Terminologies
Someone who takes a risk by starting a business to try and earn a profit
Entrepreneur
SWOT
strength
weakness
threat
opportunities
Which is not a type source of financing used by entrepreneurs? bonds, venture capital, personal savings, bank loans
bonds
Name 2 elements of a business model
key partners
key activities
value proposition
key resources
customer relationship
customer segments
channels
cost structure
revenue streams
Money provided by large investors to finance new products and new businesses that have a good chance to be very profitable
Venture Capital
design thinking tool that deals with understanding people
empathy
What are the new two business opportunities?
innovation and improvement
economies of scale
Ask your teacher
invention or creation that is brand new
Innovation
the branch of economics that deals with economy as a whole
Macro economics
name 2 risks of business start-ups
Lack of adequate capital
Low sales
Higher than expected expenses
Competitive pressure
An owner unprepared to manage a growing business
Operations requiring more time than the owner is willing to commit
the amount of financing it takes to begin a business
start-up financing
an independent business with fewer than 500 employees
small business
components of customer profile
Pains, gains and customer jobs
Name an advantage of small businesses
meeting customer needs, providing unique services and provide employment.
the money needed to pay for the current operating activities of a business
short-term financing
written description of a business idea and how it will be carried out
business plan
Difference between gross profit and net profit?
Ask your teacher
Name a way small businesses receive assistance
●Local groups of business people chosing to buy locally
government grants
●Small Business Administration (SBA) Government agency that helps small business owners develop business plans and obtain financing and other support
money needed for the main resources of a business that will last for many years
long-term financing