Entrepreneur 101
This is a person who starts and operates a business while taking on financial risk.
What is an entrepreneur?
A company that sells custom water bottles is primarily selling this: a product or a service?
What is a product?
The money a business receives from selling products or services is generally called this.
What is revenue/sales income?
Doing what is considered right, fair, and responsible in business relates to this concept.
What is ethics?
A name, symbol, or design used to identify a business is commonly called this.
What is a logo?
The process of starting, organizing, and running a business is called this.
What is entrepreneurship?
A company that designs logos for other businesses is primarily selling this.
What is a service?
If a shirt costs $10 to make and sells for $18, the difference is this amount.
What is $8?
Two businesses sell similar custom T-shirts to the same customers. They are doing this with each other.
What is competing?
The specific group of people a business wants to sell to is called this.
What is the target market?
Name one trait that can help an entrepreneur succeed.
What is creativity, persistence, responsibility, risk-taking, etc.?
Watching what products are becoming popular can help entrepreneurs identify these.
What are trends/business opportunities?
A business lowers the original selling price of a product. This is called a _____.
What is a markdown?
A customer complains that an order was printed incorrectly. Name one professional way the entrepreneur should respond.
What is apologize, listen, correct the order, offer a solution, etc.?
A business uses Canva or Adobe Express to create an Instagram graphic advertising a new product. What business function are they performing?
What is promotion/marketing?
Entrepreneurs often start businesses because they notice one of these in the marketplace.
What is a need, problem, or opportunity?
A student notices that athletes at school want personalized team hoodies and starts designing them. What helped inspire the business idea?
What is observing a customer need or trend?
The point where a business has earned enough money to cover its costs is called this.
What is the break-even point?
Copying another business's logo and claiming it as your own can create what kind of problem?
What is an ethical/legal/copyright issue?
A teen clothing company wants its brand to appeal to high school students. Name one design choice it should consider.
What are fonts, colors, images, style, messaging, etc.?
An entrepreneur starts a custom-shirt business, makes all major decisions, and keeps the profits but also accepts the risk. What major responsibility comes with entrepreneurship?
What is taking responsibility for the success or failure of the business?
Name TWO personal factors an entrepreneur should consider when deciding what type of business to start.
What are interests, skills, experience, abilities, finances, lifestyle, etc.?
A business sells 20 mugs for $15 each. How much total sales revenue did it earn?
What is $300?
A business can make more money using a cheaper material, but customers were promised a higher-quality product. What should the owner consider before making the decision?
What are ethics, customer trust, quality, reputation, etc.?
A new business has a great logo but customers do not understand what it sells. What important branding element is missing?
What is a clear message/value proposition/product information?