Spring Expo
When is the Spring Expo?
May 9th
How do you calculate profit?
Revenue-Expenses=Profit
What is marketing?
Everything you do to promote your business; from the moment you conceive the idea to the point at which customers buy your product or service and for the entire existence of the business or organization.
What is a sole proprietorship?
Business owned and usually operated by one person who is responsible for all of its debts and assets
What is an entrepreneur?
“A person who has possession of an idea or enterprise and assumes significant accountability for the inherent risks and the outcome.”
“An entrepreneur is someone who creates value by offering a product or service."
What is one thing you are required to have at your booth?
Banner
What is break even?
Break-even is the point at which the amount you make through sales (revenue) equals the amount you spent to get those sales (costs).
Revenue=Costs
What is a target market?
A target market is the group of people most likely to purchase a specific product or service.
What does LLC stand for?
A limited liability company (LLC) blends partnership and corporate structures. You can form an LLC to run a business or to hold assets. The owners of an LLC are members. LLCs protects its members against personal liabilities.
What percentage of businesses fail within five years?
50%
What is the banner dimension size?
29inx15in
Your cost of goods sold is $5. You want to make a 20% profit margin.
What would be the price of your product?
$6
Is having a logo, marketing?
It's actually branding.
Name 4 characteristics of an entrepreneur.
What college is the simulation game you are all playing from?
Wharton School of the University of Pennsylvania
How much cash/change do we recommend each of you all to bring?
at the very least $30 in change
What is revenue?
Total Sales
What are two of the four P's of marketing?
Product
Promotion
Place
Pricing
What is equity financing?
Gives % of control/ownership of the business
Draw Simon Sinek's Golden Circle
x
What time is set up?
4pm
List 3 examples of startup costs for a barbershop/salon with no employees.
Sample answers:
1. Utilities/Rent
2. Chair/Furniture
3. Tools/Hair Products
4. Marketing
5. Legal/Licenses
If I wanted to advertise my cool new toilet plunger for people with arthritis, where would I position my ad campaign?
Newspaper/Print
Radio/Tv
Name 5 categories in the Business Model Canvas.
Problem
Solution
Key Metrics
UVP
Unfair Advantage
Customer Segment
Channels
Cost
Revenue
You have 1 minute to prepare a 60-second elevator pitch.
Topic: Toilet Plunger with a splash guard
x