Entrepreneur Basics
This is a person who starts and runs their own business.
What is an entrepreneur?
A new or creative idea for a product or service.
What is innovation?
The money a business earns from selling products or services.
What is revenue?
The group of people a business wants to sell to.
What is a target market?
A written document that explains how a business will operate and succeed.
what is a business plan?
This word describes the chance that a business might fail or lose money
What is risk?
This happens when a business solves a customer’s problem
What is meeting a need?
The money a business spends to operate.
What are expenses (or costs)?
This “P” refers to how much a product costs
What is price?
The section of a business plan that explains the product or service.
What is the product description?
The main reason most entrepreneurs start a business: to make this.
What is profit?
A simple version of a product created to test an idea.
What is a prototype?
When revenue is greater than expenses, a business has this.
What is profit?
Using social media, ads, or influencers to promote a product.
What is marketing?
This part explains how the business will make money.
What is the revenue model?
A business owned and run by one person is called this.
What is a sole proprietorship?
Improving an existing product instead of creating a brand-new one.
What is product improvement?
When expenses are greater than revenue, a business has this.
What is a loss?
A logo or name that helps customers recognize a business.
What is a brand?
Setting goals and deciding how to achieve them.
What is planning (or strategy)?
Someone who invests money into a business hoping to earn more later.
What is an investor?
Companies like Uber and Airbnb are examples of this type of business.
What is a startup?
The point where a business makes just enough to cover costs.
What is the break-even point?
The total expense a business incurs to gain one new customer, calculated by dividing total sales and marketing costs by the number of new customers acquired in a specific period
Customer acquisition cost
A prediction of future income and expenses.
What is a financial forecast?