Where to most great business opportunities stem from?�
What do we call a consumer need or want that can be potentially met by a new business?�
business opportunity
Which type of entrepreneurs apply their hobbies, skills, and interests into a business opportunity?�
Which type of entrepreneurs create business ideas by identifying sources of opportunity?�
List the five external sources of business opportunities:�
Which creative thinking technique involves asking lots of Why? and What if? questions?�
Which creative thinking technique involves imagining the end result as the starting point?�
Which creative thinking technique involves examining things from different angles?�
What is the difference between a business idea and a business opportunity?�
List three ways to “size up your market”:�
What is a market?�
List the six steps in the market research process:�
What is the difference between primary data and secondary data?�
List four sources of secondary data:�
List three ways to gather primary data:�
What is a target market segment?�
What is a consumer profile?�
List and describe four components of a consumer profile:�
What do we call rival businesses that are competing for the dollars your target market spends.�
What is the difference between an indirect competitor and a direct competitor?�
What is another name for a feature or benefit of your product that differentiates your business from the competition?�
List the advantages of hiring a team:�
List the disadvantages of hiring a team:�
What do we call systems for dividing work, authority, and responsibility?�
What is the difference between a fixed and variable expense?�
List three components of determining the cost of goods sold:�
What do we call the money left over after making a sale?�
Which type of business creates a product?�
Which type of business sells large volumes of product to a retailer?�
Which type of business sells directly to the consumer?�
Which type of business provides a service to its customers?�
What do we call the point where a business’ sales equal its costs?�
What does the following formula represent? (Fixed Expenses) / (Contribution Margin)�
What is a Sales Forecast?�
What is a SWOT analysis?�
Which financial statement summarizes the profits and expenses of a business?�
What is another word for the way a business presents itself to its customers that clearly communicates the value of the product or service.�
List the 5 P’s of the marketing mix:�
What is a value proposition?�
List the different elements of a value proposition:�
List six different marketing strategies: