Understanding Entrepreneurship and Online Business

What is an Entrepreneur?

• A person who works for a company

• A person who starts and runs their own business

• A person who invests in stocks

• A person who manages a team

A new business created by an entrepreneur is called a ______.

• Corporation

• Franchise

• Startup

• Partnership

What does Innovation mean in the context of entrepreneurship?

• Copying existing products

• Creating or improving a product, service, or process

• Reducing costs

• Hiring more employees

The willingness to take financial and business risks for potential success is known as ______.

• Caution

• Risk-Taking

• Saving

• Investing

What is Profit?

• The total revenue of a business

• The money a business makes after subtracting expenses

• The initial investment in a business

• The salary of employees

A written document that outlines a company's goals, strategies, and financial projections is called a ______.

• Business Plan

• Marketing Strategy

• Revenue Report

• Mission Statement

What is a Target Market?

• A group of competitors

• A specific group of people a business aims to serve

• A list of products

• A financial goal

The total income a business earns from sales is known as ______.

• Profit

• Revenue

• Investment

• Savings

What is a Marketing Strategy?

• A plan to promote and sell products or services

• A financial report

• A list of competitors

• A customer feedback form

A short statement that describes the purpose of a business is called a ______.

• Vision Statement

• Mission Statement

• Business Plan

• Marketing Strategy