Entrepreneurial Basics
This person starts and manages their own business, taking on financial risks.
Q: Who is an entrepreneur?
This business structure is the simplest to set up but offers no personal liability protection.
Q: What is a Sole Proprietorship?
This is typically considered a demographic characteristic in market segmentation.
Q: What is age, income, gender, education, etc.?
This demonstrates creativity by generating new ideas to solve existing problems.
Q: What is innovation?
Their role involves identifying opportunities, gathering resources, and managing the business to create value.
Q: What is an entrepreneur?
This term refers to an unmet need or problem in the market that a new business could address.
Q: What is an opportunity gap?
True or False: In a general partnership, all partners have limited liability for the debts and obligations of the business.
Q: What is False?
In marketing, this abbreviation stands for a phrase or sentence that prompts an immediate response from the audience.
Q: What is a CTA (Call to Action)?
This model of communication includes components such as Sender, Message, Channel, Receiver, Feedback, and Noise.
Q: What is the Communication Model?
A start-up is a newly established ________, typically innovate and designed for rapid growth.
Q: What is a business?
_________ plays a crucial role in entrepreneurship by enabling individuals to generate innovative ideas, solve problems in unique ways, and identify new opportunities in the market that others might overlook.
Q: What is creativity?
This visual tool provides a representation of a business model, including components like Value Propositions and Customer Segments.
Q: What is the Business Model Canvas?
These are the traditional four elements of the Marketing Mix.
Q: What are Product, Price, Place, and Promotion?
These three key characteristics of successful entrepreneurs include the willingness to take calculated risks, the drive to achieve goals independently, and the ability to adjust to changing circumstances.
Q: What are risk-taking, self-motivation, and adaptability?
What is a value proposition?
Q: What is a statement that describes the unique value a company's product or service offers to customers.
This problem-solving approach focuses on user needs and experiences, with stages including Empathize, Define, Ideate, Prototype, and Test.
Q: What is Design Thinking?
This business structure provides personal asset protection for its owners while also allowing for pass-through taxation.
Q: What is a Limited Liability Company (LLC)?
This component of a promotional plan is best described as "short-term incentives to encourage purchase or sales of a product or service".
Q: What is Sales Promotion?
These three soft skills are most likely to foster innovation and adaptability in a professional setting.
Q: What are creativity, critical thinking, and strategic planning?
An example of a _______ in marketing is "Sign up now for a free trial".
Q: What is a Call to Action (CTA)?
This creative thinking technique's acronym stands for Substitute, Combine, Adapt, Modify, Put to another use, Eliminate, Reverse.
Q: What is SCAMPER?
The main purpose of this short presentation is to convince potential investors or partners to support the business.
Q: What is a business pitch?
This term refers to the personality and emotion infused into a company's communications, creating consistency and building brand recognition.
Q: What is brand voice?
This approach best exemplifies critical thinking and problem-solving skills when developing a new marketing strategy.
Q: What is gathering data from various sources, analyzing market trends, and adapting the strategy accordingly?
Explain the importance of developing a written plan, such as a Business Model Canvas, before starting a business.
Q: What is: It helps clarify the business concept, identify potential challenges, guide decision-making, and communicate the business idea to stakeholders?