Module 5

Question 1

What is an entrepreneur?

Answer 1

A person who sees a new opportunity for a product or service and risks time and money to start a business to make a profit.

Question 2

What is a small business?

Answer 2

Independently owned and operated; under 100 employees

Question 3

What type of entrepreneurs are their?

Answer 3

Intrapreneur (inavates within a company), Entreprenerial team (group of people with diff. expertise), Micropreneur (a business to remain small, usually home based), Solopreneur (owns and operates business alone), Side Hustle (idea outside of regular employeement), Freelancer (services based on knowledge and skill).

Question 4

Why can people choose entrepreneurship as a career path?

Answer 4

Freedom to make decisions and self-management
Being first to bring an idea for a superior product to market can translate to financial gains as creators of wealth
Working for a large company does not guarantee job security

Question 5

Environmental Factors Supporting and Expanding Opportunities for Entreprenuers

Answer 5

-Globalization
-Education
-Demographic and Economic Trends
-Information Technology

Question 6

Characteristics of Entreprenuers

Answer 6

Vision, High Energy Level, Need to Achieve, Self-Confidence, Tolerance for Failure, Creativity, Tolerance Ambiguity, Internal Locus of Control

Question 7

How to start a new venture:

Answer 7

Business Plan
Research
Find Capital to Launch
Grow