part 1 7 habits of highly effective teens what is habit #1? be proactive

Entrepreneurship

ExamReview

Part 17 Habits of Highly Effective Teens

What is Habit #1?

Be Proactive

The Circle of Control shows a person the difference between their…

Attitudes, choices, responses….and….things that they cannot do anything about.

Reactive people make choices based on …

Impulses

What is Habit #2?

Begin with the End in Mind

A personal motto that states what your life is about.

Personal Mission Statement

What is Habit #3?

“Put First Things First”

Doing a project at the last minute is a characteristic of what type of person from Habit 3?

The Procrastinator

Submitting to peer pressure is a characteristic of what type of person from Habit 3?

The Yes-Man

Constantly wasting time on stupid things is a characteristic of what type of person

from Habit 3?

The Slacker

Planning and goal setting is a characteristic of what type of person from Habit 3?

The Prioritizer

What habit says “you are the driver, not the passenger”?

Habit #1 “Be Proactive”

Putting tasks into priorities in a central theme to which habit?

Habit #3 “Put First Things First”

Which habit says, “decide where you want to go and draw up a map to get you there.”

Habit #2 “Begin with the End in Mind”

Part 2Chapter 1

What is Entrepreneurship?

The study of how people allocate scarce resources to fulfill

unlimited wants.

Economics

A new business undertaking that involves risk.

Venture

An individual who undertakes the creation, organization, and

ownership of a new innovative business.

Entrepreneur

Money that is left over after a business has paid all of its

expenses.

Profit

Economic system in which individual people have rights and

freedoms.

Free Enterprise System

Intangible items that have value and satisfy needs and wants of

customers.

Services

Tangible items that have value.

Goods

Limited resources; the difference between demand and supply.

Scarcity

The amount of goods or services that producers are willing to

provide.

Supply

The amount of goods or services that people are willing and able

to buy.

Demand

A basic requirement for survival.

Need

Something that is not needed for survival but it desired.

Want

The resources businesses use to produce the goods and services

that people want.

Factors of Production

All the money, buildings, equipment, tools, and other

goods needed to start a business. The net worth of a business.

Capital

The amount of money a person puts into his or her business as

capital.

Investment

A partnership formed among two or more companies.

Strategic Alliance

The rivalry among businesses for consumer dollars.

Competition

The ability to make a profit without hurting the environment

or future generations.

Sustainability

A business that is in the same name as a recognized company.

Franchise

A new way of doing things. A new idea, method, or device.

Innovation

A small, specialized segment of the market.

Niche

Hiring people and other companies to handle tasks a

business chooses not to do for itself.

Outsourcing

A clear and concise description of a business opportunity including the product, the customer, the benefit, and the distribution.

Business Concept

The process that tests the business concept to see if it has

potential or not.

Feasibility Analysis

A collection of businesses with a common line of products or

services.

Industry

The people who are most likely to buy a business’s products or

services.

Target Customers

A description of how a business plans to make money within the

business concept.

Business Model

The description of a new business and strategy to launch

the business.

Business Plan

A statement of the purpose of the company; the vision for where the company wants to go in the

future.

Vision Statement

A statement of the aspirations or goals of the company that its

strives for daily.

Mission Statement

A particular group of customers that a business seeks to attract.

Target Market

Segmentation based on purchasing behaviors.

Buying Characteristics

Segmentation of the market based on where people live.

Geographics

Describing a population by age, gender, income, marital status,

and ethnicity.

Demographics

Grouping people with similar attitudes, interests, or opinions.

Pyschographics

The collection and analysis of information aimed at

understanding the consumers in a market.

Market Research

A group of people whose opinions are studied to help a

business improve.

Focus Group

The tendency to buy a particular brand or product.

Brand Loyalty

A feature that makes a product more desirable than its

competitors.

Competitive Advantage

A business that is owned and operated by one person.

Sole Proprietorship

A business with two or more owners who share the decisions,

assets, liabilities, and profits.

Partnership

A business that is owned by shareholders who have

purchased stock but is operated apart from the owners.

Corporation

The state of being legally responsible for something. Debts

a business has undertaken.

Liability

The people who own shares of stock in a corporation.

Shareholders

Vocabulary: Compare & Contrast

Which one protects authors from people copying their work????

??? Patent/Trademark/Copyright

Copyright

Vocabulary: Compare & Contrast

Which one protects inventors from people copying their invention or their ideas?

??? Patent/Trademark/Copyright

Patent

Vocabulary: Compare & Contrast

Which one protects companies from people copying their logos and slogans?

??? Patent/Trademark/Copyright

Trademark

An invention or innovation that is not patented but kept secret

from competitors.

Trade Secret