4 D's and P's
What does it mean to have a "doable" business/product?
It means you can achieve your goals and it is realistic
What is budgeting?
Making sure you stay withing a set amount of money, to save
What is "empathy?"
Having care or sympathy for others
What is airbnb?
An accommodation company that is based on renting out people's homes
What are some factors that affect demand?
Income, location, trends etc.
What are some ways you can promote your business?
Flyers, social media, word of mouth, cards, ads, commercials
What is profit?
The total amount of money a business takes home, after expenses
What is an Entrepreneur?
Someone who makes a business
What is a target audience?
The group of people you are directing your business at
What is a pitch?
A speech where someone attempts to "sell" people on their business
What are the 4 D's?
Different, doable, dynamic and desirable
What is revenue?
The total amount of money a business earns
What is supply and demand?
How much of a good a consumer is willing to buy and how it is priced
What is a complemetary good?
Goods that are usually bought together
What qualities make up a good entrepreneur
Drive, empathy, care, determination, intelligence, focus
What are the 4 P's of marketing?
Place, Product, Price, Promotion
What are 2/3 of the things people must consider when pricing items correctly?
Labour costs, Recipe cost, Profit gained
What is a consumer?
Someone who buys an item
What is a substitute good?
A good that can be swapped with another
What is the purpose of using emotional music in advertisements?
To illicit a feeling and encourage people to buy a product/donate
What does it mean to make your business "dynamic?"
It means it can be changed/adapted, it works with the rest of your ideas etc.
What are the dangers of under and overcharging?
Under: hurts your profit/people will question the quality
Over: less customers/food costs too high
What does it mean to ideate?
To brainstorm and come up with an idea
When did taco trucks emerge?
1970s
What is a stakehold?
any individual, group, or organization that has an interest in, is affected by, or can influence the outcomes of a project, organization, or decision.