What It Takes
What is the document that outlines a business’s goals, strategies, and financial projections?
Business plan
A ____________ is a word, symbol, or design used to identify and protect a company’s products or services from being confused with others.
Trademark
Spell - The process of coming up with new ideas or products that meet customer needs and solve problems.
Innovation
Entrepreneurs must be able to effectively manage their time and resources, a skill known as
Time Management
Who is the founder of JC Penny department stores
James Cash (JC) Penny
What type of business structure offers personal liability protection to its owners?
A Limited Liability Company (LLC).
A ____________ is a graphic design or symbol, often including a company’s name or initials, that represents a brand visually.
Logo
Spell - The person who starts and manages a business, taking on the financial risks, is called an
Entrepreneur
Entrepreneurs must know what to sell. What two things can businesses sell
a product and/or service
Who is the founder of Beats Electronics
Dr. Dre
Which legal document is required to officially register a business with the government?
Articles of Incorporation or a Business License.
When two or more people or businesses agree to work together to achieve a common goal, it’s called a ____________.
Partnership
Spell - The process of starting and managing a new business is called
Entrepreneurship
Successful entrepreneurs are often skilled at seeing the bigger picture and setting long-term goals, which is known as a
Vision
What is the term for a group of potential customers that a business targets with its products or services?
Target market
When starting a business, an entrepreneur must choose a ____________ structure to outline how the business will operate and make decisions.
Legal
Spell - The person or company that invests money in a business venture in exchange for ownership or profit sharing.
Investor
Entrepreneurs must be willing to make decisions with limited information and take risks; this is called
Who is the founder of the Famous Amos chocolate chip cookie
Wally Amos
What do you call the money a business borrows to fund its operations or growth, which must be repaid with interest?
Business Loan
One of the simplest business structures, where the owner has complete control but also personal liability for the business’s debts, is a ____________.
sole proprietorship
Spell - The financial support that entrepreneurs seek to fund the start-up of their business is called
Capital