Venture

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Across
  1. 9. Systems for dividing work, authority and responsibility. There are different approaches to structures based on what is best for the business.
  2. 15. people,Product, Place, Price, Promotion.
  3. 18. Pitch a quick description of your business that you use to explain it to customers and investors.
  4. 19. Expenses that a business must pay regardless of how many sales are made.
  5. 23. Simplest organizational structure, which contains a direct chain of command through levels of personnel.
  6. 24. Plan an overview of your business goals and includes details on how you think you are going to achieve them.
  7. 26. Opportunity a consumer need or want that can be potentially met by a new business
  8. 27. offers services to customers, for example a shoe repair shop.
  9. 30. Is a potential group of customers, people or businesses that are able and willing to purchase a particular product or service.
  10. 32. Entrepreneurs that create business ideas by identifying sources of opportunity.
  11. 33. an organized way to gather and understand information needed to make informed business decisions based on the potential customers and competitors that exist in the market.
  12. 35. A form of primary research, usually consisting of a small group of people gathered together to help discuss or answer a prepared set of questions.
  13. 36. Rival businesses competing for the dollars your target market spends.
  14. 37. a specific group of customers in the broader target market who are most likely to buy a product or service.
  15. 39. Demographics; objective social and economic facts about people such as age, gender, and family size , where customers live and where businesses are located
  16. 40. Point is when a business’s expenses and sales equal zero because the business has sold exactly enough units to cover its fixed expenses
  17. 41. sell directly to the customer, for instance a local shoe store that gets its shoes from the different shoe companieswholesalers to sell to customers that come into the store.
Down
  1. 1. interviews or Surveys; asking potential customers their thoughts regarding your business, or the current businesses they visit Focus Groups; bringing a small group of people together to help solve a problem or answer a set of questions Observations; visit competitors in the area and observe how they interact with customers.
  2. 2. existing information that was previously gathered for a purpose other than the study at hand.
  3. 3. The process of starting a new business.
  4. 4. Entrepreneurs that apply their hobbies, skills, and interests to a business opportunity.
  5. 5. amount of profit (or loss) the business earns after paying expenses and taxes.
  6. 6. Someone who starts and runs their own business.
  7. 7. an evaluation of a company’s internal Strengths, internal Weaknesses, external Opportunities in the market and external Threats in the market.
  8. 8. puts employees in more than one department together to work towards a specific goal.
  9. 10. To think or act like an entrepreneur.
  10. 11. sell products in larger volumes (but less than the manufacturer) to the retailer, such as a global shoe company company that hagets its shoes made by the a factorymanufacturer and then sells them to local stores.
  11. 12. a chance of losing something.
  12. 13. is based on the amount of product or service a customer buys.
  13. 14. A business that sells a different product or service from yours, but fills the same customer need or want.
  14. 16. the art of presenting a business in a way that clearly communicates the value of the product or service
  15. 17. Anything that has a value
  16. 20. Create a product, such as a factory that creates shoes.
  17. 21. profit earned before paying taxes on it. Found by taking the total contribution margin minus the fixed monthly expenses.
  18. 22. Profile Identifying a target market segments helps find very specific information about a group of potential customers.
  19. 25. Relationships between important financial data that is expressed as a fraction or a percentage.
  20. 28. is what makes a business unique and potentially better than the competition. It is made up of features and benefits.
  21. 29. abilities that are acquired through training and practice.
  22. 31. the amount of money brought in by a business before any expenses. Equal to the total number of units sold multiplied by the selling price per unit for the period that for which the statement is being prepared.
  23. 34. What a product does and how it appears to the senses (sight, sound, taste, smell, and touch).
  24. 38. new information gathered during the Market Research phase that comes directly from potential groups of customers or competitors in the market. We call this primary data, because it is data that entrepreneurs collect for the first time, directly from the source. Entrepreneurs should return to their list of questions, eliminate those that were answered by secondary research, and determine which ones require primary research.