over $40 million) and by employment (from 100 to over 1,500 employees). It is a privately owned corporation, partnership, or sole proprietorship that has fewer employees and revenue than a corporation or regular sizes business

• A method of distributing products or services involving a franchisor, who established the brand's trademark or trade name and a business system with a franchisee who pays royalty and an initial fee for the right to do business under that name.

Startup

• A method of distributing products or services involving a franchisor, who established the brand's trademark or trade name and a business system with a franchisee who pays royalty and an initial fee for the right to do business under that name.

• A firm revenue (ranging from $1 million to over $40 million) and by employment (from 100 to over 1,500 employees). It is a privately owned corporation, partnership, or sole proprietorship that has fewer employees and revenue than a corporation or regular sizes business

• Companies or ventures that are focused on a single product or service that the founders want to bring to market. It is a company or project undertaken by an entrepreneur to seek, develop, and validate a scalable business model.

BONUS POINT!!!! Name a Nebraska Entrepreneur

What is a Franchise?

• A method of distributing products or services involving a franchisor, who established the brand's trademark or trade name and a business system with a franchisee who pays royalty and an initial fee for the right to do business under that name.

• Companies or ventures that are focused on a single product or service that the founders want to bring to market.

• A firm revenue (ranging from $1 million to over $40 million) and by employment (from 100 to over 1,500 employees). It is a privately owned corporation, partnership, or sole proprietorship that has fewer employees and revenue than a corporation or regular sizes business.

Which of the following best describes a 'Scalable Business Model'?

• A business model that allows for increased revenues with minimal incremental cost.

• A business model that requires significant investment for every unit of product or service sold.

• A business model that is not dependent on the number of units sold.

What is the primary difference between a 'Startup' and a 'Small Business'?

• A Startup is a new business, while a Small Business can be any age.

• A Small Business is focused on a single product or service, while a Startup is typically more innovative and has a broader focus.

• A Startup is typically focused on growth and scalability, while a Small Business is typically more focused on profitability and stability.