Category 1: Business Basics
A person who starts and runs their own business while taking financial risk.
Who is an entrepreneur?
This refers to the group of customers a business is trying to reach.
What is a target market?
The money needed to start or grow a business.
What is capital?
A simplified version of a product used to test an idea with customers.
What is a prototype?
A business owned and operated by one individual.
What is a sole proprietorship?
This includes product, price, place, and promotion.
What are the 4 Ps of marketing?
This financial document tracks money coming in and going out of a business.
What is a cash flow statement?
This describes a business’s plan for making money.
What is a business model?
Money a business earns from selling products or services.
What is revenue?
This process gathers information about customers and competitors.
What is market research?
The point where total revenue equals total costs.
What is the break-even point?
This occurs when entrepreneurs identify a problem and create a business solution.
What is opportunity recognition?
Money left after all expenses are paid.
What is profit?
This strategy encourages customers to remember a company through logos, colors, and messaging.
What is branding?
This measure shows how much profit a company makes compared to its revenue.
What is profit margin?
This strategy focuses on entering a market with a unique or improved product.
What is innovation?
This document explains a business’s goals, strategy, operations, and finances.
What is a business plan?
This occurs when businesses study their competitors to improve their own strategy.
What is competitive analysis?
This type of investor provides funding to startups in exchange for ownership shares.
What is a venture capitalist?
This presentation format is often used to convince investors to fund a startup.
What is a pitch (or pitch deck)?