Entrepreneur 101
A person who organizes, operates, and assumes the risk for a business venture
Entrepreneur
The amount of goods or services that consumers want to buy
Demand
A specific group of people you are planning to sell to
Target Market
The process or technique of promoting, selling, and distributing a product or service.
Marketing
Places where a business has an advantage over others
Strength
A series of documents that serve as a blueprint for building a business
Business Plan
Someone employed by another for wages or salary, and typically in a position below the executive level
Employee
is the percentage of the market for a product or service that a company supplies.
Market Share
Divides a target customer based on location.
Geographic Segmentation
A product essential to survival
Need
Land, property, and equipment are all examples of ________?
Assets
Highest ranked executive in a company
CEO
is used to narrow a market into small, specific groups.
Market Segmentation
Characterized by housing, age, education, occupation, marital status, etc.
Demographic Segmentation
The financial gain calculated by the difference between amount earned and amount spent by a business
Profit
Loan and Debts are considered _________.
Liabilities
The total value of a business determined by assets minus the liabilities
Net Worth
What is the cheapest and most efficient way of advertising?
Social Media
Lifestyle analysis, customer values, attitudes, and personality are characteristics of which customer segment
Psychographic Segmentation
Method of selling that involves analyzing customer wants and needs and aimaing to fulfill them better than competitors
Market Concept
The science of how individuals, businesses, and governments make decisions about satisfying unlimited wants with limited resources
Economics
Name all 4 Business Models
Subscription, Freemium, Franchise, Direct sales
A business tool to assess a company's strengths, weaknesses, opportunities, and threats
SWOT Analysis
Behavioral pattens of purchasing habits describe which customer segment?
Behavioral Segmentation
Which Business Model Canvas component describes how a business idea solves customers’ problems in a better way than existing solutions
Value Proposition