What it takes
What is the age limit to become an Entrepreneur?
None.
Who invented apple?
Steve Jobs
List 3 items friendly pets sells.
food, grooming services, pets etc.
What does GDP stand for?
Gross Domestic Product
Define Sole Proprietorship? Provide a real life example.
Is a business that legally has no separate existence from its owner. Income and losses are taxed on the individual's personal income tax return.
Example: Artists, farmers, photographers
What are two characteristics of an Entrepreneur?
Hardworker, leadership, respect, teambuilder, dedicated
Bill Gates
What is an example of a partnership?
Accountants, doctors, physiotherapists etc.
Providing profit and wealth for business owners.
Providing pay for employees.
By supporting other businesses to serve customer needs, offering fulfilling careers and giving back to communities in the form of charitable donations.
Define a Trend.
Is a general direction in society that may last for a long time. Trend have a major impact on consumer buying habits and on businesses.
Entrepreneurs must know what to sell. What are to over arching terms that business can sell? ( hint: starts with a P and a S)
Products and/or services
Who created facebook?
Mark Zuckerberg
What are trends a business can go through?
Business cycle: expansion, recession, depression,recovery
What sport does Canada bring in the most revenue?
Hockey
Define the business cycle
Is used to refer to the series of changes that economies go through
What is the difference between INVENTOR and INNOVATOR?
Inventor: something new
Innovator: upgrade
Who was the founder of Ford?
Henry Ford
Maslow's hierarchy of needs can be describe as...?
Humans are motivated to satisfy their needs accordingly to this hierarchy. People are motivated to fulfill their most basic needs for survival, and safety before a need for love. This is what drives businesses.
What are two indications of a strong economy?
High levels of employment and workers are paid well
Businesses are growing and flourishing as well as suppliers.
Why does recession occur. First think of the definition.
Definition: the whole economy slows down and a business no longer creates as much wealth as it did during the period of prosperity.
Can occur: 1. The Government may introduce changes, such as price controls to fight inflation.
2. Shift in economy may affect a large number of businesses at the same time.
Give two stages of inventor and innovators
Idea Notebook, Refine and define, Prototype it, Market for a survey, Production, marketing and Financing
Who invented the Algae Mobile ?
Parm Jaggi 16 years old
A device that turns car emissions into oxygen
What are the three types of a corporation and can you provide one real life example?
List three advantages of a corporation.
Owners are only liable for the amount of money they have contributed to the company. (limited liability)
Corporation tax is less than personal income taxes!
Corporation is separate from its owners, a death or retirement of an investor is easy to transfer.
Define standard of living and what is it measured by?
Refers to the number of goods and services that each member of the country enjoys.
It usually is measured by GDP.