Unit 1: Entrepreneurship Study Guide

The capacity and motivation to deploy a business venture that involves risk in order to make a profit.

• A. Entrepreneurship

• B. Entrepreneur

• C. Entrepreneurial Mindset

• D. Entrepreneurial

An individual who found and runs a business assuming all of the risks and rewards of the venture.

• A. Entrepreneurship

• B. Entrepreneur

• C. Entrepreneurial Mindset

• D. Entrepreneurial

A state of mind in which one conducts him/her self to entrepreneurial activities.

• A. Entrepreneurship

• B. Entrepreneur

• C. Entrepreneurial Mindset

• D. Entrepreneurial

Entrepreneurs abandon steady paychecks. This is known as a _____________ that they accept.

• A. Risk

• B. Reward

• C. Innovation

• D. Start-up

A goal that takes 5+ years to accomplish.

• A. Goal

• B. Short Term Goal

• C. Medium-Term Goal

• D. Long Term Goal

A goal that takes less than one year to accomplish.

• A. Goal

• B. Short Term Goal

• C. Medium-Term Goal

• D. Long Term Goal

Saving for a house would be considered a _______________.

• A. Goal

• B. Short Term Goal

• C. Medium-Term Goal

• D. Long Term Goal

What does business ethics refer to?

• The study of marketing principles

• The application of moral values in business

• The legal compliance of businesses

• The evaluation of financial performance in business

Which company is mentioned as an advocate for ethical business practices on not testing products on animals?

• Microsoft

• Unilever

• The Body Shop

• IKEA

Why is ethical behavior important for customer relationships?

• It builds long-term relationships and customer loyalty.

• It leads to higher profit margins.

• It ensures legal compliance.

• It improves employee engagement.