Be Entrepreneurial
Someone who starts and and runs their own business is called an _________
entrepreneur
What are the steps in the Design Thinking process? You must provide them in the correct order to receive the points...
empathize; define; ideate; prototype; test
What is the profit equation?
profit = Revenue - Expenses
Which of these items are considered assets?
A. time
B. money
C. Car
Trick question! All of these are assets or useful or valuable things/tools to help you start a business!
The purpose of a ___________ is to briefly share the most important information about your business to people in an engaging way.
elevator pitch/business pitch
The state of mind that entrepreneurs live by for problem-solving and business ideas is called the ______________
entrepreneurial mindset
The ability to understand people's thoughts and feelings by looking at an issue from their perspective is called ____________.
empathy.
What makes a pop-up business different than a traditional business?
it is only open for a limited amount of time.
Which of the following is a variable expense?
A. student loan payments
B. rental payments
C. health insurance
D. groceries
D. groceries
Pete ran some numbers for a cupcake cart business idea he has. He's disappointed with the projections for how much the cart will make in the first month.
What could he do to try to improve his net profit?
- Increase his prices
- Increase the number of cupcakes he sells
- Decrease his expenses (specifically fixed)
What entrepreneurial characteristic is displayed when someone listens to customer feedback and then provides a variety of options for their customers?
A. decisive
B. persistent
C. creative
D. risk-taker
c. creative
Name one of the tools we can use in business to gather information from the end user during the empathy step.
Empathy Map
Interviews
Focus Groups
Observation
Name the 4 P's of Marketing
Product, Price, Place, Promotion
__________ is the money you earn, usually from working at a job.
income
Conducting __________________ allows you to consider who your potential customers are and what they like before deciding on marketing strategies. This can be done in the form of a survey, focus group, or one on one interviews.
market research
the positive belief that you can control your ability to learn and improve is called a _____________.
growth mindset
During which step in the Design Thinking process would you create a statement like this:
As a student, I need to have real-world examples in order to connect with what I'm learning.
Define step (Define the problem by writing a problem statement)
Which type of promotion includes hearing about a product, event or business from a friend?
Word of Mouth
All of the following are typically found in a balanced __________:
the amount you earn in income
the amount you pay in taxes
anticipated amount of expenses you need to pay for
the amount you put away in savings
balanced BUDGET
What are the four parts of a SWOT analysis? (What does SWOT stand for?)
Strengths
Weaknesses
Opportunities
Strengths
A person who identifies an opportunity to innovate in order to create value and earn additional profit within an established business is called an _________
intrapreneur
A quick model or rough draft of an idea for a solution is called a ___________________.
prototype
What is the cost per unit?
how much money a company spends on producing one unit of the product they sell.
_______________ is the money you invest in the form of supplies, marketing, legal services, and other investments to get your business up and running.
start-up capital
The features and benefits that make the product or business unique are referred to as the ____________________________ of the business.
value proposition