Entrepreneurship JEOPARDY! Chapter 1 Get ready to play… Entrepreneurship JEOPARDY! Chapter 1

Entrepreneurship JEOPARDY! The room will be divided into two groups or teams. Each side will take turns selecting a question. Each person from the team will have a chance to answer (we will go up and down the rows with each question so everyone gets a chance). If you cannot answer within 30 seconds, the player may opt to “pass” to their teammates to answer we will give the other team a chance to answer. Incorrect answers in Double Jeopardy will be penalized—so be careful! You may use your books/notes but hurry up! Time will run out! There are 5 Daily Doubles. A score keeper is needed. The team with the most money wins! Let’s Play!

Advantages and Disadvantages Entrepreneurship Types of Ownership Advantages and Disadvantages Going into Business Extras $100 $100 $100 $100 $100 $200 $200 $200 $200 $200 $300 $300 $300 $300 $300 $400 $400 $400 $400 $400 $500 $500 $500 $500 $500

Entrepreneurship What is a True? Characteristics of an entrepreneur are they are confident and goal orientated. True or False What is a True?

self-confident, enthusiastic, persistent, restless Entrepreneurship A successful entrepreneur is willing to work until a job is done. Which of these terms self describe this characteristic? self-confident, enthusiastic, persistent, restless What is persistent?

creative, inquisitive, persistent, responsible Entrepreneurship Entrepreneurs want to know as much as possible about anything that might affect their ventures. Which of these terms describe this characteristic? creative, inquisitive, persistent, responsible What is inquisitive?

What is an Entrepreneur? Entrepreneurship An individual who undertakes the creation, organization, and ownership of an innovative business with potential for growth. What is an Entrepreneur?

What is entrepreneurship? The process of recognizing or creating an opportunity, testing, it in the market, and gathering the resources necessary to go into business. What is entrepreneurship?

Types of Ownership A business that is owned and operated by one person? What is sole proprietorship?

Types of Ownership What is a corporation? A business that is registered by a state and operates apart from its owners; it issues shares of stock and lives on after the owners have sold their interest or passed away. What is a corporation?

Types of Ownership What is Partnership? An unincorporated business with two or more owners who share the decisions, assets, liabilities and profits. What is Partnership?

The owners of a corporation. Types of Ownership The owners of a corporation. What is a shareholder?

What is a nonprofit corporation? Types of Ownership A legal entity that makes money for reasons other than the owner’s profit; it can make a profit, but the profit must remain within the company. What is a nonprofit corporation?

Advantages and Disadvantages A disadvantage of this type of ownership is profits are taxed twice. What is corporation?

Advantages and Disadvantages A disadvantage of this type of ownership is there may be personality conflicts. What is partnership?

Advantages and Disadvantages A disadvantage of this type of ownership is it is expensive to setup with the legal documentation. What is a corporation?

Advantages and Disadvantages A disadvantage of this type of ownership is capital is difficult to raise. What is a sole proprietorship?

Advantages and Disadvantages It is a disadvantage with this type ownership if the owner dies it could dissolve the business unless there is a will to the contrary. What is sole proprietorship?

Going into Business What is a franchise? Two advantages for going into this type of business is there is less risk and the business has a recognized name. What is a franchise?

Going into Business Starting a(n) ________ business will mean you will have extremely long hours and the highest risk level. What is new?

Going into Business With this type of business there is restrictions on how you the run the business. What is franchise?

What is buying existing? Going into Business A disadvantage of this type of business is the business could already be failing and have a poor reputation. What is buying existing?

Going into Business List three advantages of starting a new business instead of starting a franchise or buying an existing business. . What is control everything, completely your idea, pride, or no prior damage to undo?

Extras One way to prevent some of the problems that a family businesses face is to establish clear lines of responsibility. True or False. What is true?

List three characteristics of a successful entrepreneur. Extras List three characteristics of a successful entrepreneur. What is confident, determined, creative, flexible, self motivated, risk taker, resourceful?

Extras What is sole proprietorship? The least regulated of all forms of ownership. What is sole proprietorship?

What is religion, charity, public benefit, or mutual benefit? Extras List two of the four categories a nonprofit corporation must fall within in order to be a nonprofit corporation. What is religion, charity, public benefit, or mutual benefit?

List three contributions entrepreneurs make to society. Extras List three contributions entrepreneurs make to society. What is recognize consumer wants and needs, create a market for venture capitalist, provide jobs for communities and change society?