Unit 4: Entrepreneurship Vocabulary

Who is an entrepreneur?

• A person who works for a large corporation

• A person who starts and manages a business, taking on financial risks for profit

• An employee with no decision-making authority

• A customer who frequently buys new products

What is innovation?

• Copying an existing product

• Selling outdated technology

• The process of creating new products, services, or ideas that provide value

• Importing goods from another country

A start-up is:

• A large corporation with many years of experience

• A newly established business in its early stages

• A franchise owned by a global brand

• A non-profit organization

What is a business plan?

• A document outlining company goals and strategies

• A list of daily tasks for employees

• A guide to managing customer complaints

• A company's annual sales report

Market research involves:

• Predicting future stock prices

• Gathering and analyzing information about potential customers and competitors

• Developing marketing slogans

• Designing the company logo

What is a target market?

• The entire global population

• A group of consumers at which a product or service is aimed

• Any customer who visits your store

• Your friends and family

A value proposition is:

• The total amount a product costs to produce

• A statement of the benefits a company's product provides to customers

• The location of your business

• A list of company expenses

Revenue refers to:

• The total amount of money generated by a business from sales

• The profit left after all expenses are deducted

• The cost of marketing and advertising

• Employee salaries

Profit margin measures:

• The percentage of revenue that exceeds the costs of production

• The total number of products sold

• The company's total debts

• The cost of employee benefits

What is capital in business terms?

• The financial resources used to fund operations and growth

• The number of products a company has in stock

• The location of the company’s headquarters

• The wages paid to employees