Key Terms
A person with a business mindset is known as this.
What is an entrepreneur?
Who is Bill Gates?
The first thing an entrepreneur looks for when trying to start a business.
What is 'a problem?"
Fill in the blanks: An invention is best described as creating something _______ ____.
What is entirely new?
'Liquid Death' Water is an example of a business changing this about regular water bottles.
What is 'Packaging'?
The term for when more money is earned than is spent.
What is "profit/profitable"?
This entrepreneur owns and operates a space exploration business and wants to send humans to Mars by 2029.
Who is 'Elon Musk'?
This trait is necessary for entrepreneurs who plan on managing a team of employees.
What is leadership?
Before Thomas Edison invented the lightbulb, people used this as a light source.
What is fire/candles/torches?
Innovating commercials, billboards, or promotions is an example of changing which business strategy?
What is "Marketing"?
Improving or creatively changing an existing idea.
What is "innovation"?
This Dr. is not a real doctor, but is instead known for his innovative headphone business.
Who is Dr. Dre?
An entrepreneur must be brave and willing to take a ______ when starting a business.
What is a 'Risk'?
This sport that was first officially played in Toronto was invented by the Canadian James Naismith.
What is basketball?
Innovation requires entrepreneurs to look at what similar businesses are doing to try and get an advantage, this process is known as what?
What is competition?
Term for the group/demographic a business focuses on selling to.
What is 'Target Market'
This entrepreneur began his career working out of his garage, delivering books via his online bookshop.
Who is Jeff Bezos?
This trait is helpful for thinking about solutions to problems.
What is 'Creativity/Curiosity?'
This ancient invention was originally made in the Stone Age, but is still being used by vehicles today.
What is the wheel?
Getting a patent or copyright prevents others from doing what to your innovation?
What is "copying"?
A type of business where you pay for someone to perform an action or request for you.
What is "Services"
This entrepreneur displayed her talents at last year's Superbowl, but earned her billionaire status from her beauty line.
Who is Rihanna?
This trait best describes a person that does not quit when times get hard, but instead keeps going until they succeed.
What is 'Perserverance/Grit'?
An agreement between two businesses that allows one to use the other's invention for a fee.
What is 'licensing'?
Amazon became a multi-billionaire dollar business because it changed how products get to the customer, this process is known as?
What is 'distribution'?