Entrepreneurs study guide
List at least three good ways for entrepreneurs to get involved in their communities
Sponsor community events Donate products to different charities Give dicounts to non profit organizations
Define total revenue
All money coming into a business
Define total expenes
All money going out of a business
Descibe an internet based business
An entrepreneur can run their internet based business out of their home but it could also be run from anywhere that has internet access.
A business that is making money is said to be in the
BLACK
list at least three ways for business to respond to negative customers feedback
Give discounts on future puchases Listen to the customer complaint Give a replacement or refund
what is marketing and why is it important
Marketing is the act or process of promoting business product
Define Marginal benifit
The added satisfaction or benifit a customer gets from buying one or more product or service
Define opurtunitie cost
The benifits missed when choosing one option over another
Define marginal cost
The change in total production cost when the quanity produced change by one unit
What is networking
creating a supportive system of sharing information and resources with business with similar goals,intrest, and clients
Describe a home based business
in the home where the business owner can meet with clients.
Where can aspiring entrepreneurs go get their questions answered
internet,other experienced entrepreneurs,chambers of commerce,small business adminestratin(SBA),college/university,and the community in general
Define entrepreneur
is a person who is willing to take a risk,usually a financial one
Buying an existing business
is already formed and comes with existing customers,location,and staff
Buying a franchise
is like buying a business kit that already includes wiespread name and recognition
starting a business
is started from scratch and comes with the freedom to their the business however you want
List at least three benefits of networking with other business
sharing advertising expenses Reaching a wider range of potential customers Having more access to in formation and resources
why is it important to know what a customer wants
so the business can sell more products and service