Entrepreneur Mindset
This trait describes sticking with a task even when it’s difficult or takes longer than expected.
What is perseverance (grit)?
This is a promise you should not make in an ad unless you can prove it is true.
What is a misleading or false claim?
This document summarizes what a business sells, who it sells to, and how it will make money.
What is a business plan?
The 4 Ps are Product, Price, Place, and this.
What is Promotion?
A simple early version of a product made to test if customers want it is called this.
What is an MVP (minimum viable product)?
This is making a product or service that many people want.
What is product/market fit?
This refers to the net profit a company wants to make from a sale and is usually a percentage.
What is desired profit margin?
This statement (profit and loss statement) shows total revenues and expenses for a period.
What is an income statement
The ability to spot a problem and turn it into a product or service idea is called this.
What is opportunity recognition?
A business uses a customer’s photo or review. Best practice is to do this first.
What is get permission (consent)?
A short statement that explains who you serve, what you offer, and why you’re different is a ____ statement
What is a value proposition?
Money a business brings in from sales is called this.
What is revenue?
Quality control begins by creating these so you know what “good enough” looks like.
What are quality standards?
This is used to test ease-of-use and functionality before building the full product.
What is a Minimum Viable Product (MVP)?
In the selling price formula, this is how much money it takes for a business to make or obtain the product (or perform the service).
What is cost?
This is the owner’s remaining value after all liabilities have been deducted.
What is equity?
Entrepreneurs often weigh pros/cons before acting; this is the process of evaluating possible outcomes and uncertainty.
What is risk assessment?
“We guarantee you’ll get an A+” is risky because it can’t be proven and may violate this principle.
What is truth in advertising (honesty)?
This section of a plan describes who the business is trying to reach (age, lifestyle, needs, etc.).
What is the target market?
Money left after subtracting costs from revenue is this.
What is profit?
During product testing, a team reviews results and then changes the process; this step is best described as this.
What is refining/improving methods (continuous improvement)?
In the product/market fit phases, this is the stage where sales volume is high and keeps growing because customers buy and recommend.
What is the growth stage?
Selling price formula: (cost × desired profit margin) + cost. If cost = $20 and margin = 25%, what is selling price?
What is $25?
This financial report shows assets, liabilities, and equity for a specific period.
What is a Balance Sheet?
This term means being willing to adjust your plan based on feedback, failures, or changing conditions.
What is adaptability (flexibility/pivoting)?
If a business collects customer emails, it should clearly state how the data will be used; this relates to this concept.
What is privacy?
Setting specific, measurable goals like “Sell 50 units by May 1” is using this type of goal framework.
What are SMART goals?
If it costs $8 to make a product and you add a $4 markup, the price is this.
What is $12?
In product/market fit stages, the phase where sales start gaining momentum is often called this.
What is traction?
Name the stage in which an MVP is created.
What is the prototype stage?
If cost = $12 and desired profit margin = 40%, what is the selling price?
What is $16.80?
Gross income is calculated by subtracting this from income.
WHat is COGS?
An entrepreneur tests an idea quickly, learns from results, and improves. This loop is sometimes called “build, measure, learn.”
What is iterative improvement (the feedback loop)?
Choosing to do what’s right even when nobody is watching is this word.
What is integrity?
If your plan lists key costs, expected sales, and profit estimates, you’re working in this area of planning.
What is financial planning (budgeting/projections)?
A company charges $10/month instead of $120 once; this is a ____ model.
What is a subscription model?
This is the difference between a feature and a benefit: a feature is what it has; a benefit is what it ____ for the customer.
What does it do (how it helps/solves a problem)?
A business must provide quality products to maintain this, and customers avoid products that are difficult to use or prone to breaking.
What is customer satisfaction?
A business uses the desired profit margin as a percent, but must convert it to this form before calculating.
What is a decimal?
Break-even point is the amount of revenue required to cover this.
What is expenses?