Define entrepreneurship

• What does entrepreneurship involve?


  Starting and running a business
• How does an entrepreneurial mindset differ from a non-entrepreneurial mindset?

  Entrepreneurs take risks, non-entrepreneurs prefer stability
• What qualities are essential for entrepreneurship?

  Creativity and drive to develop products
• What are the key characteristics of entrepreneurs?

  • Innovative: Think creatively and develop new ideas
  • Risk-takers: Willing to take chances for goals
  • Determined: Focused and persistent despite setbacks
• What are the key entrepreneurial skills and competencies?

  • Leadership: Guiding others towards shared goals
  • Communication: Clearly expressing ideas to customers
  • Problem-solving: Identifying and resolving challenges
  • Financial management: Managing money effectively
  • Marketing: Promoting products or services
• What is a key aspect of financial management for entrepreneurs?

  Managing money effectively
• How does leadership apply to an entrepreneur selling products?

  Guiding production and sales processes
• How does commitment through development reflect an entrepreneur's characteristics?

  It demonstrates their determination
• How do determined entrepreneurs respond to setbacks?

  They stay focused and persistent
• What does launching an app online demonstrate about an entrepreneur?

  It shows they are a risk-taker
• How might an entrepreneur demonstrate the profit motive?

  By creating a clothing brand to generate income
• What does the motive of independence mean for entrepreneurs?

  They want to be their own boss and control time
• How might an entrepreneur express their independence motive?

  By starting a small bakery to manage themselves
• What are the three main roles in business discussed?

  • Entrepreneur: Starts and grows a new business
  • Manager: Oversees operations of a company
  • Investor: Provides capital to businesses
• What is the primary role of entrepreneurs?

  Start businesses and take risks
• What distinct contributions do managers and investors make to business growth?

  Managers oversee operations; investors provide funding
• How does an entrepreneur's role differ from a manager's role?

  Entrepreneurs start businesses; managers run them
• How do the different motives influence an entrepreneur's journey?

  • Each motive fuels dedication
  • Guides decisions made
  • Shapes the overall business journey
• How might a young entrepreneur identify a business opportunity?

  • Observe needs in their environment
  • Create a product or service to meet those needs
  • Example: Designing custom phone cases for classmates
• What is the main function of investors?

  Fund businesses
• In what way is communication important for entrepreneurs?

  Clearly expressing ideas to customers
• What does problem-solving involve for entrepreneurs?

  Identifying and resolving challenges
• What is one characteristic of entrepreneurs?

  Innovative
• What responsibilities does an entrepreneur have when starting a business?

  Managing marketing and customer service
• What is the definition of entrepreneurship?

  Identifying opportunities and taking risks
• What do managers primarily do?

  Run existing businesses
• What are the different motives that drive entrepreneurs?

  Independence, passion, and profit
• What does the passion motive entail for entrepreneurs?

  They pursue a business they truly enjoy
• Why is marketing important for entrepreneurs?

  Promoting products or services
• In what way do investors support entrepreneurs?

  By providing capital to businesses
• How does a student selling custom phone cases demonstrate entrepreneurial skills?

  • Lead production and sales
  • Communicate with buyers online
  • Solve customer issues
  • Manage financial aspects like pricing
  • Market their cases effectively
• What is the profit motive for entrepreneurs?

  Some aim to earn money and build wealth
• What do entrepreneurs need to succeed?

  Specific skills and competencies
• What does it mean for entrepreneurs to be risk-takers?

  They take chances to pursue goals