AP Business/ Personal Finance Vocabulary List - Project 1, Task 1

Entrepreneurs

someone who starts and runs a business by taking risks to create and sell products or services that solve problems or meet customer needs. 

Opportunity

evaluate needs/wants through observations, surveys, interviews to unveil gaps in market. Create product to fill gaps and test and launch products.

Risk

money, time, people, energy and resources (success not guaranteed)

Four ways to Discover it

Observation, Feedback, Research, Testing

Problem

causes frustration/inconvenience

Need

essential/functional thing to rely on

Want

desires/extras that make life enjoyable

Solution

solve problem/create value with product/service

a. Value: product benefits outweigh cost of using product