Mixed Deck — All Entrepreneurship Topics Flashcards
100 cards from real Entrepreneurship practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 20 Mixed Deck — All Entrepreneurship Topics flashcards as text
What is the purpose of business insurance?
Answer: To protect a business from financial losses due to accidents, lawsuits, or other unexpected events
Business insurance protects entrepreneurs from potentially devastating financial losses due to liability claims, property damage, employee injuries, or other covered risks.
A founder who breaks a complex product launch into daily tasks with deadlines is applying which skill?
Answer: Project management
Project management skills involve planning, scheduling, and coordinating tasks to deliver outcomes on time and within scope.
What does equity financing mean?
Answer: Raising capital by selling ownership shares in a company
Equity financing involves raising capital by selling a portion of ownership (shares) in the business to investors.
What is a vendor in the context of business operations?
Answer: A company or individual that supplies goods or services to a business
A vendor is a supplier who provides goods or services to a business, forming a critical link in the supply chain.
What is market segmentation?
Answer: Dividing a target market into distinct subgroups with similar needs or characteristics
Market segmentation divides a broad market into smaller groups of consumers with shared characteristics so businesses can tailor their marketing effectively.
A person who works for someone else:
Answer: Employee
An employee is an individual who works for another person or a company, typically in exchange for wages or a salary. Unlike an entrepreneur who owns and operates a business, an employee follows instructions and contributes to someone else's venture. This is a fundamental distinction in the context of entrepreneurship.
What are your strengths and weaknesses, exactly?
Answer: Self Assessment
A self-assessment is the process of evaluating one's own strengths, weaknesses, skills, and personal qualities. In entrepreneurship, understanding these aspects is crucial for identifying opportunities, mitigating risks, and building a successful business. It helps individuals align their capabilities with their entrepreneurial goals.
What is the design thinking process?
Answer: A human-centered problem-solving framework: empathize, define, ideate, prototype, test
Design thinking is a human-centered innovation process with five stages—empathize, define, ideate, prototype, and test—that helps teams solve complex problems creatively.
What is a business dashboard used for?
Answer: A visual tool that displays key business metrics and KPIs in real time
A business dashboard provides a visual, at-a-glance view of key performance data, enabling managers to monitor operations and make timely decisions.
What is open innovation?
Answer: A strategy where companies use external as well as internal ideas to advance their technology and products
Open innovation, coined by Henry Chesbrough, is a paradigm where organizations purposefully use external knowledge flows alongside internal ideas to accelerate innovation.
What is the 'lean startup' methodology's core principle?
Answer: Build-measure-learn cycles using a minimum viable product to reduce waste
The lean startup approach uses rapid experimentation with an MVP to test hypotheses, gather real customer data, and iterate quickly before committing large resources.
What is the difference between a patent and a copyright?
Answer: A patent protects inventions and innovations; a copyright protects original creative works like art and writing
Patents protect novel inventions and processes for a limited term (typically 20 years), while copyrights protect original creative expression automatically upon creation.
What is a patent's main purpose for entrepreneurs?
Answer: To grant exclusive rights to make, use, or sell an invention for a limited time
A patent grants an inventor exclusive rights to their invention for up to 20 years, preventing others from making, using, or selling it without permission.
Which entrepreneur characteristic is most closely linked to network-building and relationship management?
Answer: Social capital orientation
Social capital orientation means actively investing in relationships that provide resources, advice, and opportunities.
What is disruptive innovation?
Answer: An innovation that initially targets overlooked segments and eventually displaces established market leaders
Disruptive innovation, a concept by Clayton Christensen, describes how simpler, more affordable products initially serve overlooked markets before eventually displacing incumbents.
What does 'due diligence' mean when an investor is considering funding a startup?
Answer: A thorough investigation of the startup's financials, team, market, and legal standing before investing
Due diligence is the comprehensive review process investors conduct to verify a startup's claims and assess risks before committing capital.
What skill does a founder demonstrate by setting quarterly OKRs and reviewing progress monthly?
Answer: Goal-setting and performance management
Goal-setting and performance management skills keep teams aligned and accountable by connecting daily work to strategic objectives.
What is a break-even analysis used for?
Answer: Determining the point at which total revenue equals total costs, resulting in no profit or loss
Break-even analysis identifies the sales volume at which a business covers all its costs, below which it operates at a loss and above which it earns a profit.
What is the primary skill needed to manage a diverse remote team across multiple time zones?
Answer: Asynchronous communication
Asynchronous communication skills ensure remote teams stay aligned and productive without requiring real-time overlap.
Technology that is appropriate for regional, economic, social, and cultural circumstances is referred to as __ technology.
Answer: appropriate
Appropriate technology refers to technology that is designed with careful consideration for the local economic, social, and cultural conditions of the community it serves. It is typically small-scale, affordable, environmentally sound, and locally manageable, aiming to empower communities and promote sustainable development rather than imposing complex, high-cost solutions.