Entrepreneurship Final Review (NTI Day2)

Match each characteristic shared by successful entrepreneurs to its meaning

• Initiative

• The ability to adapt to new situations; a willingness to change

• Determination

• Without being prompted; be the first to take action in a particular situation

• Creativity

• Being accountable for your decisions and actions; not passing the blame

• Flexibility

• Refusing to quit dispite of obstacles

• Responsibility

• Inventing new ways of doing things; thinking outside of the box

What is a market segment?

• A sub-group of consumers who share one, or a number of characteristics, which result in them having similar wants and needs.

• A market segment is every consumer

•   All products sold to consumers

Jorge loves Starbucks but usually only goes there when he gets a text or social media  offer for a “buy one/get one free” promotion.  Starbucks is using which type of market segmentation

• Geographic

• Psychographic

• Behavioral

Which of the following is most likely a for-profit business?

• National Association of Educators

• American Red Cross

• Georgia State University

• Starbucks, Inc

Which of the following Non-Profits is an example of a public charity?

• Martin Luther King, Jr. High School

• Ebenezer Baptist Church

• The United Way

• Lions Booster Club

Which of the following is a publicly traded company required to have?

• A management committee

• An audit committee

• A finance committee

• A Board of Directors

What is the main disadvantage of a General Partnership?

• General Partnerships must describe their business structure in writing and file it with the state government.

• Each general partner is liable with all their personal assets at risk for partnership debts and damages owed from lawsuits.

• General partners must pay taxes on via their personal tax returns

• All of the general partners must consult with each other before making decisions

Which term refers to the process of gathering information about potential customers and competitors to improve business decision-making?

• Marketing
• Networking
• Market Research
• Sales

What best defines an investor pitch?

• A sales presentation aimed at customers
• A detailed report on employee performance
• A brief presentation to persuade potential investors to invest in the business
• A legal document outlining business operations

A franchisor:

• Buys a franchise and must be trained to operate the business

• Collects a finders fee for franchising a business

• Opens a business from scratch

• sells the right to open stores and sell products or services using its brand