To satisfy their emotional need to feel good, look better or have more fun and also to satisfy their practical need to save time, money and labor.
100
What are two important principles of marketing?
1. Find a need and fill it.
2. Create a need and fill it.
200
What is a business?
The selling of goods or services for profit as a means of producing a livelihood.
200
What is the difference between selling goods and providing services?
A good is a tangible item that you can see, touch and sell to others. a service is work or labor performed for others in return for a fee.
200
Who are my target customers?
Target customers are people who truly need your product or service.
200
What are 3 ways to choose the best money making idea for yourself.
Choose something you like to do.
Look at the WOW Factor -is it meaningful
Look at the Feasibility Factor
200
How can I tell people about my business? Name at least 3 ways.
Flyers, Business cards, signs, brochures, price lists, testimonials.
300
What is the meaning of risk?
A chance of failing or losing something.
300
What are the six things an entrepreneur does to start a business?
Sees an opportunity, makes a plan, takes a risk, does the work, manages the enterprise, has a goal of making a profit.
300
What is a written system of finances called and what do they do?
A written system is called a record-keeping system and it tells us how much profit we've made, what bills we need to pay, who owes us money, how much tax we owe and more
300
What is the most common obstacle or roadblock to starting a business?
Fear
300
What do you do when customers say no?
Ask if you can give a free demonstration.
Ask if you can provide additional information.
Ask if you can come back another time.
Ask them to keep your flyer and call when they need you.
Ask if they know someone who does need your product.
400
What does marketing mean?
Everything you do to tell customers about your business
400
Who is my competitor?
A business rival who offers similar goods or services.
400
What are start up costs and give at least 2 examples?
Start up costs are the initial costs to get the doors open or to start your business. An example would be buying or renting equipment you need or renting a space to sell from.
400
What is one way to determine my success in my business?
A specific measurable goal.
400
What do you do when the customer didn't pay?
Send another copy of the bill, statement or invoice and write second request on it.
Call the customer and ask if they received the bill.
Call or visit the customer and ask if there was something wrong with the work you did or order you delivered.
500
Define profit.
The money you have gained after expenses are paid.
500
Lots of young people do things to make money. When does it become a business?
When you run it like one.
500
Name at least two ways to raise start up money.
Sell things you don't use anymore.
Do odd jobs to earn the start up money.
Save money from allowance or birthday gifts.
Get a small loan from a relative.
500
Name 3 of the six clues for recognizing a business opportunity.
Look for things people are too busy to do.
things people don't like to do.
things that keep getting dirty.
things people throw away.
a way to use your special skill
a way to use your special talent.
500
How can I continue to grow my business?
Set new goals based on what you have already learned as you worked your business.