Definitions and more
What is entrepreneurship?
An entrepreneur is an individual who creates a new business, bearing most of the risks and enjoying most of the rewards. The process of setting up a business is known as entrepreneurship. The entrepreneur is commonly seen as an innovator, a source of new ideas, goods, services, and business/or procedures.
What are some strategies (Product/Service) businesses use to make their product/services stand out from their competition?
Cheaper price, better promotion (commercials, clever ads), attractive packaging
What is profit?
Profit is the amount left after subtracting your total expenses from your total revenue. The money remaining, which are your profits, can either be kept in the business or can be used to pay yourself.
Who is Coke's competition?
Pepsi, along with other colas.
How many tails does a dog have?
One
What is self-employment?
Self-employment is the state of working for oneself rather than an employer.
Where are the different places you can market your product/service?
The internet, YASBIZ, craft fairs, TV, radio, etc
You won't have any money in the business which means your business will fail.
Who is McDonald's competition?
Burger King, Wendy's, Five Guys, Plan B, and other burger restaurants.
What is the name of your business?
Before you say "your name and what you sell", think again...
Pepsi isn't called "George's Soda"
General Mills isn't called "Al's Cereal"
Advil isn't called "Lee's Pain Reliever"
Be creative! Blue Sky Thinking!
What is Blue-Sky Thinking?
The sky is the limit, thinking outside the box, unconventional thinking, limitless thinking
What is the difference between a brand name and a store brand?
'Brand named' items tend to be more expensive than the 'store brand'. 'Brand names spend more money on ads and packaging.
When pricing your product/service, what do you need to consider?
EVERYTHING! How much time did you work on creating your product? How much do your materials cost? How much does advertising cost? How much does packaging cost? Keep going...list more things!
Who is Apple's competition?
Any company that makes computers, cell phones, tablets, streaming service boxes for TV, software developers, operating system developers..
Why should be buy your stuff? Why shouldn't they buy your competition's stuff?
Many ways to answer this, but the answer IS NOT, "because it's mine and I need the money"
What are the main components of a business plan?
A business description, identifying your customers, and a plan to make your business a success ( this can be found in the sheet you did, called "notes for a business plan outline")
What are some strategies successful entrepreneurs use to brand their products or services?
Clever/creative logos, interesting business names/product name, good social media content, freebies, developing relationships with customers
In a professional business, when is the money kept?
Ideally, in a bank account, where it can be kept safely.
Who is Jet Blue's competition?
Pan Am, American Airlines, Delta, etc
What makes a logo memorable?
Many answers! Here are some ideas:
- it's simple
- it's memorable
- the logo 'fits' the product and brand
What are the 5 P's of marketing?
▪Product
▪Pricing
▪Place – Where are you going to sell products
▪Promotion – How will you promote
▪Packaging – What does your product look like
What does pricing a product mean?
Pricing has to do with your ability to cover ALL of your costs and have some money left over. This leftover money is called a profit. Generally, entrepreneurs use the leftover money to invest back in their own businesses AND make more money for themselves.
What kind of person can help you figure out how to manage a business's money?
An accountant!
Who is YOUR competition?
Any business that has a product/service similar to yours?
Why are there so many celebrities in commercials/ads?
Celebrities are excellent for grabbing people’s attention and, instantaneously, a campaign is more memorable because of a famous face on the screen.