Category 1
An individual who undertakes to start and run their
own business or with the intention of making a profit.
Entrepreneur
One individual is responsible for ALL debts and profits with no protection
Sole Proprietorship
Individuals or companies interested in a particular product or service, and willing and able to pay for it
Target Market
Amount of money requested or exchanged for a product
Price
Costs such as materials and hourly labor that change based on how much a company produces
Variable Cost
Valued labor trait where an individual behaves like an
entrepreneur to solve problems within an organization.
Intrapreneur
a business structure in the U.S. that protects its owners from personal responsibility for its debts or liabilities
Limited Liability Company (LLC)
Groups of customers within a large market who share common characteristics
Market Segments
Activities involved in getting a product or service to the end user
(sold online, in store, delivery, etc.)
Place
Costs that someone must pay to upfront when starting a business (licensing fees, equipment, etc.)
Start-up Costs
The belief that who you are — your talents, habits and potential — can be developed and improved over time.
Growth Mindset
organizations that support entrepreneurs (SBDC, SBA, SCORE, GOED)
Nonprofits
Data that describe a group of people in terms of their tastes, opinions, personality traits, and lifestyle habits
Psychographics
The most important of the 4 P's
Product
The Law of Supply states that as price increases, supply does what?
Increases
When people’s needs and wants are unlimited but the resources to meet those needs and wants are limited
Scarcity
The state of being responsible for something, especially by law.
Liability
Data that help you determine where your potential customers live and how far they will travel to do business with you
Geographic Data
Process of communication with customers Used to inform, persuade, and remind about products, their price, and where they can be purchased
Promotion
The Law of Demand states that as price increases, demand does what?
Decreases
Having a desire to know or learn more and to take action on that desire
Inquisitive
Form of business that is separate from its owners but has the legal rights of an individual
Corporation
Data that help you determine how often potential customers use a particular service
Behavioral Data
The 4 P's of Marketing (must get them all)
Price, Product, Place, Promotion
Costs that don't change based on production
Fixed Costs