Chapter+3+Review

=ENTREPRENEURSHIP PERIOD 1 = =**CHAPTER 3 REVIEW**=

VOCABULARY


 * outsourcing -**entrepreneurs outsource or contract with other companies for services
 * goodwill -** loyal customers who are satisfied by company
 * franchisee, franchisor, franchise -** buyer, seller, a legal agrrement to begin a new business in the name of a recgonized company
 * creativity -**is the activity that results in innovation, its the idea and ideas that start your business and continue it
 * strategic alliance -**a step beyond outsourcing is forming a partnership with another company
 * opportunity -** result from outsourcing that supplies services to other coompanies
 * trade show -**when business's show off their products at shows and on displays
 * demographic changes -** its the charcterristics of human populations, population segments by age, sex, race, deaths, births.
 * innovation -** its finding new ways of doing things
 * trade magazines -** magazines directed towards particular industry (ex: plumbers)( groucures, eduacation magazines)
 * specialty magazines -** magazine directed towards a specific interest (ex: health and fitness) ( Womens and mens Health. Teen vogue)

PRACTICE QUESTIONS **What was the purpose of watching John G. Miller discuss the messages in his book Question Behind the Question? **
 * List and explain the 6 ROOTS OF OPPORTUNITY?**

**What was the message in the story of Jacob Miller, John G. Miller’s waiter at Rock Bottom Brewery? ** The waiter at Rock Bottom Brewery did not have to get John Miller's coke, but because he wanted to please his customer, Jacob Miller sent his boss out to get to a coke. This act shows personal accountability and not hiding behind a team of workers. He also was able to focus on the solution, not the problem.

**If given the choice, what franchise would you choose to invest in & why? ** **What are the advantages to owning a franchise rather than starting your own business? **

Identify & explain examples of current entrepreneurial trends