Entrepreneurship

What is entrepreneurship?

• To develop, organize and manage a business venture with risks in order to make a profit.

• The art of making a deal.

• An innovating idea.

• Being competitive in the global marketplace.

What are the two types of business ventures?

• work and home

• school and work

• a product or service

• telephone or internet

How do we define a product in business?

• Something you buy

• Something you can eat

• Something you throw away

• Something that exists in nature or made by humans that is tangible.

Define a service by business standards.

• You can actually touch it,

• Work that is done for free

• Work that requires expertise and is done in exchange for money.

• Work with your hands.

What are four types of businessess

• grocery, pharmacy, beauty and automobile

• Manufacturing, wholesale, food and beverage

• Retail, Service, Wholesale, energy

• Service, retail, wholesale and manufacturing

What is a Return on your investment? (ROI)

• Money you save

• Investments you make on profit

• measures the gain or loss generated on an investment relative to the amount of money invested.

• Time energy and money

What are the four P's of marketing

• product, produce, production, price

• person, place, produce, practice

• promotion, product, practice, price

• promotion, place, price, product

Define Innovation.

• translating business into a profit

• satisfying a need

• the process of translating an idea or invention into a good or service that creates value. it further satisfies the needs of customers,

• A good idea that satisfies the needs and expectations of customers.

Which statement is not a persuasive strategy?

• Appeal to the audience's emotion

• Share stories

• Tell jokes

• State evidence facts and examples

What are two characteristics of an entrepreneur?

• strong and bold

• risk taker and innovative

• curious and intelligent

• hardworking and smart