Entrepreneurship
What is an entrepreneur?
Someone who starts their own business
What is a budget?
A budget is a plan that shows how much money a business has, how much it will spend, and how much it wants to save.
What is a business plan?
A road map/outline for your business
What do you call a physical item that is sold to meet the consumer's needs?
A product/good
What are the two types of things you can sell?
A product or a service
What are profits?
The money you earn before after paying all expenses
What is a business goal?
Something you want your business to accomplish/achieve
What is something that you pay someone to do for you?
A service
What are some characteristics of a successful business
inviting/welcoming, conveniently located, nice employees, etc
What is the difference between profit and loss?
Profit is when a business makes more money than it spends. Loss is when it spends more money than it makes. (profit = earning money, loss = losing money)
Why is a business plan important?
It helps to outline how you will achieve your goals
What does it mean to offer a product or service to someone in exchange for money?
To sell
What is it called when you tell people about your business to get them to invest?
A pitch
What are expenses?
The amount it costs to run the business (supplies, location, etc.)
What do you call it when two or more people or businesses work together to run a business and share the profits?
A partnership
What do you call someone who gives you money to help start your business?
Why is good customer service important?
Good customer service helps keep customers happy, so they come back and tell others about the business
What is revenue?
All of the money you earn before paying any expenses
BONUS:
EXTRA 200 POINTS!!
What are three goals you have for your business?
What do you call the amount or list of products you have in stock?
Inventory