General Info
True or False?
Some of our most innovative inventions have come from entrepreneurs?
True
30 out of 150 people responded to a survey which is _____ percent.
What is 20%?
True or False?
When analyzing where to put your new store one of the most crucial things to consider is what your competitors charge.
What is False?
True or False?
Many times surveys are used to help business owners get information about their product or service.
What is "true"?
After one semester at Reed College in Oregon, this entrepreneur dropped out of college. He then backpacked through India and experimented with psychedelic drugs, which he claims helped breed his company’s counterculture and free spirit.
Who is Steve Jobs / Apple?
This organization is there to help and support small businesses.
What is the SBA or the Small Business Association?
Using cost based pricing your retail price should be _______ if you wish to mark it up 25% above the wholesale cost of $42.50.
What is $53.13?
Market research is conducted by asking your potential _______________ their preferences and habits.
What is "customers"?
Data gathered for the first time for a specific purpose.
What is primary data?
Worth an estimated $80 billion, he is the most successful college dropout in the world after leaving Harvard in 1975 to begin a company with his good friend. Since then he has publicly said, “Although I dropped out of college and got lucky pursuing a career ins software, getting a degree is a much surer path to success.”
Who is Bill Gates / Microsoft?
These are two benefits of owning your own business.
What are: making your own hours, having creative control, making more money, doing what you're passionate about, making the world a better place?
You're deciding on your hourly rate for your plumbing business and market research indicates that if you're 10% below the area average that you should do well.Three local plumbers charge the following per hour: $100, $120, $135
Your hourly rate should be _________.
What is $106.50?
Walgreens would be considered "indirect competition" for a candy store because _______________.
What is "they sell candy but also sell other things too."?
Some avenues that companies can use to market their product or service. (Name at least 2)
What are: social media (Twitter, FB, TikTok), commercials, newspapers / magazines, flyers, word of mouth?
He is the world’s most influential animator and his company holds the record for the most awards and nominations for animating. What most people don’t know is that this entrepreneur dropped out of high school at age 16!
Who is Walt Disney / Disney?
These are two drawbacks (cons) of owning your own business.
What are: low chance of success, financial risks, increased stress/ anxiety, long work hours / huge commitment?
You plan to be at least 5 miles (straight line distance) from your nearest competitor. Your drive there via a route that forms 2 legs of a right triangle. If the legs are 4 miles and 3.5 miles are you far enough away?
(Show your work!)
Yes
(4^2 + 3.5^2 = 16 + 12.25 = 28.25)
Square root of 28.25 > 25 or 5^2
This is what SWOT stands for and it is useful for this.
What are strengths, weaknesses, opportunities and threats?
What is analyzing a business opportunity?
These are the 4 "P" s of marketing.
What are price, promotion, product and place?
This entrepreneur was born in rural poverty and worked hard to earn a full scholarship to Tennessee State University, where she earned a bachelor of arts degree in communication. She’s built her empire through her production company, talk show, magazine and dedicated cable channel.
Who is Oprah Winfrey?
These are two things you can do differentiate your product or service.
What are: offer unique options that don't already exist (unique improvement upon the product), offer superior service, components, ingredients, better warranty / guarantee, better price, cross promotion with another company or product, market in a specialized way?
The break even point when you have fixed costs of $5,000 and variable costs of $2 per unit and charge $10 per unit is __________.
What is 625 units?
You're considering buying a lawn care business and your research indicates that demand is projected to go from 900,000 to 990,000 customers and that the available workers are projected to go from 90 to 110.
Which is projected to grow faster (demand or supply) and by how much?
Supply is projected to grow more (by 22.2%) versus demand at 10%.
In Shark Tank entrepreneurs are sometimes asked about what is costs them to attract new customers. This is called the _______________.
What is the "customer acquisition cost"?
This entrepreneur was locked in a race to space this summer with Jeff Bezos and & he won! In addition to space travel, this entrepreneur has successful companies that operate in the music and entertainment industries, cruise and airline industries. He dropped out of school at age 16 to start his first business, Student Magazine.
Who is Richard Branson / Virgin Companies?