Chapters 1&2
What is entrepreneurship?
creating and managing ventures to earn profit while taking financial risks.
an idea becomes an opportunity when people are willing to pay for it and willing to invest your _________________
TIME
why do brands/businesses need a logo? list 2 reasons
•Creates recognition
•Builds trust and professionalism
•Makes businesses memorable
•Separates you from competitors
•Appears on products, websites, and social media
Which pricing strategy sets their prices high to reflect the products superior quality, exclusivity, and brand prestige?
Premium Pricing
how does traffic affect a location selection for your business?
better visibility= more customers!
list 2 reasons why entrepreneurs matter
1. economic growth
2. job creation
3. drive innovation
4. address social impacts like improving education or sustainability for the area
What was the name of the guest speaker who does mobile car detailing?
Ayden Mikos
How do colors influence customers?
1. They create an instant emotional response People make quick judgments when they see a brand. Colors help set the mood.
2. make a business memorable
3. increase trust
4. influence buying decision
What were the names of the two owners of Morse Junk Removal?
Gavin and Kaden Morse
What is Connie D'Angelo's real name? Spelled correctly and must be able to pronounce it!
Concetta (con-chet-ta)
what does competitive advantage mean?
A unique capability that helps you stand out among your competitors
what is a mission statement?
explains your purpose, what it does, who it serves, and the value it creates.
which color gives off trust, reliability, and professionalism?
BLUE
Which pricing strategy offering products at a low price by minimizing production and marketing costs.
Economy pricing
what are some things to consider, (cost-wise) when looking for a location
the cost of rent, property taxes, your utility bills, any maintenance fees
list 4 different traits entrepreneurs should have
persistent
creativity
adaptability
responsible
accountable
goal-oriented
confident
independent
enthusiastic
what was the name of the owner of Wholly Loaves
Kim Lefebvre
what color represents excitement, energy, and urgency?
Red
what is the difference between Economy pricing and penetration pricing?
Economy pricing: offering products at a low prices by minimizing production and marketing costs
penetration pricing: selling a low initial price to attract customers
List the 4 target market segmentations
1. Demographic
2. Geographic
3. Psychographic
4. Behavioral
how can supply and demand impact entrepreneurs
Understanding supply and demand helps entrepreneurs make pricing, production, and market decisions.
list the 5 different markets entrepreneurs usually get into
1. Home-based
2. offering a service
3. Internet business
4. "Green" business
5. Non-profit business
List 4 businesses that are the color PURPLE (sports teams work too but only use ONE)
1. Yahoo
2. Cadbury Eggs
3. LA Lakers
4. FedEx
5. Hallmark
6. Welch's
7. Taco Bell
8. Roku
9. Baltimore Ravens
What document outlines the goals and operations of a business plan?
why is it sometimes beneficial to be near your competitors?
it attracts customers to your business! it gives the customers more options, and it can help your business become known