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Business 101 Chapter 6.
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Business 101 Chapter 6.
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Business 101 Chapter 6Entrepreneurship - ANS-Accepting the risk of starting and running a business.
4 reasons to start your business right away - ANS-1.You don't have a mortgage or kids
to take care of.
2.You can survive on little funds and work long hours.
3.No disruption to your career path. It hasn't started yet!
4.Use your alma mater for resources
why take the risk? - ANS-Opportunity
Profit
Independence
Challenge
WHAT DOES IT TAKE to be an ENTREPRENEUR? - ANS-Self-directed
Self-nurturing
Action-oriented
Highly energetic
Tolerant of uncertainty
An idea is a good opportunity if - ANS-•It fills customers' needs.
•You have the skills and resources to start a business.
•You can sell the product or service at a reasonable price and still profit.
•You can get your product or service to customers before the window of opportunity
closes.
•You can keep the business going.
Entrepreneurial team - ANS-A group of experienced people from different areas of
business who join to form a managerial team with the skills to develop, make and
market a new product.
Microentrepreneurs - ANS-Entrepreneurs willing to accept the risk of starting and
managing a business that remains small, lets them do the work they want to do, and
offers a balanced lifestyle
Home based business growth - ANS-Computer technology has leveled the playing field.
•Corporate downsizing has led many to venture on their own
•Social attitudes have changed.
, •New tax laws have loosened restrictions on deducting expenses for home offices
HOME-BASED BUSINESS ISN'T EASY - ANS-Getting new customers is difficult.
Managing your time requires self-discipline.
Work and family tasks are sometimes not separated.
Government ordinances may restrict your business.
Homeowner's insurance may not cover business-related claims.
Benefits of home based businesses - ANS-•Ability to start your business immediately
•Minimal start-up capital needed
•No rent or excessive set-up charges
•Comfortable working conditions
•Reduced wardrobe expenses
•No commuting
•Tax benefits
•Elimination of office politics
•Low risk for trial and error
Downsides of home based businesses - ANS-•Difficult to establish work habits
•Limited support system
•Isolation
•Work space may be limited
•Clients may be uncomfortable coming to your home
•Zoning restrictions
•Success is based 100% on your efforts
Affiliate marketing - ANS-An online marketing strategy in which a business rewards
individuals or other businesses for each visitor or customer the affiliate sends to its
website
BOOSTING YOUR BUSINESS'S ONLINE PRESENCE - ANS-Establish an identity.
Be easy to find.
Steal good ideas and make them your own.
Look out for opportunities.
Remember other forms of marketing.
Be friendly!
Intrepreneur - ANS-A creative person that works as an entrepreneur within a
corporation
• use a company's existing resources to launch new products for the company.
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