Ownership and Entrepreneurship
This is one type of ownership discussed in this course
One of:
- Sole proprietorship
- Corporation
- Partnership
- Co-operatives
- Franchises
Name a type of business we discussed about in class.
One of:
- Non-profit
- For profit
- Local
- Regional
- National
- Global
What is an example of an obsolete product?
[Answer will vary]
What are the 2 Cs we discussed about in class?
Consumer and competition
What is it called when the business makes more revenue than they had costs and expenses?
Profit
This type of ownership is owned by the workers or members who buy the products or use the services that the business offers.
Co-operative
What type of business serves a social, charitable, or community purpose rather than generating profit for its members or directors?
Non-profit
What is the lowest order need Maslow's hierarchy of needs?
Physiological Needs
Name a lifestyle trend that is currently popular.
Example:
- Eco-friendly (Reusable anything)
- Eating local/organic products
- Superfoods
- Chemical free products (BPA free)
- Protein
- Work from home
- Delivery (for everything)
What si the formula for calculating profit or loss?
Profit or Loss = Revenue - Costs - Expenses
What is someone who starts a business and takes on the financial risk called?
An entrepreneur
How many workers can a small business have?
1-99 people
What is the definition of a need?
Something that is necessary for living our current lifestyle.
What are the 3 markets we discuss in class?
1) Consumer Market (B2C)
2) Business-to-Business or Industrial Market (B2B)
3) Stock Market (Shares)
How much do I profit if I earn a revenue of $200 and spend $50 on materials?
$150
What type of business is it if Mr. Tsang runs a tutoring business outside of school hours, in which he is the owner and only worker, and travels to people's homes to complete his tutoring work?
Sole Proprietorship
What are 2 things identified in the "Solution / Value Proposition" section of the business model canvas?
2 of:
- What is your product or service?
- How does it solve the problem?
- What makes your solution unique or better than what is already out there?
Which level on Maslow's hierarchy of needs do the following items go under:
- Gucci Bag
- Newest iPhone
- A Haircut
Self-Esteem
Name 2 factors that impact consumer needs and wants.
Examples:
- Personality and personal interests
- Individual abilities
- Individual priorities and values
- Individual's stage of life
- Family responsibilities
- Trends and fads (may be impacted by technology, media, businesses, the environment, ...)
What is my total expenses if I sell $100 worth of socks, rent a heat press for $20, rent a work location for $50, and buy $20 worth of yarn?
$70
What is an example of a limited partnership?
[Answer will vary]
What are the 6 sections of the business model canvas?
1) Problem / Pain Point
2) Solution / Value Proposition
3) Target Customer
4) Key Activities
5) Revenue Streams
6) Cost Structure
What is the order of needs in Maslow's Hierarchy of Needs from lowest to highest?
1) Physiological Needs
2) Safety and Security
3) Love and Belonging
4) Self-Esteem
5) Self-Actualization
What does it mean when we say: "Competition gives power to the consumer" ?
Competition allows consumers to have choices, which keeps prices low, keeps products and services better quality, and encourages innovation.
What is the profit/loss if I sell 10 backpacks prices at $30 each, buy 40 iron on patches that cost $2 each, and rent a space that costs $100?
$120 profit