Entrepreneurship & Business Concepts
This legal structure has one owner and offers no liability protection
What is a sole proprietorship?
This group of customers a business chooses to focus on.
What is a target market?
The first step of the sales process.
What is prospecting?
This process reduces costs by redesigning product components.
What is value engineering?
This document shows profits, losses, revenue, and expenses.
What is an income statement?
This person is responsible for day‑to‑day operations within a company.
Who is the COO?
First‑hand research like surveys and interviews is called this.
What is primary data?
This channel involves brick‑and‑mortar stores.
What is a physical sales channel?
This research must be completed before offering a service.
What is finding customer needs?
This financial report lists assets, liabilities, and equity.
What is a balance sheet?
This document outlines customers, concepts, and capital.
What is a business plan?
This statement explains why a customer should buy from your company.
What is a value proposition?
This part of the sales process addresses customer concerns.
What is the objection step?
Checking sample products for defects is part of this.
What is a quality testing method?
Rent and insurance are examples of this type of cost.
What are fixed costs?
These agreements prevent employees from revealing trade secrets.
What are confidentiality or non‑disclosure agreements?
This marketing method places ads at the top of search engine results.
What is pay‑per‑click advertising?
This type of channel requires shipping costs.
What is a digital channel?
This phase marks when sales begin increasing significantly.
What is the traction stage?
Assets minus liabilities equals this.
What is equity?
In design thinking, this stage involves deeply understanding customer needs.
What is the empathize stage?
This tool analyzes strengths, weaknesses, opportunities, and threats.
What is a SWOT analysis?
This describes any method used to reach customers and deliver products.
What is a sales channel?
This stage in the business life cycle begins when a company starts generating consistent income.
What is the survival stage?
Selling a product for $6 with costs of $4 produces this profit.
What is $2 gross profit?