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Business
| Question | Answer |
|---|---|
| Entrepreneur | An entrepreneur is a person who attempts to earn a profit by taking the risk of operating a business enterprise. |
| 5 Famous entrepreneurs and what businesses they have started | Elon Musk-Tesla Jeff Bezos- Amazon Steve Jobs- Apple Bill Gates- Microsoft Mark Zuckerberg- Facebook |
| 3 Young entrepreneurs and what businesses they have started | Aaron Krause- Scrub Daddy TJR- Day trader Alina Morse- Zolli Candy |
| Profit | Money that is made after paying the cost or business expenses. |
| Risk | Exposing yourself to a chance of loss. |
| Business/enterprise/business enterprise | An establishment that supplies us with products/services in exchange for a payment. Payment can be cash, checks, credit card, debit cards, and gift cards. |
| Scratch business and 2 advantages/disadvantages | A scratch business is when you do all of the work establishing the enterprise. 2 advantages are decision-making and creativity. 2 disadvantages are no customers; no reputation; |
| Existing business and 2 advantages/disadvantages | You buy a business that is already set up and established. 2 advantages are customers; reputation. 2 disadvantages are bad reputation; ill will (bad feelings). |
| Franchise business and 2 advantages/disadvantages | You have a legal agreement between the company (franchisor) and you, the entrepreneur(franchisee). The entrepreneur pays.The company gives help. 2 advantages are help; well-known product/service. 2 disadvantages are procedures to follow; restrictions; |
| Franchisor | You have a legal agreement with the company. |
| Franchisee | The entrepreneur pays fees to the company |
| 5 popular franchises | McDonald's Chipotle Taco Bell 7 Eleven Raising canes |
| Products | A tangible item. Tangible is defined as something you can touch. |
| Tangible | Something you can touch. |
| 5 examples of products | Hamburger Bracelet Computer Phone Watch |
| Services | Tasks we pay others to do for us. |
| Intangible | Intangible is defined as something you cannot touch. |
| 5 examples of services | Calling a plumber Getting a haircut Serving food. Getting your nails done Getting your makeup done |
| Brainstorming | A problem solving techniques that involves generating as many ideas as possible. |
| Brainstorming process | The leader starts with a question, and then everyone combines ideas and suggest things to work together. |
| 4 Brainstorming rules | Don't criticize another person’s idea-accept all ideas, list everything Encourage “freewheeling” - anything goes, especially different and crazy ideas. Get many ideas, the more the better. Combine and improve - piggyback off of each other’s ideas. |
| Freewheeling | Freewheeling is combining many different and crazy ideas. |
| Leader | A leader is to keep the group on task and to always keep the ideas coming. |
| Recorder | A recorder is to list the ideas on a sheet of paper. |
| Time keeper | Time keeper keeps track of time on each task. |
| Self-employment | When you employ yourself |
| U.S. Free Enterprise System | You and private businesses make decisions, not the government. |
| State Minimum Wage (what is the pay rate for NJ?) | $15.92 is the Minimum Wage in NJ. |
Created by:
31wolak