Business Fundamentals
A business is an organization that produces or sells ____________ to satisfy the needs and wants of customers, consumers, and potential consumers for the purpose of making a profit.
products - goods or services
The design process is a structured approach used to solve ______________.
problems
The entrepreneurial mindset involves seeing challenges as ______________.
opportunities
The process of promoting, selling, and delivering products or services to meet the needs of customers:
Marketing
What does Ziibaakdakaan mean in Ojibwe?
Maple bush
Profit is made when there is leftover money from _________ after all expenses have been subtracted
Entrepreneurs like to _________ new ideas.
create
The money a business collects from all sources of income, including customers:
Revenue
What is the logo for Ziibaakdakaan?
A maple leaf
(bonus - drawn in a traditional art style)
An individuals or businesses that purchase goods or services is called a ____________.
customer
Building simple versions of the solution to explore how it might work is called ______________.
prototyping
Thinking about and evaluating potential risks and benefits before making a choice is called risk ____________.
assessment
An entrepreneur may __________ their product in the form of a social media add to inform and persuade customers to buy the product.
promote
What is the slogan for Ziibaakdakaan?
our roots are in our culture.
When businesses make a profit, they typically _________ it in marketing or production.
reinvest
Trying out the prototypes with users, gathering feedback, and refining the solution is which step in the design process?
Testing
____ ____ is defined as putting in consistent effort and dedication to achieve success.
Hard work
Measurable metrics used to track progress and evaluate the success of your marketing campaigns (KPI)
Key Performance Indicators
How much profit does Ziibaakdakaan estimate to make this year?
$120,000
Small business have less than 100 employees and make up ____ % of all businesses in Ontario
95%
You need to understand the users and their needs to provide a solution.
Seeing the positive side of the situation and always striving to move forward is called:
optimism
How much money did they invest into building and stocking the sugar mansion?
$750,000 (3/4 of a million dollars)