Entrepreneurship
What is an entrepreneur?
A person who starts and manages their own business, earning profit
What does the "4Ps" of marketing stand for?
Product, Price, Place, and Promotion.
What is "revenue"?
The total amount of money a business earns from selling its goods or services.
What is "economics"?
The study of how people use resources to produce, distribute, and consume goods and services.
What company is known for its iconic swoosh logo?
Nike
Name one skill that is essential for entrepreneurs
Leadership, creativity, problem-solving, or decision-making
What is the main purpose of advertising?
To inform, persuade, or remind customers about a product or service.
What is a "budget"?
A plan for managing income and expenses over a period of time.
What is the difference between "needs" and "wants"?
Needs are essential for survival (e.g., food, water), while wants are non-essential desires (e.g., video games).
What was the first product sold on Amazon?
A book
What is a business plan?
A document outlining a business's goals, strategies, and financial projections
Name one social media platform businesses commonly use for marketing.
Instagram, Facebook, Twitter, TikTok, etc.
What does "profit" mean in business?
The money left after all expenses are subtracted from revenue.
What is "supply and demand"?
A principle where the price of a good is determined by its availability (supply) and consumer desire (demand).
What is the most recognized brand in the world?
Coca-Cola
What is the difference between a "product-based business" and a "service-based business"?
A product-based business sells tangible goods, while a service-based business offers intangible services
What is a "target market"?
A specific group of consumers a business aims to reach with its products or services.
What is the purpose of a "balance sheet"?
To show a business's financial position by listing assets, liabilities, and equity at a specific point in time.
What is "inflation"?
The rate at which the general level of prices for goods and services rises over time.
Which fast-food chain has the largest number of locations worldwide?
Subway
Name one successful entrepreneur and the company they founded.
Examples include Steve Jobs (Apple), Elon Musk (Tesla/SpaceX), or Oprah Winfrey (OWN)
What is the difference between "branding" and "marketing"
Branding is about creating a unique identity for a business, while marketing involves promoting and selling products or services.
What is the difference between "fixed costs" and "variable costs"?
Fixed costs remain the same regardless of production (e.g., rent), while variable costs change with production levels (e.g., raw materials).
What is the role of a "central bank"?
To manage a country's money supply, control inflation, and stabilize the economy (e.g., Federal Reserve in the U.S., Bank of Canada)
What company originally started as a playing card manufacturer in 1889?
Nintendo