ENTREPRENEURSHIP & OWNERSHIP
What is entrepreneurship?
Starting and running a business while taking risks to make a profit
What is a target market?
The group most likely to buy a product
Name the 4 Ps of Marketing.
Product, Price, Place, Promotion
What are business ethics?
Doing what is right and fair in business
What is a startup cost?
One-time cost to start a business
Name ONE advantage of being an entrepreneur.
Independence, flexibility, being your own boss
What type of research uses surveys or interviews?
Primary research
What is a promotion?
A way to encourage customers to buy
Are laws required or optional?
Required
Is rent a fixed cost or variable cost?
Fixed
Name ONE risk of entrepreneurship.
Losing money, no guaranteed income, competition
What information do demographics include?
Age, income, location
Give one example of a promotion.
BOGO, discount, sale, flash deal
Is lying to customers ethical or unethical?
Unethical
What is revenue? (formula)
Price × quantity sold
Which business ownership type is the easiest to start?
Sole proprietorship
What does SWOT stand for?
Strengths, Weaknesses, Opportunities, Threats
Why does holiday marketing often increase sales?
Urgency, gift-buying, limited-time deals
What type of intellectual property protects logos and brand names?
trademark
What does it mean to break even?
Revenue equals expenses
Explain one reason someone might choose a partnership instead of a sole proprietorship.
Shared responsibility, more money/resources, shared skills
Which SWOT category includes competition and economic changes — and why?
Threats, because they can hurt the business
Explain how a promotion could increase sales but lower profit.
Discounts reduce profit per item
Give an example of something that is legal but unethical in business.
Price gouging, misleading advertising
What financial information do investors care about most?
Startup costs, pricing, profit, break-even