Break-Even Point
The amount the customer will pay for a product or service.
What is the unit price?
The four main types of business ownership
What are Sole-Proprietorship, Partnership, Corporation, & Co-operative?
What is a need?
The time and place these pitches are most commonly delivered (also how they got their name)
The two main types of Marketing Research questions.
What are open-ended and close-ended?
All of the costs associated with producing your first product or providing your first service.
What are fixed costs?
The hybrid form of business ownership.
What is franchising?
These add comfort and pleasure to our lives, but are not necessary for survival.
What are wants?
The main purpose for delivering an elevator pitch.
What is to raise money?
Organizing, directing, and controlling are examples of this.
What are entrepreneurial skills?
The costs associated with producing one additional unit or providing one additional service.
What are variable costs?
What is a corporation?
It is tangible.
What is a good?
Elevator pitches begin with this - something your listener can unfortunately relate to.
What is a pain statement?
Perceptive, imaginative, and self-confident are examples of this.
What are entrepreneurial characteristics?
When we know our projected sales, we can also calculate these 3 values.
What are Total Revenue, Total Costs, & Profit?
A business that is owned and operated by Federal or Provincial government.
What is a Crown Corporation?
It is a process that is provided.
What is a service?
The explanation of how your product or service solves the problem identified in the pain statement.
What is the unique value proposition?
What is a dividend?
Additional reasons we calculate Break-Even (other than to figure out when we will recover our Fixed & Variable costs).
What are setting the price, optimizing fixed & variable cost combinations, & evaluating the attractiveness of opportunities?
The LL in LLC or LLP.
What is limited liability?
Buying a cup of coffee from Tim Hortons.
What is a good & a service?
Your elevator pitch must be this, so that nobody can argue or dispute.
What is irrefutable?
The parent company in a franchise is known as this.
What is the franchisor?