Entrepreneurs and leaders Flashcards
role, motives&characteristics, busi obj, busi choices (32 cards)
What is an entrepreneur?
An entrepreneur is an individual who starts and runs their own business, taking on financial risks in the hope of profit.
True or False: Entrepreneurs are only motivated by profit.
False
Fill in the blank: An entrepreneur identifies a __________ and creates a business to solve it.
problem
What is the primary role of a leader in a business?
To guide and motivate a team towards achieving the company’s goals.
Multiple Choice: Which of the following is a common trait of successful entrepreneurs? A) Risk-averse B) Innovative C) Unmotivated D) Indecisive
B) Innovative
What is a business plan?
A business plan is a formal document outlining the goals, strategies, and financial forecasts of a business.
True or False: Leadership styles have no impact on team performance.
False
Fill in the blank: __________ leadership focuses on the relationship between leaders and team members.
Transformational
What is the difference between an entrepreneur and a manager?
An entrepreneur creates and develops new business ventures, while a manager oversees the operations of an existing organization.
Multiple Choice: Which of the following is NOT a type of entrepreneur? A) Social entrepreneur B) Corporate entrepreneur C) Nonprofit entrepreneur D) Freelance entrepreneur
C) Nonprofit entrepreneur
What is meant by ‘innovation’ in business?
Innovation refers to the process of creating new ideas, products, or methods that improve efficiency and effectiveness.
True or False: All successful entrepreneurs have a formal business education.
False
Fill in the blank: A __________ entrepreneur seeks to solve social issues while generating profit.
social
What is risk management?
Risk management is the process of identifying, assessing, and prioritizing risks followed by coordinated efforts to minimize, monitor, and control the probability of unfortunate events.
Multiple Choice: Which is a key factor for entrepreneurial success? A) Lack of planning B) Resilience C) Avoiding networking D) Ignoring customer feedback
B) Resilience
What is a startup?
A startup is a newly established business, typically in the early stages of development and often focused on innovative products or services.
True or False: Entrepreneurs do not need to conduct market research.
False
Fill in the blank: __________ leadership is characterized by a clear vision and the ability to inspire others.
Charismatic
What is the importance of networking for entrepreneurs?
Networking helps entrepreneurs build relationships, gain advice, and find potential investors or customers.
Multiple Choice: What is a common source of funding for startups? A) Personal savings B) Bank loans C) Venture capital D) All of the above
D) All of the above
What does ‘scalability’ mean in a business context?
Scalability refers to a business’s ability to grow and manage increased demand without compromising performance or losing revenue potential.
True or False: Entrepreneurs should avoid taking risks at all costs.
False
Fill in the blank: A __________ entrepreneur develops new products within an existing company.
corporate
What is the role of a mentor for an entrepreneur?
A mentor provides guidance, advice, and support based on their experience to help entrepreneurs navigate challenges.
