Customer
They make up 20% of sales
Successful entrepreneurs are willing to do this
Take Risk
create a product or service that is
Better, Faster, cheaper
For a business to make a profit which of the following has to be true?
Total revenues > Total expenses
When hiring you should let them know your?
Culture, Goals
the ideal customer a business should try to attract
Target Customer
This is a huge motivation for entrepreneurs
Be your own boss
what is the purpose of networking
to create a supportive system of sharing information and resource with businesses who have similar goals interest and clients
Which of the following is the best long-term strategy to reach profitability?
Expand into different markets
You should always hire a ___, not a generalist?
Specialists
Identifying the target market for a market allows an entrepreneur to?
Market the product to specific people
What is a benefit of starting a new business from scratch?
create something uniquely your own
What is important for entrepreneurs to remember
you need to work hard to build your business to make it successful
How many steps are there to start a business?
12
What part of the business plan discusses your competitors and the advantage you will have over them?
Competitive Analysis
ICE ICE BABY when getting customer input
Stop & Listen
3 locations you can have your business
Home, Brick & Mortar, Nomad
what is more important when planning for your business?
Short & long term planning
If you owned a flower shop what kinds of businesses would you network?
A wedding chapel, a funeral home and a hospital
Written description of your business venture that describes all aspects of the business.
Business Plan
Its important for an entrepreneur to identify customers __,___
Wants & Needs
what is an entrepreneur
Name 4 ways to finance your business
1. Bank loan
2. Friends/family
3. Online
4. Save up money
You are running a business. During one month your total expenses are $5,250 and your total revenues
are $5,750. Which statement best expresses how the business did?
It was in the black +
Establishes the scope and purpose of a company and reflects its values and beliefs.