INTRODUCTION TO ENTREPRENEURSHIP
DEFINITION OF ENTREPRENEURSHIP
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Immediately finding a storefront property for her business, putting down a deposit, and signing a lease.
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Contacting a mentor who has experience in the restaurant industry.
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Creating an initial elevator pitch with her limited information and starting to ask around for advice.
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Beginning to estimate her target market for her business.
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Detailed explanation-1: -Sharon is thinking about opening a bakery she knows she wants to set her own hours, reduce her stress and, make a profit but she still has a lot to think through which of the following would NOT be a good early step? sharon realizes that she need additional research before she approaches potential investors.
Detailed explanation-2: -Brainstorming is a group activity used to generate creative ideas. In the activity, group members are encouraged to think freely and without inhibitions so as to allow the free flow of creativity.
Detailed explanation-3: -Which of the following ensures a good idea for a business is an actual business opportunity? The idea solves a unique or want in the market that group of customers is WILLING to buy.
Detailed explanation-4: -Wages paid to workers however can vary as the number of workers increase or decrease. Hence it is not considered as a fixed cost.
Detailed explanation-5: -If you spend money on things you want before things you need, you limit your ability to save for high-priced items, like higher education. A balanced budget typically includes the amount you earn income, the amount you pay in taxes, the amount you put away in savings.