Business Basics
Someone who takes on risk in hopes of earning a profit
Entrepreneur
Nike sells their sneakers to Macy's at a wholesale price to sell in their stores. What type of sales model is this?
B2B: Business to Business
Brand
If you are a new business and need hourly support with processing orders, but want to keep your expenses low. What type of worker should you hire?
Contractor
A new business opens up in your neighborhood that is addressing the same problem as yours. What would you call them?
Competitor
Incentive
how people are able to find your website (usually ends in .com)
domain
Revenue-Cost is the formula for...
Profit
What analysis would you do to compare yourself to other similar businesses
SWOT Analysis
Business Proposition
When you receive a potential customers contact information, what are they called?
Lead
A metric that allows you to measure how many people clicked on your email
Clickthrough rate
If you have 80 people visit your store today, and 8 make a purchase, what is your conversion rate?
10%
Apple's release of multiple operating systems (iOS 14, 14.1, 14.2) is an example of what process?
iteration
LLC and Corporation are two types of this
Legal Entity
When a customer decides to tell their friends and family about you, what phase of the customer life cycle are they in?
Loyalty
A marketing strategy that requires payment based on how many people view your content
Digital Advertising
You have 500 people visit your website, and 10 of them signed up for your email list. What is your customer acquisition rate?
2%
A step by step plan for launching a new product into the market
Go to Market strategy
The first version of your product or service that you introduce to customers
Minimum Viable Product
A direction given at the end of your sales pitch to let customers know what to do next
Call to action
A metric to help you measure the success of marketing strategies. Can include likes, comments, and shares
Key Performance Indicator
You own a business makes $55,000 in revenue but has $30,000 in deductable expenses. You share equal ownership with a partner. How much taxable income do you each have?
$12,500
If you need money to scale your business but don't want to share ownership of your business with an investor, what type of financing would you look for?
Debt Financing