Entrepreneurship & Innovation
What is entrepreneurship?
Building a business to solve a problem, meet a need, or add value.
What’s the difference between a fixed and a growth mindset?
Fixed = “I can’t.” Growth = “I can learn.”
What is a gap analysis?
A tool that compares what exists vs. what people need to find opportunities.
What are start-up costs?
One-time expenses before launching a business.
Three important tips to keep in mind when creating a business logo
Keep it simple, Make it fit your vibe, Make sure it still looks good in black and white.
What’s one common myth about entrepreneurs?
That they need lots of money, never fail, or always work alone.
What’s the 3-step formula to rewire your mindset?
Catch it → Challenge it → Change it.
What was the “gap” Netflix saw that Blockbuster didn’t?
Convenience: people wanted movies anytime, no late fees.
What are operating expenses?
Monthly costs like rent, salaries, marketing, and utilities.
How long do users give a post before deciding to move on?
1.7 seconds
What percentage of businesses fail within the first year?
About 20%.
What does neuroplasticity mean?
Your brain can rewire and change through new thoughts and habits.
What do people pay for products or solutions?
Solutions.
What’s the formula for profit?
Profit = Revenue – Expenses.
In color psychology, purple evoke what emotions?
Luxury & creatvitiy
Why is passion more important than money when starting a business?
Because passion drives persistence, money is the result, not the reason.
What is confirmation bias?
Your brain looks for proof of what you already believe.
What are 3 ways to research your target audience?
Surveys, interviews, focus groups.
What is the break-even point?
When revenue equals expenses — no profit, no loss.
Percentage of customers more likely to recommend a business that interacts with them online.
71%
What do all successful businesses have in common?
They solve a real problem or “fill a gap” in people’s lives.
What part of your brain filters what you notice and focus on?
Reticular Activating System (RAS).
What is a buyer persona?
A detailed profile of your ideal customer (age, interests, needs, behaviors).
What team member is responsible for making sure day to dsy tasks are getting done properly and effectively?
(COO) - Chief Operations Officer
Must have Instagram profile checklist
Professional profile photo, catchy and informative bio, consistent colors/branding, updated highlight covers, they show their face