Midterms Quiz TM17

It comprises all of the activities involved in creating awareness,

stimulating demand, fulfilling the demand, and supporting the customer

through the engagement with the customer.

• Production

• Entrepreneurship

• Trade

• Selling

It describes the desired future position of the company. It encompasses an entire company or project.

• Goal

• Mission Statement

• Vision Statement

• Objectives

These are the three basic elements of entrepreneurship:

• Need

  Strategy

  Operating Plan

•  Learning

  Planning

  Execution

• Observe

  Question

  Experiment

• Build

  Test

  Sell

This is one of the parts of business venture where you envision how large a company you intend to build, and what your  venture will have achieved three to five years down the road.

• Formulate a business model

•  Create your vision

• Define market need

• Analyze your competition

This is one of the parts of business venture where you gather information about what your competitors are doing well, or the core of their  competitive advantage, and what their weaknesses might be.

• Formulate a business model

•  Create your vision

• Define market need

• Analyze your competition

 It is used to denote many different but related concepts in  entrepreneurial strategy, including sometimes to refer to the entire plan of the  new venture.

• Business Plan

• Business

• Business Venture

• Business Plan

It is a written document that states how the partnership  will be organized. The agreement includes the following basic information

• Mutual Management Letter

• Partnership Agreement

• Signed Partnership Note

• Agreement Policy

It is a business partner who has a decision-making  authority, takes an active role in the operation of the business, and has  unlimited liability for all losses or debts of the partnership. Every  partnership has at least one general partner.

• Major Partner

• Co-owner

• General Partnership

• Limited Partner

A business partner who does not take an active role in  decision making or in running the business. 

• Major Partner

• Co-owner

• General Partnership

• Limited Partner

It is also known as individual

entrepreneurship. They handle a business owned by one

person.

• Investor

• Sole Trader

• Sole Proprietorship

• Solo Entrepreneurship