Test 1 Business Innovations Review

Define Entrepreneurship

the process of opening, starting, and growing a business.

What does an entrepreneur do?

Acts with a passionate purpose

Desires Independence

Recognizes opportunity

Manages risk and uncertainty

Uses resources

Creates value

Persistant

work until job is done

Independent

make their own agendas

Creative

Look for new ways to solve a problem

Self-demanding

High expectations for themselves

Four pros of being an entrepreneur

You are your own boss

Make all decisions

Make your own hours

Sense of accomplishment

Four cons of being an entrepreneur

Long hours

Take on the risks

Stress

Need much self-discipline

Explain the following statement “Entrepreneurs take calculated risks”?

They factor out the risks and the rewards and decide whether it is worth it to do something. They never put everything they have on the line.

Innovate

to do something in a new way. To improve an existing process.

Create

to make or bring into existence something new/that has never been done before

List five barriers of creativity

“One correct answer”

Following the “rules”

Being practical

Fearing mistakes and/or Failure

Believing you are not creative

3 questions that help an individual spur creativity

Is there a new way to do it?

Can we put it to other uses?

What else could we make?

What three things can creative ideas be generated from?

The world

Everyday common objects

Problems or issues people experience

Invention

To make a totally new product, service, or process

Extension

A new use or different application of an already existing product, service, or process

Duplication

Creative replication of an existing concept

Synthesis

The combination of existing concepts and the new ideas

What are the 4p’s of marketing

Products, Price, Place, Promotion

Product

A good or service that a company offers to their customers

ex → (iphones and phonecases)

Price

The cost customers pay for a product Price is linked to value

Place

Where the product should be located/available

Advertising in front of the right media

Promotion

Communicate to people why they need this

Use media and advertisements