Entrepreneurship study guide

An entrepreneur is someone who identifies _______________, starts and grows a business, and assumes the ______________ and rewards of the venture.

• an economy and inflation

• a mortgage and economy

• an opportunity and risk

• an adaption and policy

Entrepreneurism is a fluid and dynamic process, one where you need to:

• anticipate and adapt

• refuse to react

• predict and overlook

• prepare and ignore

Entrepreneurs try to create value, while managing ___________ resources in a changing, uncertain business environment.

• plentiful

• disruptive

• scarce

• innovative

When a business innovation dramatically changes the normal order of things, it is said to be:

• fluid

• disruptive

• adaptive

• lifestyle

Being an entrepreneur is not only a career choice, but also a lifestyle that may offer some level of:

• stable income

• certainty

• broker fees

• independence and flexibility

Entrepreneurship starts with and revolves around ________________.

• out-sourcing

• the supply chain

• an opportunity

• compliance

Entrepreneurial ______________ is the combination of Profession, Passion, Mission, and Vocation.

• Job

• Purpose

• Work

• Practice

What three things need to be analyzed during the Discovery stage of the entrepreneurial process to determine if an idea can become an opportunity?

• mail, materials, market

• materials, market, marketing

• market, margin, mission

• margin, MBA, digital marketing

A Business Plan might also be called a

• innovation and/or details

• balance sheet and/or cash flow statement

• human resource policy manual and/or bank loans

• road map and/or pitch deck

During the 3rd stage of the entrepreneurial process, “Resourcing”, which of these is often helpful?

• Analyzing the market, margin, and mission

• bootstrapping

• writing a pitch deck

• deciding whether to sell the company or not