What is a Business Model

A model that describes how a business creates, delivers and captures value.

What external factors may impact a business?

Economic, Political, Social, Technological

What are operating costs?

Money spent on a regular basis to keep a business running

A written contract granting permission to sell someone else's product.

What does a SWOT analysis evaluate?

Strengths, Weaknesses, Opportunities, Threats

a chance for good things to happen

the number of people who want or need something

A motivation to accomplish more

What is the purpose of a business plan?

States the purpose and vision of your company, States the amount of capital you need to run the company

Which of these are protected by copyright?

Graphic works, Sound recordings

What Is a Value Proposition?

Refers to the value a company promises to deliver to customers

What is an entrepreneur?

someone who starts their own business

This describes price skimming:

Price is set high at release to skim die-hards for profit

is the application of moral standards to business situations

A patent gives its owner . . .

The right to exclude others from using the invention

Investing with borrowed money to increase gains at the risk of greater loss

What are External factors?

A range of outside influences that can impact a business

where two or more companies share the cost and responsibility

putting yourself in someone else's shoes

What does venture mean?

A business enterprise involving considerable risk.

Protection of a logo or artwork

Behavioral segmentation is based on...

benefits to customers based on their wants and needs.

Geographic segmentation is about ?

Dividing markets based on location

Whether a solution is possible, at what cost or difficulty, How effective a solution might be

The pitch deck is ______________.

Your presentation to introduce your product/idea to investors

Internal Factors that influence the development of new food products include

workforce skills, company image, financial backing

What is an innovator?

Someone who takes the existing product and changes them

Protection given to an author's original works or authorship

What is Opportunity Analysis?

the process of deciding which ideas represent a market opportunity

Define start up costs

Costs that a new business has to pay for equipment, licenses, etc.

Direct competitors are what?

Competitors most closely matching a firm's product offering

What is indirect competition?

Two products that are not the same but satisfy the same needs

Describe the pricing strategy of 'market penetration'

Very low prices to undercut competitors

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Entrepreneur Vocabulary

54 termsStudBud Administration8,857 plays

Vocabulary words found on the Entrepreneurship and Small Business Certification training.

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Questions 54

Answers

1
Peril means...
Safety
Fun times
Danger
Non-danger
2
What aspect of the value proposition should you focus on?
Why Us?
Why Trust?
Why Now?
Why Change?
3
Which company owns this trademark?
Lays
Pringles
Cheetos
Buster's
4
What is a Business Model
A model that shows the behavior of clients
A model that describes how a business creates, delivers and captures value.
A model that shows the art work of a business
A model that shows the architecture of a building
5
What external factors may impact a business?
Economic, Political, Personal, Technological
Economic, Political, Social, Technological
Economic, Management, Personal, Technological
Production, Management, Social, Legal
6
What are operating costs?
Money spent on a regular basis to keep a business running
Money spent setting up a business before it starts trading
Money spent at the hospital
Money which is paid into a business
7
What is a franchise?
Burger King
McDonald's
Target
A written contract granting permission to sell someone else's product.
8
What does a SWOT analysis evaluate?
Strengths, Weaknesses, Opportunities, Targets
Strengths, Weaknesses, Opportunities, Threats
Strengths, Weaknesses, Opposition, Threats
Symptoms, Weaknesses, Opportunities, Threats
9
Define opportunity
knowing that something bad will happen
having food and a job
a chance for good things to happen
a moment in time
10
What are psychographics?
Target markets' lifestyle
What the target markets' gender is
Where the target market lives
What the target market makes a year
11
The Economy is an internal factor
False
True
12
Demand is
the number of people who want or need something
another name for a service
a name of a coin used in the Caribbean
the amount of something that is available
13
Define initiative
Waiting around to be told what to do
A motivation to accomplish more
Good planning skills
A bribe
14
What is the purpose of a business plan?
Legal document to be filed with the SEC
States the purpose and vision of your company
To document your financial activity during one year
States the amount of capital you need to run the company
15
Which of these are protected by copyright?
Discoveries
Graphic works
Symbols
Sound recordings
16
Who determines demand?
Buyers
Owners
Sellers
Bank
17
What Is a Value Proposition?
Refers to the value a designer promises to deliver to a developer
Refers to the value a designer promises to deliver to customers
Refers to the value a company promises to deliver to customers
Refers to the value a user promises to deliver a product
18
What is an entrepreneur?
someone who sells computers
someone who starts their own business
a type of doctor
someone who invents their own product
19
This describes price skimming:
Price is set low to eliminate competition
Price is set low when entering a new market
Price is set just below a whole number e.g 99p
Price is set high at release to skim die-hards for profit
20
Business ethics
is laws and regulation that govern business
is the application of moral standards to business situations
do not vary from one person to another
is most important for advertising agencies
21
A patent gives its owner . . .
The right to sell the invention
The right to use the invention
The right to exclude others from using the invention
The right to not sell the invention
22
Leveraging
Pushing out ambush marketing
A sponsorship where only one partner is promoted or allowed promotion
Investing with borrowed money to increase gains at the risk of greater loss
Pulling in ambush marketing
23
What are External factors?
Internal influences that can impact a business
Something to do with the environment
A range of outside influences that can impact a business
Something to do with the economy
24
A joint venture is
where two or more companies fail
where two or more companies agree with Donald
where two or more companies share the cost and responsibility
where two or more companies fight for control
25
Empathy means....
giving someone good advice
being generous with evreyone
feeling sorry for someone
putting yourself in someone else's shoes
26
What does venture mean?
an ugly twisted expression on a persons face
A business enterprise involving considerable risk.
come and lets watch the rain as Its falling down
a difficult or unpleasant situation
27
A business that conducts all of its sales online.
Digital Business
Warehouse
Physical Business
Franchise
28
Who is this famous Entrepreneur?
Warren Buffet, CEO of Berkshire Hathaway
Steve Jobs- Apple co-founder
Bill Gates Microsoft Founder
Larry Page, co-founder of Google
29
Which of these is NOT an example of digital marketing?
Viral marketing
Banner advertising
Personal selling
E-mail campaigns
30
What is a trademark?
Protection of ideas
Protection of an original work
A medicine to prevent the common cold
Protection of a logo or artwork
31
Behavioral segmentation is based on...
behaviors of customers.
behaviors of employees.
behaviors of competitors.
benefits to customers based on their wants and needs.
32
Geographic segmentation is about ?
Dividing consumer groups based on social status
Dividing markets based on location
Understanding the benefit the product has to offer
Dividing consumer groups based on lifestyles
33
A competitor is a
rival
league
petition
ally
34
What is feasibility?
Whether a solution is possible, at what cost or difficulty
A bike with pink flowers
People who have feet
How effective a solution might be
35
Which is NOT an example of Offline Marketing?
Google Ads
Televison Ads
Flyers and Pamphlets
Radio Ads
36
The pitch deck is ______________.
Your presentation to introduce your product/idea to investors
Your business plan or idea
Your idea and the financial description
Your product and details
37
Revamp means...
Aid or cooperate
Repair or restore
Help
Hussle
38
Empathy is also...
Putting yourself in someone else's shoes
trying to understand the other person
All of these answers
Seeing the world through another's eyes
39
Internal Factors that influence the development of new food products include
taxation, company image, employment rates
workforce skills, company image, financial backing
income, market share, working conditions
production facilities, taxation, technology
40
What is an innovator?
Someone who takes the existing product and changes them
Someone who makes video games
Someone who invents something for the first time
Someone who makes Youtube videos
41
Define copyright
A work that is based upon one or more pre-existing works
Taking someone's work and calling it yours
Licenses that provide a rate of protection to partners
Protection given to an author's original works or authorship
42
What is Opportunity Analysis?
alignment to the personal vision of the entrepreneur
process of dividing the market into segments
the process of deciding which ideas represent a market opportunity
an idea that can be turned into a product
43
The actual physical store
Franchise
Warehouse
Digital Business
Physical Business
44
Define start up costs
Costs that very depending on how much is sold
Costs that a new business has to pay for equipment, licenses, etc.
Costs that don't change no matter how much is sold
Costs like monthly electric bills and rent
45
Drawbacks are..
proof or evidence
problems or disadvantages
facts, figures and other kinds of information
benefits or advantages
46
Direct competitors are what?
Similar products are made by the same company.
Competitors whose products can satisfy the same need, but in different ways
Any business
Competitors most closely matching a firm's product offering
47
What is indirect competition?
Businesses that offer the same type of product or service
Two products that are similar but judged by their prices
Businesses that emphasize factors of marketing other than price
Two products that are not the same but satisfy the same needs
48
A patent gives a person legal rights regarding an
cotton gin
free enterprise
interchangeable parts
invention
49
A feasibility analysis determines if:
customers will buy the product
a business plan is necessary
money is available to start the business
an idea is practical
51
Describe the pricing strategy of 'market penetration'
Competitive pricing
Lower prices and discounting
Very low prices to undercut competitors
Extra high prices because the product will sell regardless
52
What are demographics?
using opinions to describe a group of people
using Twitter to describe a group of people
statistics used to describe a group of people
using Facebook to describe a group of people
53
What is a trade secret?
A trade agreement between two countries that is not made public
Making investment decisions based on insider information
Information protected by a company and used to create a business advantage
A non-public agreement to exchange ball players
54
Insight means
independence
confidence
strength
understanding

Entrepreneur Vocabulary Flashcards | StudBud