Comp 4.00 Entreprenuership/Enterprise   An entrepreneur is a person who creates, manages and owns his own business

Skills needed by an entrepreneur include- communication and math skills, concern for personal appearance and technology skills

include being innovative, creative and self-reliant .. Personal traits.   include being innovative, creative and self-reliant

School-based Enterprise There should be a “demand” for a product before offering or developing the product or service The school-based enterprise should set a goal to have a product or service that is inexpensive and easy to do.

Primary Considerations of SBE for Foods II Project Time available to produce a product Meeting local health department requirement Consultation with the principal for approval  

Feasibility Analysis . .. . is the investigating of various types of businesses in an area prior to opening a new business. . . . determines if the product or business idea is practical. .

should be done to find out about the competition in the market. Feasibility Study should be done to find out about the competition in the market.

A policy is a general statement of intent Business concept is a new business idea that is tested before starting the business. A policy is a general statement of intent

A market analysis is a documented investigation of a market that is used to inform a firm's planning activities: inventory, workforce, facility expansion, purchases of capital equipment, promotional activities, and many other aspects. It assists in making sales projections or forecasting amounts to be sold

A niche is a small segment of the market whose needs are being met by the product or service Target customers or target market are the people most likely to buy a specific product or service.

A prototype is a working model or sample of the product. . For example cupcakes

Automation. is the operation or control of equipment, process, or system. It can cut production time, reduce errors and simplify procedures

Product standards are guidelines for product quality and are developed to benefit the consumer

. Break even point.     is the point at which the revenue will cover the expenses. The company can use this point to predict when they will begin to make a profit, for their revenue will exceed the expenses

Objective 4.00 Vocabulary Word List See Handout Business Vocabulary Objective 4.00 Vocabulary Word List See Handout