Develop a Business Idea: Crash Course Business - Entrepreneurship

Entrepreneurs are willing to take a financial risk to make their idea a reality.

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• False

Entrepreneurial ideas can be traced back to three main things: passions, complaints and ego.

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• False

Companies that we know of today were founded as a way to improve upon a product or to solve a problem.

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• False

One of the mistakes Mary made in taking her idea and turning it into a business was not talking to anyone about it.  While Mary attracted Gluten Free customers, she alienated customers who were gluten free, but had OTHER allergies such as dairy and nuts.  

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By talking to others and getting their opinions, it's possible that the multiple food allergen issue could have be incorporated into her original plan for her cream puff business.

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• False

A local college campus may have professors of entrepreneurship that you could contact to talk through your ideas.

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• False

Networking in Entrepreneurial groups (co-worker spaces) or contacting a Chamber of Commerce or Small Business Association may also be other places a potential entrepreneur could gain advice on his/her idea.

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A mentor is: 

• someone who helps your business fail.

• an experienced and trusted advisor.

A having a plan for your business is way for an entrepreneur to obtain financing (money) to start your business and get it going.

• True

• False

Examples of costs (expenses) for Netflix are: Employees (salaries), Licensing & Production, Server Hardware, R&D (research and development) and still in some areas- brick & mortar store locations as well as DVDs & postage.

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• False