Vocab Schmocab
Identifying a target market segment with specific information about potential customers
What is a consumer profile?
The most common barrier to effective communication in a business setting?
What are language differences?
One of the essential competencies teen entrepreneurs develop
What is resilience in the face of setbacks?
To outline the goals and strategies of a business
What is the purpose of a business plan?
When the amount you spend is equal or less than the amount you earn.
When a budget is considered to be balanced?
A unique feature that makes a product or service stand out in the market
What is competitive advantage?
It can reinforce verbal messages and build trust.
What is non-verbal communication?
It provides insights into customer needs and preferences
How does market research benefit entrepreneurs?
a key component of a marketing plan?
What is target market analysis?
A quick description of your business to explain it to customers and investors
What is a business pitch?
An overview of your business goals and includes details on how you think you are going to achieve them
What is a Business Plan
A strategy can entrepreneurs use to improve their communication skills?
Practicing active listening
Innovating and creating new business opportunities
What is the primary focus of entrepreneurship?
the first step in planning a business?
What is conducting market research?
A consumer need or want that can be met by a new business
What is a business opportunity?
Someone who creates, owns and potentially runs a business.
What is an entrepreneur?
It helps in building relationships and conveying ideas clearly.
What is one key reason effective communication is important for entrepreneurs?
When a business's expenses and sales equal zero
What is the break-even point in a business?
the primary goal of marketing in entrepreneurship?
What is to create and deliver value to customers?
One important aspect of building a business plan.
Outlining financial goals and strategies.
Anything that has value
What is an asset?
Give an example of non-verbal communication.
Smiling
Conducting market research
The primary purpose of creating a balanced budget in entrepreneurship
What is to ensure financial stability and manage resources effectively?
Give an example of a fixed expense for a business.
Rent, Raw Materials