Finance
A written cash flow plan that helps you track income and expenses and is essential for achieving financial goals
What is a budget?
This term describes the four key elements of a marketing strategy: product, price, place, and promotion.
What is the Marketing Mix?
This question asks for the specific problem or need a business solves for its customers
what is the ''problem/solution" aspect?
This is the characteristic of successful entrepreneurs that involves believing in one's own capabilities and having personal control of their destiny.
What is self-confidence (or self-belief)?
This is the term for a customer service strategy that treats every interaction point as part of one continuous experience, regardless of the channel.
What is omnichannel support?
This type of interest, where you earn interest on both your initial principal and previously earned interest, is often described as a ''mathematical explosion"
What is compound interest?
This is the process of dividing a large, broad market into smaller, more defined groups of consumers with similar needs.
What is market segmentation?
This question requires an analysis of the business's profitability, including costs, revenue streams, and return on investments
What is ''Financial feasibility"
While others might see a roadblock, an entrepreneur with this trait is willing to embrace the unknown and potential losses in pursuit of a potential gain.
what is a willingness to take risk (or risk-taking)?
These five principles are key to a successful customer service approach: Respect, Responsiveness, Responsibility, Resolution, and Relationship-building.
What are the "5 R's" of customer service?
The federal organization that insures deposits in most U.S. banks and savings institutions up to $250,000 per depositor
What is the FDIC (Federal Deposit Insurance Corporation)
The ''5 Ws" of marketing are often used to gather information and are: who, what, where, when, and this
What is Why?
This analysis includes identifying the target audience, market size, and how a business will compete
What is a ''market analysis and competitive overview"?
When facing numerous problems, little money, and people telling them to quit, it is this emotional trait that keeps an entrepreneur going on their mission.
What is resilience (or passion, perseverance, or grit)?
This is what you should avoid using with customers to keep your communication professional.
What is jargon?
A retirement savings account where contributions are made with after tax-dollars and qualified withdrawals in retirement are tax-free
What is a Roth IRA?
A SWOT analysis is a strategic planning technique used to evaluate this analysis of the company, its competitors, and the market
What are internal and external factors?
This question focuses on the ''how-to" of the business, including its structure, daily operations, and the skills of its management team
what is the ''operations and management plan"?
This trait involves the ability to adapt to changes and challenges in the business environment, a crucial skill for long-term survival.
What is flexibility (or adaptability)?
This is an essential element of good customer service that involves timely and efficient responses to inquiries.
What is responsiveness?
Generally speaking, a higher potential reward in investing is always accompanied by this
What is a higher risk?
This type of utility is created by a business when it makes a product or service available to consumers at a convenient time and place
What is place utility?
This question addresses how a business will reach customers, what its unique selling proposition(USP) is, and how it will generate sales
What is the ''marketing and sales strategy"?
This quality involves constantly seeking new ideas and unique approaches, which helps a business stand out from the competition.
What is creativity (or innovation)?
When a customer is angry, it is important to do this to avoid taking their anger personally
What is staying professional?