What is a Business
___________ any organization or enterprise that provides products to meet the needs of customers
Business
The primary goal of a business is to generate a ________.
________ is the difference between revenue of a business and its expenses.
Profit
_________ businesses are companies that develop products and sell them
Manufacturing
_____________ is a business person who accepts the risks and opportunities associated with creating and operating a new business venture.
Entrepreneur
Calculated risks
Comfort zone
_______ can be a good, service, or combination of both.
Products
__________ is the money a business makes from its main job, like selling things.
Revenue
_____________ involves buying things from people who make or sell them, and selling those things to customers for a little more money.
Merchandising
The main goals of entrepreneurs usually include ___________ and ___________.
financial independence and making a difference
Entrepreneurs face ______________ and ______________ but are determined to overcome them and continue moving forward
challenges
setbacks
__________ are items that are tangible, meaning you can physically touch them
Goods
___________is the money a business has to spend to make money, like buying supplies.
Expenses
_____________ instead of selling things you can hold or touch, they sell something you do or experience
Service
Successful Entrepreneurs have a ______________ of their goals and are innovative in finding solutions to problems.
clear vision
Entrepreneurs can quickly _________ to changing market conditions and customer needs.
adapt
__________ are things that are done for you by other people. They are intangible.
Services
When the expenses of a business are greater than its revenue, its called a _______.
loss
________________ combines qualities from multiple types of businesses
Hybrid
Name one famous Entrepreneur.
This must actually be an entrepreneur, you must be able to explain how they are an entrepreneur.
Mrs. Baumgartner decides whether its a valid choice.
Entrepreneurs ___________ and _____________ their team to work toward a common goal
inspire
motivate
What does the word tangible mean?
Your answer should be similar to: something you can physically touch.
Profit = __________ - ____________
Profit = Revenue - Expenses
A restaurant would be an example of what type of business?
Hybrid
It makes its own food (manufacturing), its sells products others make like sodas (merchandising), and it provides customers with an experience (service).
Successful entrepreneurs often have the following 5 characteristics. (must name all 5 correctly for points)
________________, _________________, ______________, ____________, ___________.
Vision & creativity
Risk-taking
Resilience
Adaptability
Leadership
What does it mean to take a calculated risk?
Answer should be similar to:
It means that the person has thought about all the possible outcomes or possibilities associated with that risk, before taking it.