Entrepreneur Basics
What is an Entrepreneur?
A person who starts and runs their own business
Who is the founder of Microsoft?
Bill Gates
What is the name for a product or service offered by a business for sale?
A good or a service
What is a logo?
A symbol or design that represents a company or product.
What should you do if your product isn’t selling well?
Change your marketing strategy, improve the product, or lower the price.
What is a business plan?
A written plan that describes the goals of a business and how to achieve them.
Who started the company that became known for iPhones and iPads?
Steve Jobs (Apple)
What is profit?
The money a business makes after all expenses are paid
What does “target audience” mean?
The specific group of people a business aims to sell its product to
What should you do if you run out of money for your business?
Seek investment, take out a loan, or cut costs.
What is the word for the money you need to start a business?
Capital
What entrepreneur is famous for creating Tesla and SpaceX?
Elon Musk
What is the word for customers who keep coming back to your business?
Repeat customers or loyal clients
What is advertising?
A way of promoting your product to potential customers
What should you do if customers don’t like your product?
Get feedback and improve the product based on their suggestions
What is a startup?
A new business in its early stages of development.
Who founded Amazon?
Jeff Bezos
What do you call the price people are willing to pay for a product?
Market price
What is the process of getting people to recognize your business and products called?
Branding
What should you do if your business is losing money?
Review expenses and revenue to find ways to save money or increase sales.
What is a pitch in business?
A presentation to potential investors to convince them to invest in your business.
This entrepreneur started their own fashion and beauty business, Fenty, while also being a famous musician.
Rihanna
What is the term for when a company works with another company to create a product together?
A partnership or collaboration
What social media platform is most popular for businesses to post pictures of their products?
What should you do if your competitor is selling a similar product for a lower price?
Differentiate your product, add value, or offer better customer service