Entrepreneurship
Name 1 out of the four types of entrepreneurs
1. Small businesses
2. Scalable startup
3. Social Entrepreneurship
4. Intrapreneurship
Ability to see what is needed in the future interests of a business
Vision
In accounting, the term "ROI" is often used to describe the financial performance of an asset. ROI stands for "return on" WHAT?
Investment
What are the internal factors of a SWOT analysis?
Strengths and Weaknesses
The hospitality and travel industry accounts for ___ out of every ten employment opportunities.
What are the two big keywords of being an entrepreneur?
Risks and opportunities
One strategy for assessing business operations is using SWOT analysis, which stands for Strengths, Weaknesses, __, and Threats.
Opportunities
Generating money with minimal effort is often referred to as __, which is common with side hustles such as music streaming, content creation, etc…
Passive Income
Statistics about age, gender, income, ethnicity, education, occupation, etc. are called...?
Demographics
The hotel and tourism industry take up about how much percent of worldwide GDP?
10%
Name 2 out of the 5 main characteristics an entrepreneur needs to have
Positive mental attitude, creative mindset, persuasive communicative ability, intrinsic motivation and drive, Tenacity/ability to learn from failure
What is the "N" term for preferential hiring of relatives and friends even though others might be more qualified for a specific position?
Nepotism
Difference between fixed and variable expenses
Fixed expenses that stay the same every month, variable expense are expenses that change every month
What are the 4 P's of marketing?
product, price, place, promotion
What is the average room rate for a Hotel in the US?
$120 per night
Who is considered the most successful entrepreneur in 2022.
Elon Musk
What is the common five-word business rule or maxim that has been attributed to consumer-focused entrepreneurs such as H. Gordon Selfridge and John Wanamaker?
The customer is always right
What financial services company is the largest issuer of credits cards in the U.S.? We're not looking for a bank here.
Visa
Companies that sell similar products are all part of a...?
Market Share
As of 2022, the overall growth in the travel and tourism industry is___%
15%
Name 4 of the 12 parts of the lean canvas model
Problem, Existing Alternatives, Solution, Key Metrics, Unique Value Proposition, High Level Concept, Unfair Advantage, Channels, Customer Segments, Early Adopters, Cost Structure, Revenue Streams
This management approach requires leaders to adapt to changing circumstances
Contingency Approach
Give an example of a number in each of the credit score brackets (bad, fair, good, excellent)
bad - 300-629 , fair 630-689, good 690-719, excellent 720-850
What does STP stand for?
Segmentation, Targeting, Positioning
The Royal Penthouse suite of Hotel President Wilson in Geneva is considered to be the most expensive hotel room in the world. How much does it cost to stay here per night?
$61,000-$84,000 a night