Entrepreneurship Certification Study
Guide Questions with Complete
Answers.
Entrepreneurship - Answer Starting a new business.
Entrepreneur - Answer A person who starts a business, creating a new product.
Key qualities of a successful entrepreneur/ business leader are - Answer Creative, have
common Sense, leader, persistent, have self-confidence, self-reliant, skilled, driven, strength,
and specialized in a specific area/knowledge.
Where do the 6 places of business ideas come from: - Answer Spotting an opportunity in an
industry
Pursuing a passion
Capitalizing on a skill to talent
Researching markets trends
Improving an existing product/service
Identifying and solving a problem
What is a Business Plan? - Answer A detailed plan explaining how to start a business and run
a business.
Executive Summary - Answer Gives a brief overview of the products or services to be
provided and how they will be produced, distributed, and marketed. Executive summaries are
no more than one or two paragraphs.
Marketing Overview - Answer a major section of the report. It describes the following: Your
target market(s), Competitors, your competitive advantage, Advertising and promotion plans,
talking points that you emphasize throughout your marketing materials
Marketing Mix Strategy - Answer Product, price, place and promotion. The marketing mix is
the set of controllable, tactical marketing tools that a company uses to produce a desired
response from its target market. It consists of everything that a company can do to influence
demand for its product.
Patent - Answer a government authority or license conferring a right or title for a set period,
especially the sole right to exclude others from making, using, or selling an invention:
, copyright - Answer the exclusive legal right, given to an originator or an assignee to print,
publish, perform, film, or record literary, artistic, or musical material, and to authorize others to
do the same:
Fixed expenses - Answer an expense that will be the same total amount regardless of
changes in the amount of sales, production, or some other activity. Same amount every month.
Example: a house payment
Variable Expenses - Answer are costs that vary depending on a company's production
volume; they rise as production increases and fall as production decreases. It can vary/change.
Example: Materials, shipping costs
SBA - Answer The U.S. Small Business Administration has delivers millions of loans, loan
guarantees, contracts, counseling sessions and other forms of assistance to small businesses.
Variable Costs - Answer Increase or decrease depending on a company's production volume;
they rise as production increases and fall as production decreases. Examples: Direct Materials,
labor, production supplies, commissions, shipping charges. It can change/vary.
brick-and-mortar store - Answer traditional street-side business that deals with its customers
face-to-face in an office or store that the business owns or rents. The local grocery store and the
corner bank are examples.
venture capitalist - Answer an investor that provides capital to firms exhibiting high growth
potential in exchange for an equity stake. This could be funding startup ventures or supporting
small companies that wish to expand but do not have access to equities markets.
Crowdfunding - Answer persuading individuals to each give you a small donation -- $10, $50,
$100, maybe more. Once you get thousands of donors, you have some serious cash on hand.
pitch deck - Answer a brief presentation, often created using PowerPoint, Keynote or Prezi,
used to provide your audience with a quick overview of your business plan.
Sole Proprietorship - Answer A business that legally has no separate existence from its
owner. Income and losses are taxed on the individual's personal income tax return.
Limited Liability Company (LLC) - Answer A limited liability company (LLC) is a corporate
structure whereby the members of the company cannot be held personally liable for the
company's debts or liabilities.
Guide Questions with Complete
Answers.
Entrepreneurship - Answer Starting a new business.
Entrepreneur - Answer A person who starts a business, creating a new product.
Key qualities of a successful entrepreneur/ business leader are - Answer Creative, have
common Sense, leader, persistent, have self-confidence, self-reliant, skilled, driven, strength,
and specialized in a specific area/knowledge.
Where do the 6 places of business ideas come from: - Answer Spotting an opportunity in an
industry
Pursuing a passion
Capitalizing on a skill to talent
Researching markets trends
Improving an existing product/service
Identifying and solving a problem
What is a Business Plan? - Answer A detailed plan explaining how to start a business and run
a business.
Executive Summary - Answer Gives a brief overview of the products or services to be
provided and how they will be produced, distributed, and marketed. Executive summaries are
no more than one or two paragraphs.
Marketing Overview - Answer a major section of the report. It describes the following: Your
target market(s), Competitors, your competitive advantage, Advertising and promotion plans,
talking points that you emphasize throughout your marketing materials
Marketing Mix Strategy - Answer Product, price, place and promotion. The marketing mix is
the set of controllable, tactical marketing tools that a company uses to produce a desired
response from its target market. It consists of everything that a company can do to influence
demand for its product.
Patent - Answer a government authority or license conferring a right or title for a set period,
especially the sole right to exclude others from making, using, or selling an invention:
, copyright - Answer the exclusive legal right, given to an originator or an assignee to print,
publish, perform, film, or record literary, artistic, or musical material, and to authorize others to
do the same:
Fixed expenses - Answer an expense that will be the same total amount regardless of
changes in the amount of sales, production, or some other activity. Same amount every month.
Example: a house payment
Variable Expenses - Answer are costs that vary depending on a company's production
volume; they rise as production increases and fall as production decreases. It can vary/change.
Example: Materials, shipping costs
SBA - Answer The U.S. Small Business Administration has delivers millions of loans, loan
guarantees, contracts, counseling sessions and other forms of assistance to small businesses.
Variable Costs - Answer Increase or decrease depending on a company's production volume;
they rise as production increases and fall as production decreases. Examples: Direct Materials,
labor, production supplies, commissions, shipping charges. It can change/vary.
brick-and-mortar store - Answer traditional street-side business that deals with its customers
face-to-face in an office or store that the business owns or rents. The local grocery store and the
corner bank are examples.
venture capitalist - Answer an investor that provides capital to firms exhibiting high growth
potential in exchange for an equity stake. This could be funding startup ventures or supporting
small companies that wish to expand but do not have access to equities markets.
Crowdfunding - Answer persuading individuals to each give you a small donation -- $10, $50,
$100, maybe more. Once you get thousands of donors, you have some serious cash on hand.
pitch deck - Answer a brief presentation, often created using PowerPoint, Keynote or Prezi,
used to provide your audience with a quick overview of your business plan.
Sole Proprietorship - Answer A business that legally has no separate existence from its
owner. Income and losses are taxed on the individual's personal income tax return.
Limited Liability Company (LLC) - Answer A limited liability company (LLC) is a corporate
structure whereby the members of the company cannot be held personally liable for the
company's debts or liabilities.
