Business Basics
What do we call a person who starts their own business?
Who is an entrepreneur?
Why is it important for entrepreneurs to be creative?
So they can think of new ideas or solve problems in smart ways.
What is the name for the money a business makes after paying its costs?
What is profit?
What's the difference between a product and a service?
What is a product is something you an touch, a service is something someone does for you?
What does it mean to “innovate”?
What is to make something new or better?
If you sell something for $5 and it cost you $2 to make, how much profit did you make?
What is $3?
What does SCAMPER stand for?
substitute, combine, adapt, minify/maximize, put to another use, eliminate, reverse
If a lemonade stand isn’t selling well, what’s one creative thing you could do to improve it?
Answers will vary—example: add flavors, better signs, or move locations.
What do we call the group of people who might want to buy your product?
What is the target market?
What is the name for the money you use to start a business?
What is capital?
Name a real product you use that started as an invention by an entrepreneur.
Answers will vary—example: iPhone, Legos, fidget spinner, etc.
What are two smart ways to advertise your business to customers?
Answers may include flyers, social media, posters, word of mouth, etc.