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 a 'business plan' primarily used for?
Answer: Outlining goals, strategies, and financial projections for a new business
A business plan is a formal document that describes a business's objectives, strategies, target market, and financial forecasts.
What is 'bootstrapping' in entrepreneurship?
Answer: Funding a business using personal savings and revenue without outside investment
Bootstrapping means starting and growing a business using only the founder's own resources and the business's internally generated cash flow.
What is a 'value proposition' in business?
Answer: A clear statement of the unique benefits a product or service offers customers
A value proposition communicates why a customer should choose your product over the competition by highlighting unique benefits.
Which of the following best describes a 'pivot' in startup terminology?
Answer: A fundamental change in business strategy based on market feedback
A pivot is when a startup makes a significant change to its business model or product based on what it has learned from the market.
What does 'MVP' stand for in entrepreneurship?
Answer: Minimum Viable Product
A Minimum Viable Product is a basic version of a product with just enough features to attract early users and gather feedback.
What is 'venture capital'?
Answer: Funding provided by investors to startups in exchange for equity
Venture capital is professional investment in early-stage, high-growth potential companies in exchange for an ownership stake.