Basic Terms
What is a sole proprietorship.
A person who runs their own business
The cost required for something; the money spent on something.
Expenses
He started selling books online in 1994, but now dominates e-commerce.
Jeff Bezos
The amount of interest the public shows in a product
Demand
When a business is owned by two or more people
Partnership
A type of young business that develops a unique product or service and bring it to the market
Startup
A useful or valuable thing, person, or quality.
Asset
She turned her talk show into a multimedia empire, becoming one of the most influential women in the world.
Oprah Winfrey
The amount of a product a company has to give to its customers
Supply
Franchise
An original model to test out how real consumers will interact with the product or service
Prototype
What is another word for revenue
Sales - the money you make before subtracting expenses
Credited as the one who founded the first mass produced car.
Henry Ford
What happens to price when demand for a product goes up?
Price goes up!
A company that operates on a the stock exchange - where anyone can buy ownership of a company
Public company
Shares or ownership stakes in a business
Equity
Another word for profit
net income
This entrepreneur dropped out of Harvard, built the larget computer software company, and became one of the world’s richest men
Bill Gates
What should happen to price when supply is greater than demand?
Lower the price!
When a company is owned by specific members (like family)
Private company
What do you call the judges from Dragon's Den who give money and resources to new entrepreneurs (2 words)?
Venture Capitalists
It is the level of production at which the costs of production equal the revenues for a product.
Break Even Point
This South African–born entrepreneur who believes that one day robots will outnumber humans.
Elon Musk