Entrepreneurship
A person who starts and runs a business
What is an entrepreneur?
The relationship between how much is available and how much people want
What is supply and demand?
What are the 4 Ps?
The four elements: Product, Price, Place, Promotion
Total money earned by a business
What is revenue?
A document outlining goals, strategies, and finances
What is a business plan?
One major benefit of being your own boss
What is independence?
A type of competition when two companies sale different products, but satisfy the same needs.
Indirect
The specific group a business wants to reach
What is a target market?
Money left after expenses are subtracted
What is profit?
The section written last but placed first
What is the executive summary?
A major risk entrepreneurs face when starting a business
What is financial risk?
A type of competition when two companies sale the same thing.
Direct
What is the difference between primary and secondary data?
Primary data is firsthand information collected by you for your specific research, while secondary data is existing information collected by others for different purposes.
Final earnings after all expenses
What is net income?
The section that analyzes competitors and customers
What is market analysis?
The ability to recover from failure and keep going
What is resilience?
What are the four economic systems.
Market, command, mixed, and traditional systems
List the 7 stages of the Sales Process.
Prospecting, Preparation, Approach, Presentation, Handling Objections, Closing, and Follow-up
Ownership value in a company
What is equity?
The section explaining how the business will operate daily
What is the operational plan?
The process of developing new ideas to solve problems
What is innovation?
Difference between fixed and variable cost.
Fixed costs remain constant regardless of production volume (e.g., rent, salaries), providing stable, predictable expenses, while variable costs fluctuate directly with production levels or sales volume (e.g., raw materials, shipping), offering flexibility
List the 5 stages of the design thinking process.
Empathize, Define, Ideate, Prototype, and Test
The point where total revenue equals total costs
What is break-even?
The section that includes projections and funding needs
What is the financial plan?