Vocabulary
What is a patent?
A government authority or license conferring a right or title for a set period.
Define an entrepreneur.
Someone who owns or operates a business.
What does IRA stand for?
Individual Retirement Account
List the five components of a business plans
Business description
Market and Sales strategy
Market Analysis
Funding Requirements
Financial Projections
Who is the richest man in America?
Elon Musk
What is liquidity?
The ability to sell an asset to a market or company for quick cash.
Who owns Standard Oil Company?
John D. Rockafeller
Why is it important to save for retirement?
Retirement plans enables you to invest in financial security when you get older and longer work.
What is a business description?
an explanation of what the business will be and the need it will fill. What produce or service will this company provide?
What is the Forbes List
The World's Billionaires, a list of all the people with a net worth over US$1 billion.
Customer Acquisition Cost
Measures how much an organization spends to get a new customer.
Which famous entrepreneur helped build America's steel industry?
Andrew Carnegie.
What is the difference between a 401K and Pensions?
401K is funded by employees in which their money is invested. Pensions are funded and controlled by employer and are guaranteed specific benefits.
What are funding requirements?
An estimate of how much money will be needed to make the company successful. How much money will take to start your company?
Which black entrepreneur paved the way for black women to have access to hair care products?
Madame C.J. Walker
Sweat Equity
The ownership interest or increase in value that is created as a direct result of hard work by the owner.
Who created Chobani Yogurt?
Hamdi Ulukaya
What age can you apply for social security?
The young age of 62.
What is a Market and Sales strategy?
A plan for how to sell the business’s services or products and convince people to buy them. How will your company sell its products or services?
best-known inventions include crop rotation, or planting different crops to restore soil instead of single-crop farming, and creating 300 different uses for peanuts. Who is he?
George Washington Carver.
What is equity?
The value that would be returned to a company's shareholders if all of the assets were liquidated (cashed out) and all the company's debt were paid off.
Which entrepreneur created FUBU?
Daymond John
Which retirement plan is better 401k or pensions and why?
Though there are pros and cons to both plans, pensions are generally considered better than 401(k)s because all the investment and management risk is on your employer, while you are guaranteed a set income for life
What is a Market Analysis?
A study of competition in the industry. WHat tother companies and products will this company compete with?
Name all the investors on Shark Tank.
Mark Cuban
Barbara Corcoran
Lori Greiner
Daymond John
Kevin O'Leary