ENTREP - LONG QUIZ

entrepreneurship

the process of creating, organizing, and managing a business venture while taking risks to earn profit and provide value to customers

innovative entrepreneur

introduces new ideas and products

imitative entrepreneur

improves existing products or services

social entrepreneur

solves social problems through business

small business entrepreneur

operates small scale businesses

serial entrepreneur

starts multiple businesses

enthical entrepreneurship

is the practice of running a business based on moral values and doing what is right for customers, employees, the community, and the environment

honesty

truthful advertising and accurate information

integrity

doing what is right even when no one is watching

fairness

treating customers and employees equally

accountability

accepting responsibility for business actions

social responsibility

helping the community and environment

entrepreneur

a person who starts a business by introducing a new idea, product, or service and takes risks to make it successful

businessman

a person who owns, manages, or operates a business, whether it is new or already existing

vision

is a clear and inspiring description of what a business hopes to achieve in the future. it serves as a long-term goal that guides the direction and growth of the organization

mission

is the organization’s reason for being. it describes the company’s present activities and how it fulfills the needs of customers and stakeholders

core values

the fundamental beliefs and standards that shape how a business behaves, makes decisions, and treats its customers, employees, and community

objectives

the desired results or targets that a business wants to achieve in order to grow and succeed

needs assessment

is the process of identifying and understanding problems in a community to find possible solutions or business opportunities

fishbone analysis

identifies the root causes of one problem

tree analysis

shows the relationship between effects, main problem, and causes

product

a good or service a company offers to meet customer needs and create value

product idea

is the first thought or solution that answers a customer’s problem or need

breakthrough products

products that are completely new or introduce a big innovation that changes the way people do things

differentiated products

products that are similar to others but have unique features that make them stand out

copycat products

products that imitate or copy an existing product but may have slight changes, such as a lower price or different design

niche products

products designed for a specific group of customers with particular needs or interests

features

factual details, ingredients, dimensions, and technical capabilities

benefits

how the customer’s life improves, the problem it solves, or the positive feeling they get

product prototype

is an early or sample version of a product created to test its design, features, and functionality before full production

product pitching

is the process of presenting and promoting a product to potential customers, investors, or business partners. its goal is to persuade the audience that the product is valuable and worth buying, investing in, or supporting