Entrepreneurship Flashcards
6 cards from real FBLA practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 6 Entrepreneurship flashcards as text
What is the 'burn rate' of a startup?
Answer: The rate at which a company is spending its cash reserves
Burn rate is how quickly a startup is using up its cash, typically measured monthly, indicating how long it can operate before running out of funds.
What is 'crowdfunding' as a source of startup capital?
Answer: Raising small amounts of money from a large number of people via online platforms
Crowdfunding aggregates small contributions from many individuals, typically via platforms like Kickstarter, to fund a business or project.
What does it mean for a startup to be 'scalable'?
Answer: The business model can grow revenue significantly without a proportional increase in costs
Scalability means a business can handle rapid growth — increasing revenue substantially without costs rising at the same rate.
What is an 'elevator pitch' in entrepreneurship?
Answer: A brief, compelling description of a business idea delivered in 30–60 seconds
An elevator pitch is a concise summary of a business idea designed to spark interest in the time it takes to ride an elevator.
Which of the following is a characteristic of a successful entrepreneur?
Answer: Willingness to take calculated risks and learn from failure
Successful entrepreneurs embrace calculated risk-taking and treat failures as learning opportunities to improve their ventures.
What is a 'target market' in business planning?
Answer: The specific group of customers a business aims its products or services toward
A target market is the defined segment of consumers most likely to purchase a company's products, identified by demographics or behavior.