Ideas and Opportunities for New Ventures

Someone in business needs to balance income and spending because:

• It helps ensure financial stability and avoid losses.

• It increases expenses unnecessarily.

• It reduces profits intentionally.

• It makes accounting more difficult.

Someone in business might need to balance which of the following?

• Work and personal life

• Only profits

• Only customer complaints

• Only marketing strategies

The idea of balance could help you set a price for your product or service by:

• Ensuring the price covers costs and attracts customers

• Setting the highest possible price

• Ignoring competitor prices

• Focusing only on profit

Fill in the blank: In this unit you will learn how to conduct ________ to find out about people’s needs and wants.

• market research

• financial analysis

• product design

• team meetings

Fill in the blank: In this unit you will think of ________ that could meet consumers’ needs and wants.

• venture ideas

• marketing plans

• financial reports

• customer complaints

Fill in the blank: In this unit you will explore strategies for ________ venture ideas.

• evaluating

• ignoring

• delaying

• abandoning

Fill in the blank: In this unit you will find out about the ________ of starting and running a venture.

• costs

• benefits

• locations

• employees

Fill in the blank: In this unit you will learn about setting ________ so that a venture will make a profit.

• prices

• locations

• employees

• schedules

What is the definition of 'market' as given in the vocabulary section? Fill in the blank: A market is a group of people who might buy a product or use a _______.

• service

• color

• animal

• weather

According to the Big Idea for Entrepreneurship, what is the best way to find out about business opportunities?

• By reading books

• By paying attention to what people are saying and doing

• By watching TV

• By copying others