Entrepreneurial/Small Business
This is a person who starts and takes the risk of running a business.
What is an entrepreneur?
This is the group of customers a business chooses to focus on.
What is a target market?
Selling products in bulk to carious outlets or retailers for onward sale is_____.
What is wholesale?
Money a business earns from sales is called _____.
What is revenue?
This executive manages day-to-day operations.
What is a COO?
Existence, Survival, Success, Take-off, Maturity
What is the stages of a Business Life Cycle?
The 4 P’s stand for Product, Price, Place, and this.
What is Promotion?
This term describes the path a product takes from producer to customer.
What is a distribution channel?
Expenses that stay the same no matter how much you produce are called _____.
What are fixed costs?
A business owned and run by one person is a _____.
What is a sole proprietorship?
A visual slide presentation of 10-20 slides for potential investors, summarizing key terms of business
What is a Pitch Deck?
This marketing tool visually shows your business’s strengths, weaknesses, opportunities, and threats.
What is a SWOT analysis?
Selling items over the internet (physical or digital)
What is E-commerce?
Revenue minus expenses equals _____.
What is profit?
Can pass though taxation where owners pay taxes on the company's profit and losses through their personal taxes.
What is a LLC Limited Liability Company?
An intellectual property, that protects original work such as Art, writings, and music is
What is a Copyright?
The strategy of setting a low initial price to attract customers and gain market share is called this.
What is penetration pricing?
Using cheaper materials for product without affecting quality is ______.
What is Value Engineering?
This is the point where total revenue equals total costs.
What is the break-even point?
A type of business that has no owner and does not pay federal US taxes. All proceeds for a good cause.
What is a Non-Proift?
Empathize, Define, Prototype, Test, Evolve is what ?
What is the elements of the design thinking process
This measures how much it costs to gain a new customer.
What is Customer Acquisition Cost (CAC)?
When a brand/manufacturer sells directly to end users of their products, as opposed to selling solely through retailers.
What is Direct to Consumer?
A business has fixed costs of $10,000, sells a product for $50, and has a variable cost of $30 per unit.
How many units must be sold to break even?
What is 500 units?
(Break-even = Fixed Costs ÷ (Price – Variable Cost) → 10,000 ÷ 20)
-Small Business
-Under 100 shareholders
-All US citizens
-Taxed once
What is S-Corporation?