Business Basics
A person who starts, organizes and runs a business while taking on financial risks.
What is an entrepreneur
A written document outlining a company's goals and how it will achieve them.
What is a business plan?
What are the 4 p's?
The product, the price, the place & promotion
Total money earned fom sales before expenses
What is revenue?
Musk founded this space exploration company in 2002.
What is SpaceX?
A tangible product
What is a good
Gathering and analyzing information about customers, competitiors and the market.
What is market research
Creating a unique identity for a business, including name, logo and reputation
What is branding?
The money left after expenses are subtracted from revenue
What is profit?
Jobs was fired from Apple in this decade before returning triumphantly.
What is the 1980s?
Term for money needed to start/run a business.
What is capital.
Used to identify strengths, weaknesses, opportunities and threats
What is a SWOT analysis?
When customers consistently return because they trust and value a business.
What is customer loyalty?
Costs that change with changes production
What is a variable cost?
Oprah is known as the first African American woman to achieve this financial milestone.
What is becoming a billionaire?
A short description of a company's purpose and goals
What is a mission statement
Promotion to everyone
What is mass marketing?
Selling the same or very similar products
What is direct competition?
The point where reveune equals costs-no profit or loss
What is the break-even point?
Disney received more of these awards than anyone in history.
What are Academy Awards (Oscars)?
This business uses surplus funds to support a mission rather than paying owners
What is a nonprofit.
Benefit a business promises to deliver to customers
What is a value proposition?
Another name for bootstrap marketing
What is guerilla marketing?
The money moving in and out of a business
What is cash flow?
This entrepeneur invented the Segway
Who is Dean Kamen