Chapter 6

Question 1

Mompreneurs

Answer 1

Pursues business opportunities they spot as mothers

Question 2

Social Entreprenuers

Answer 2

Take risks to find new ways to solve pressing social problems such as poverty, literacy, illness, and homelessness

Question 3

Entrepreneurship

Answer 3

Risk taking behavior that results in new opportunities

Question 4

Classical Entrepreneur

Answer 4

Pursues opportunities others view as problems

Question 5

Intrapreneurs

Answer 5

Display entrepreneurial behavior as employees of larger firms

Question 6

4 Forms of Business Ownership

Answer 6

1) Sole Proprietorship
2) Partnership
3) Corporation
4) Limited Liability Corporation

Question 7

Sole Proprietorship

Answer 7

An individual or married couple pursuing business for a profit

Question 8

Partnership

Answer 8

Two or more people agree to contribute resources to start and operate a business together

Question 9

Corporation

Answer 9

A legal entity that exists separately from its owners

Question 10

Limited Liability Corporation

Answer 10

A hybrid business form combining the advantages of the sole proprietorship, partnership, and corporation.

Question 11

Business Plan

Answer 11

Describes the direction for a new business and the financing needed to operate it

Question 12

Elements of Business Plan (bad flashcard)

Answer 12

Executive summary, industry analysis, company description, product and services description, market description, marketing strategy, operations description, staffing description, financial projection, capital needs, milestones