Studied by 0 people
What is a business?
A business is an organization that provides goods or services to consumers.
What are the main types of businesses?
The main types are sole proprietorships, partnerships, corporations, and limited liability companies (LLCs).
What is a sole proprietorship?
A sole proprietorship is a business owned and operated by a single individual.
What is a partnership?
A partnership is a business owned by two or more individuals who share its profits and liabilities.
What is a corporation?
A corporation is a legal entity that is separate from its owners and offers limited liability protection.
What is a limited liability company (LLC)?
An LLC is a business structure that combines the flexibility of a partnership with the limited liability of a corporation.
What is a business plan?
A business plan is a document that outlines a business's goals, strategies, and financial projections.
What is market research?
Market research involves gathering, analyzing, and interpreting information about a market, including information about the target audience.
What are the four Ps of marketing?
The four Ps of marketing are Product, Price, Place, and Promotion.
What is entrepreneurship?
Entrepreneurship is the process of starting and running a new business, typically involving risk and innovation.
What are the main types of businesses?
The main types are sole proprietorships, partnerships, corporations, and limited liability companies (LLCs).
What are the necessary personality traits for entrepreneurship?
Important traits for entrepreneurship include creativity, resilience, strong leadership, risk-taking ability, and good communication skills.
Note 
Flashcard (222)