Business Basics
What do we call a person who starts their own business?
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?
profit
What's the difference between a product and a service?
a product is something you an touch, a service is something someone does for you
What does it mean to “innovate”?
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?
$3
Name a famous entrepreneur and their business.
Mr. Osama
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?
target market
What is the name for the money you use to start a business?
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.
What is the difference between creativity and innovation?
creativity is coming up with new ideas, innovation is the use or the improvement of new ideas
Name a recent innovation that changed the market.
answers will vary
Name a well-known creative thinker.
Mr. Osama