Business Basics & Money
This is a person who buys things.
Consumer
Which two books did Ignatius agree with during his recovery?
The Life of Christ and the Lives of the Saints
If you are building your product prototype, why are the scissors and ruler considered capital resources, while the paper and tape are consumable resources?
Because the scissors and ruler are reusable and don't disappear when you build the product, whereas paper and tape get used up/gone forever once the product is made
Who ended up investing in Cassidy's product?
Lori
Why is trying to market your brand-new video game to "everyone in the entire world" usually a bad marketing strategy?
Because different groups (target audiences) have different interests, and your marketing message needs to be focused on the specific people most likely to buy it (like gamers).
This is a person who takes a risk to start their own brand-new business.
Entrepreneur
How old was Ignatius when he went to work for the Spanish royal family? By 30, what role did he take on in the military?
He was 16 when he went to be a page for the royal family. He took on the role of an officer.
A Shark asks: "How much does it cost you to make one unit of your product?" Why is it incorrect to include the cost of your 3D printer in this specific answer?
Because a 3D printer is a capital resource (a one-time, reusable purchase), not a consumable ingredient that is used up in a single product"
Which two sharks ended up investing in the Shovel?
You are designing an ad for a new premium dog food. Your notes say you must answer the "Three Golden Questions of Marketing." What are those three questions?
Who is this for?
Where do they hang out?
Why do they need it?
You pay a tutor to help you study, or you pay a mechanic to fix your delivery van. Why are these classified as services instead of goods?
Because they are work or actions done for you rather than a physical object you can touch and keep.
Which battle did Ignatius fight in that injured his legs, and who was the battle against?
The Battle of Pamplona. Spanish vs. French.
Why do economists classify a factory building as a capital resource rather than a natural or consumable resource?
Because it is a permanent, man-made structure designed to be reused over and over to manufacture goods
We watched three Shark Tank clips during the lesson portion of class. Which product did not receive funding from the Sharks? (You must use the exact name.)
Analyze the Nike slogan: "Just Do It." Which of the three slogan design rules does it use most effectively, and what emotion does it spark in a consumer?
It keeps it short (under 5 words) and sparks an emotion of motivation, action, or determination.
You want to buy a laptop for your business but don't have money. You trade your extra cardboard boxes to a teammate in exchange for their spare tablet. What economic system did you just use, and what is its main rule?
Barter
When and where was Saint Ignatius of Loyola born?
1491 in the Loyola district of Spain.
A bakery’s head pastry chef (human) quits. At the same time, their giant commercial oven (capital) breaks down. Which resource loss is harder to replace quickly, and why?
What is the head pastry chef (human resource), because finding someone with that specific creative skill, work ethic, and brainpower takes more training and time than simply buying a new oven from a store.
What was the name of the product that Cassidy sold on SharkTank?
BabyToon
You want to market a high-end, luxury water bottle that keeps ice frozen for 72 hours. It costs $60. Who is your target audience, and where should you put your advertisements to reach them?
Hikers, athletes, or outdoor adventurers (who need ice-cold water for long periods and have money). Ads should go on outdoor trails, sports complexes, fitness YouTube channels, or gym websites.
You make customized phone cases. You sell 10 cases for $15 each. Your total expenses for materials were $50. How much profit did you make in total, and how much profit did you make per phone case?
$100 in total profit (10 x $15 = $150 revenue; $150 - $50 = $100 profit) and $10 of profit per case ($100 / 10 cases)
How many friends helped Ignatius create the Society of Jesus? Where did they meet?
Two friends! They met at the University of Paris.
You run a gourmet lemonade stand. You buy a high-tech electric juicer (capital) for $100 and ingredients (consumables) for $50. If you only have enough lemons to make 10 cups, what is the major bottleneck in your business's resources?
A shortage of Consumable Resources (the lemons). Having great capital (the juicer) is useless if you don't have enough raw materials to feed into it.
During a pitch, a Shark says: "I like your product, but I think your competitor’s product is much cheaper." Which of the "Three Golden Questions of Marketing" must your pitch team use to answer this objection, and how?
"Why do they need it?"
A slogan is described as a "sticky note in someone's mind." What is the psychological term for why we use rhyming or rhythm (like "It's Nerf or Nothin'!") to achieve this?
Memory Shortcut (or pattern/cognitive recognition—accept "brain pattern/rhythm memorization")
Explain how a change in the price of consumable resources (like wood becoming twice as expensive) directly impacts an entrepreneur's profit margin if they keep their selling price the same.
It raises their expenses, which shrinks their profit margin (making them less money per sale) unless they raise their product's price
How many siblings did Ignatius have?
12 siblings. He was the youngest of 13.
Imagine your team invents a new toy. You need to pitch the Sharks for $5,000. Write an argument justifying why you need that cash for a capital resource instead of just buying more consumables.
Multiple answers accepted.
A Shark offers you $100 but demands that you spend all of it on buying a shiny new desk for your office (Capital). Explain why this might be a bad deal if your business currently has zero inventory (consumables) to sell.
Because a fancy desk (capital) does not help you produce goods if you don't have the basic raw materials (consumables) needed to manufacture the product and make sales.
You have created a fantastic ad with a hilarious video (The Hook) and clear details on how your product solves a problem (The Solution). However, your sales are zero because you forgot the Call to Action (CTA). Explain how the lack of a CTA ruins a perfect ad.
Because even if customers love the ad, they do not know what to do next (like where to buy it, how to order, or what website to visit) to actually purchase the product.