Intro to Business
Financial gain that a business earns after subtracting all its expenses
What is profit
Uncertain of income and cash flow
What is financial risk
The core/thought thought of the business
What is the idea
Contributes to the economy by producing good services
What is economic growth
People who invest time and money into running a business
What is Business owner/s
A process of trading goods, services, or value between two or more parties.-often involves the transfer of money in return for product or service
What is exchange
Standing out in a crowded market
What is Competition
A roadmap for success
What is personal fulfillment
Owned by one person,easy to set up and operate, and owner has full control
What is sole proprietorship
The process by which business enhance the worth of a product or service, typically to meet customer needs
Limited access to capital,tools, and team members
What is lack of resources
Securing capital for operations
What is funding
Entrepreneurs open opportunities/positions for other people
What is job creations
Owned by 2 or more people and partners share profit,risks, and responsibilities
What is partnership
The act of creating, developing, and running a new business venture, typically with the goal of solving a problem of fulfilling a market need
What is Entrepreneurship
Balancing various tasks and responsibilities
What is time management
Delivering the product/service effectively
What is Execution
Focused on social cause or service to benefit society
What is non-fro profit
A type of business where an individual buys the rights to operate a business using the branding and model of an established company
What is Franchise
Identifying the target customers
What is Market demand
Navigating the possibilities of failure and learning from mistakes
What is failure
Flexibility to adjust to market changes
What is adaption
Aims to make profit for shareholders or owners
What is for profit
Separate legal entity from its owners. Can be owned by many shareholders
What is corporations