Unit 2 Review Support of Entrepreneurs

A product with enough features to attract early-adopter customers and validate a product idea early in the product development cycle.

• Business Idea

• Minimum Viable Product 

• Corporation

• Partnership

Airbnb is an example of MVP

• True

• False

Inventing a product or service would be known as

• Innovative entrepreneurship 

• Imitative entrepreneurship 

Performing a task for clients

(a)  

Ecommerce is selling your goods or services online. 

• True

• False

Selling your products in a store or physical location is known as

• Ecommerce

• Retail selling

• Wholesale

• Brick & mortar

An independent contractor is someone who is self-employed, but completes tasks for different companies or customers, with a contract

• True

• False

The person who opens a franchise is called the 

(a)  

The person who gives permission for someone to franchise their business is called the 

• Franchisee

• Contractor 

• Franchisor

Are independent contractors employees of the companies they are contracted with?

• No

• Yes