Establishing A Business

• What is an entrepreneur?

  Someone who takes financial risks to start a business
• What is enterprise in the context of entrepreneurship?

  The ability to organize and manage production
• How do entrepreneurs affect production factors?

  They organize production using land, labor, and capital
• What are the main functions of an entrepreneur?

  Conceptualizing, planning, accessing funds, organizing, operating, evaluating
• What is one key responsibility of an entrepreneur?

  To evaluate and monitor business performance
• What are some reasons to start your own business?

  Financial independence, self-fulfillment, increased income
• What does financial independence mean for an entrepreneur?

  Determining one's own income and finances
• How does self-fulfillment relate to entrepreneurship?

  It provides satisfaction beyond a dull job
• What is self-actualization in the context of entrepreneurship?

  Fulfilling one's potential and skills
• How can entrepreneurship increase income?

  By creating new revenue sources and opportunities
• What control do entrepreneurs have over their work life?

  They choose when, where, and how hard to work
• What is a potential downside of entrepreneurship regarding work control?

  It may require more effort than a regular job
• What are some characteristics of a typical entrepreneur?

  Creative, innovative, flexible, goal-oriented, persistent
• Why is creativity important for an entrepreneur?

  It helps turn ideas into reality and solve problems
• What does it mean for an entrepreneur to be innovative?

  To invent and develop new ideas and products
• How does flexibility benefit an entrepreneur?

  It allows adaptation to changes and new ventures
• What happens to businesses that lack flexibility?

  They may fail to adapt and lose market share
• Why is it important for entrepreneurs to be persistent?

  To overcome challenges and achieve success
• What does it mean to take calculated risks as an entrepreneur?

  To assess potential outcomes before making decisions
• Why is entrepreneurship important for the economy?

  It drives innovation and job creation
• How do entrepreneurs contribute to job creation?

  By starting new businesses that hire employees
• What is the impact of entrepreneurship on innovation?

  It fosters new ideas and technologies
• How does an entrepreneur differ from a small business owner?

  An entrepreneur seeks to innovate and grow
• Why is market research significant for entrepreneurs?

  It helps identify opportunities and customer needs
• What challenges do entrepreneurs face when starting a business?

  Funding, competition, and market demand
• Why is networking important for entrepreneurs?

  It provides support and business opportunities
• What role does technology play in modern entrepreneurship?

  It enhances efficiency and market reach
• How do government policies influence entrepreneurship?

  They can encourage or hinder business growth
• What ethical considerations should entrepreneurs keep in mind?

  Fair practices, honesty, and social responsibility
• What is essential for businesses to adapt to changes?

  Flexibility
• Why is flexibility important in business?

  It allows adaptation to new times and changes
• How did legacy companies fail to adapt to changes?

  They were rigid and not flexible
• What is a key factor that has changed the business landscape?

  Advancements in technology
• What should entrepreneurs be in order to succeed?

  Goal-oriented
• Why are measurable goals important for entrepreneurs?

  They guide decision-making and operations
• What should an entrepreneur do instead of going into business blindly?

  Set measurable goals and objectives
• What does persistence mean for an entrepreneur?

  Not quitting when facing challenges
• What is a common challenge for new businesses?

  Not making a profit in the first year
• What should entrepreneurs do when facing hardships?

  Persevere and keep pushing forward
• What is a key trait of successful entrepreneurs?

  Willingness to take calculated risks