Unit 3 Entrepreneurship and Business Basics

Buys goods in large quantities and resells them in smaller batches; referred to as intermediaries or middlemen

A retail business that has an actual physical location or store that consumers can visit and shop in

Developing a thinner, lighter weight quality lens to go in a pair of glasses would be an example of product innovation

Hiring people to work at a company is

Developing a faster way to deliver a product would be an example of product innovation

The possibility of loss

converts materials into goods suitable for use and then sells those goods to others.

to express an idea to someone else in a way that they understand your message

A detailed plan including the strategies planned to achieve the profit goals

a person who organizes and operates a business taking on greater than normal financial risks in order to do so.

provide a wide variety of professional, technical, and everyday services that people need and want

An agreement to protect a business from specific risks in exchange for regular payments

In terms of business, the creation of something new...

Developing a new no touch door handle for school doors would be an example of process innovation

A ________buys goods, often from wholesalers, and resells them directly to consumers, who are the end buyers.

Money used to start a business.