Business Basics
 What is a business?
An organization that sells goods or services.
What do you call money a business earns?
Revenue/income.
What is an advertisement?
A message used to promote a product or business.
What is an entrepreneur?
Someone who starts and runs a business.
What is a business idea?
An idea for a product or service to sell.
What is a customer?
A person who buys a product or service.
 What is a cost?
Money spent by a business.
What is a logo?
A symbol or design representing a business.
What does an entrepreneur do?
Creates ideas, takes risks, and manages a business.
Why do businesses need a plan?
To organize goals and decide how the business will work.
 What is a product?
Something a business sells.
What is profit?
Money left after costs are paid.
 What is a target market?
The specific group of customers a business wants to reach.
What is a risk?
The possibility of losing money or failing.
What is a business plan?
A document explaining how a business will operate and make money.
What is a service
Work someone does for a customer.
What happens when costs are higher than income?
The business loses money.
Name one way to advertise a business.
Social media, TV, radio, flyers, websites, etc.
 Why is creativity important to entrepreneurs?
It helps create new products and solve problems
What does a business need to sell a product?
Customers, a product/service, money, and a way to sell it.
 What makes a business successful?
Good planning, customers, quality, and making a profit.
 If you make $1,000 and spend $700, what is your profit?
$300
 Why is knowing your customers important?
It helps a business know what people want to buy.
What is one quality of a successful entrepreneur?
Hardworking, creative, confident, responsible, or willing to take calculated risks.
What is one thing you should research before starting a business?
Customers, competitors, prices, demand, or the market.