ENTREP REVIEWER

Question 1

→ Starting a business, taking risks, innovating, generating profit.

Answer 1

Entrepreneurship

Question 2

Drives economic growth, job creation, technological advancements, market competition, social change.

Answer 2

Importance of Entrepreneurship →

Question 3

Types of Entrepreneurs

Answer 3

o Agripreneurship
o Buyer Entrepreneurship
o Ecopreneurship
o Imitator Entrepreneurship
o Intrapreneurship
o Large Business Entrepreneurship
o Scalable Startup Entrepreneurship
o Small Business Entrepreneurship
o Social Entrepreneurship
o Technopreneurship

Question 4

→ Agriculture-based businesses (e.g., farming, food production).

Answer 4

Agripreneurship

Question 5

→ Buying and merging businesses.

Answer 5

Buyer Entrepreneurship

Question 6

→ Eco-friendly, sustainable business models.

Answer 6

Ecopreneurship

Question 7

→ Copying or improving existing ideas.

Answer 7

Imitator Entrepreneurship

Question 8

→ Entrepreneurs within a company.

Answer 8

Intrapreneurship

Question 9

→ Corporate innovations.

Answer 9

o Large Business Entrepreneurship →

Question 10

→ Small startups aiming for large growth.

Answer 10

Scalable Startup Entrepreneurship

Question 11

→ Locally owned, small-scale businesses.

Answer 11

Small Business Entrepreneurship

Question 12

→ Solving social problems through business.

Answer 12

Social Entrepreneurship

Question 13

→ Technology-driven businesses.

Answer 13

Technopreneurship

Question 14

→ Single owner, unlimited liability.

Answer 14

Sole Proprietorship

Question 15

→ Two or more owners, shared responsibility.

Answer 15

Partnership

Question 16

→ Separate legal entity, limited liability.

Answer 16

Corporation

Question 16

→ Member-owned, democratic control.

Answer 16

Cooperative

Question 17

• Business Ownership Forms:

Answer 17

o Sole Proprietorship
o Partnership
o Corporation
o Cooperative

Question 18

Leadership, adaptability, resilience, innovation, risk-taking, passion.

Answer 18

Entrepreneurial Competencies:

Question 19

→ Driven by rewards (money, recognition).

Answer 19

Extrinsic Motivation

Question 20

→ Passion-driven (achievement, power, affiliation).

Answer 20

Intrinsic Motivation

Question 21

• Motivation Types:

Answer 21

Extrinsic Motivation
Intrinsic Motivation

Question 21

→ Dreaming, designing, detailing ideas. Entrepreneurs need to be optimistic, passionate, intuitive.

Answer 21

Idea Generation

Question 22

• Ways to Generate Ideas:

Answer 22

o Imitate successful businesses.
o Solve problems in the market.
o Recycle waste into valuable products.
o Listen to customers and competitors.
o Improve existing products/services.
o Turn hobbies into businesses.

Question 23

Entrepreneurs use:

Answer 23

Opportunity Seizing:

Question 23

o Evaluate ideas based on market demand, feasibility, financial potential, ease of implementation.

Answer 23

Opportunity Seeking & Screening:

Question 24

→ Political, Economic, Social, Technological, Environmental, Legal factors.

Answer 24

PESTEL Analysis

Question 25

→ Study competitors’ strengths/weaknesses

Answer 25

Competitor Analysis

Question 26

→ Strengths, Weaknesses, Opportunities, Threats.

Answer 26

SWOT Analysis

Question 27

o → Improves product/service delivery.

Answer 27

o Process Innovation

Question 28

→ Creates new/improved products.

Answer 28

Product/Service Innovation

Question 29

→ Revolutionizes an industry.

Answer 29

Disruptive Innovation

Question 30

* Types of Innovation

Answer 30

o Process Innovation Product/Service Innovation Disruptive Innovation

Question 31

o → Market changes affecting sales.

Answer 31

Economic Risk

Question 32

→ Debt, cash flow issues

Answer 32

Financial Risk

Question 33

→ Cybercrime, data theft.

Answer 33

Security & Fraud Risk

Question 34

→ Legal issues, policy violations.

Answer 34

Compliance Risk

Question 35

→ Employee-related problems.

Answer 35

o Human Risk

Question 36

→ Brand damage from bad publicity.

Answer 36

Reputation Risk

Question 37

→ Losing market share to competitors.

Answer 37

Competitive Risk

Question 38

* Risks in Entrepreneurship:

Answer 38

o Economic Risk o Financial Risk o Security & Fraud Risk o Compliance Risk o Compliance Risk o Reputation Risk o Competitive Risk

Question 39

→ Exclusive rights to an invention

Answer 39

Patent

Question 40

o → Protects written, artistic, or digital works.

Answer 40

Copyright

Question 41

→ Logo, brand name protection

Answer 41

o Trademark

Question 42

→ Helps with investment decisions, cost control, asset monitoring.

Answer 42

Financial Management

Question 43

→ Expenses before business operations begin. Three categories:

Answer 43

Start-up Costs o Brick-and-mortar stores (physical locations). o Online businesses. o Service-based organizations.

Question 44

oequipment, licenses, rent, payroll, marketing, inventory.

Answer 44

Start-up Expenses (one-time & ongoing costs):

Question 45

technology, office furniture, vehicles

Answer 45

Start-up Assets:

Question 46

* Types of Start-up Costs:

Answer 46

Start-up Expenses (one-time & ongoing costs): Start-up Assets:

Question 47

→ Own money used in business

Answer 47

Personal Investment

Question 48

→ Funds from family or friends (patient capital).

Answer 48

* Love Money .

Question 49

→ Investors fund high-growth businesses in exchange for equity.

Answer 49

Venture Capital

Question 50

→ Wealthy individuals investing in startups, providing funding & mentorship.

Answer 50

Angels

Question 50

→ Borrowing from banks, government, or private institutions.

Answer 50

Loans

Question 51

* → Shared resources & support for startups.

Answer 51

Business Incubators

Question 52

* → Public fundraising via small contributions.

Answer 52

Crowdfunding

Question 53

→ Government financial assistance for businesses.

Answer 53

Grants & Subsidies

Question 54

→ Shows revenues, expenses, net profit over time.

Answer 54

Income Statement

Question 55

→ Tracks changes in equity due to investments, profits, or withdrawals

Answer 55

Statement of Owner’s Equity

Question 56

→ Displays assets, liabilities, and owner’s equity at a given time.

Answer 56

Balance Sheet

Question 57

→ Breaks down cash movements in operations, investing, and financing.

Answer 57

Statement of Cash Flow

Question 58

→ What the business owns (cash, inventory, property).

Answer 58

Assets

Question 59

→ What the business owes (loans, accounts payable).

Answer 59

Liabilities

Question 60

→ Owner’s investment & retained earnings.

Answer 60

Equity

Question 61

→ Income from sales & services.

Answer 61

Revenue

Question 62

→ Costs for operations, marketing, salaries, utilities.

Answer 62

Expenses

Question 63

Accounting Equation

Answer 63

Assets = Liabilities + Owner’s Equity