What It Takes
In entrepreneurship what is an Idea
A concept that can be used for financial gain
Who is the founder of Sandals Resorts
Gordon Butch Stewart
What is a very important factor when starting a business
location
Give an example of a reward
prizes, money, a service, a product, etc.
Refers to the money flowing in and out of a business.
cash flow
What are three characteristics of an entrepreneur
Determination, Hardwork, Perseverance , Leadership, etc.
Who is the founder of Super Clubs Resorts
John Issa
What are the factors of production
Land, Labor, Capital
As an Entrepreneur, you control your ________
wage, hours, business, employees, etc.
What is Idea Generation ?
the process of generating, developing and communicating new business ideas
Entrepreneurs must know what to sell. What two things can businesses sell
a product and/or service
Who is the founder of Microsoft
Bill Gates
Give one advantage when starting a sole Trader business
very little government regulation
What is a risk
a gain, loss, or failure; bankruptcy, etc.
A group of customers a business chooses to focus its marketing efforts on.
Target Market
What are the stages that a business goes through
expansion, recession, depression, recovery; (the business cycle)
Who created Facebook
Mark Zuckerberg
Give another name for a sole trader
Sole Proprietor
What is the amount of money a one puts into a business called
Capital
A sentence that describes what your business aims to achieve in the long term.
Mission Statement
Name three important thing an entrepreneur should know before starting a business?
regulations, the economy, the market, etc.
Who is the founder of Apple Inc
Steve Jobs
What is market market segmentation
market segmentation is the practice of dividing your target market into groups
This business is owned and operated by two or more persons
Partnership