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What is branding?
A strategy that involves creating and establishing a unique and recognizable identity for a product, service, company, or individual (Creating a unique and recognizable identity for a product or service)
Market segmentation
A marketing strategy that involves dividing consumers into different groups based on similar traits and characteristics.
3 Financial statements:
Income Statement, Balance sheet, Cash flow statement
What is a Budget
A financial plan for a specific period
ROI
The ratio of profit or loss to the initial capital investment
Difference between a debit and credit
Debit card is your money, credit card is borrowed money
Compound interest
Interest on top of your interest as well as the initial investment.
Market capital
Measure of a company's financial health
Entrepreneur
Someone who starts or operates a business but also assumes the risk.
Business plan
Mission, goal, vision (formal written document)
2 sources of a startup
Bootstrapping (personal funds), Friends and family, angel investors (like shark tank), Venture capital (Professional investment firm), Crowdfunding (Go fund me), Bank loans. Etc
The main reason why market research is important
Helps entrepreneurs make informed decisions and reduce risk
Corporate responsibility
It demonstrates a companies commitment to social concerns
Workplace diversity:
Inclusion of individuals with different background experiences and perspectives
Whistle blowing
Snitching
Fair trade
I give you something, you give me something. (Aims to promote equitability)
Role of code of ethics in a business
Serves as a set of guidelines that outlines what companies and individuals need to follow
The purpose of a resume in the job seeking process
Show qualifications to help employers make informed decisions about a candidate.
The importance of customizing a cover letter for each job application:
To make sure the employer knows what position you are applying for.
Role of networking
Helps individuals connect with professionals in their industry (to learn about opportunities and gain insight into different companies.
2 Skills employers often look for
Communication, Problem Solving, Teamwork, Adaptability, Technical Expertise (Just say the first 2)
Difference between soft and hard skills
Hard skills are career specific while soft skills are everyday skills
Supply and demand
The relationship between the availability of a product and the desire for it
SWOT
Strengths, weaknesses, opportunities, and threats
2 types of economic systems
Mix, Market, Socialist, traditional, command