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Entrepreneur Key Concepts
Key concepts covered in the YE Academy
Terms in this set (30)
Always act with integrity, respect, and toleration.
You make your own opportunities.
Seeking out the best information, driving beneficial change, and cultivating humility
Respect the rights of others and study the links between freedom, entrepreneurship, and societal well-being.
Creating real value in society for oneself and others through cooperation.
Find fulfillment in your life by improving the lives of others.
Use economic thinking to create the greatest benefit with the least resources.
Take responsibility for your own life.
Your preferences drive your decisions and behaviors. No one decides for you.
Trade is made of win-win.
Freedom to Enter & Compete
More options means more opportunities to find the right solution.
Rule of Law
All the rules apply equally to all the people, all the time. No matter what.
We live in a world of seemingly limited resources full of people with unlimited wants and needs.
People value different things, at different times, for different reasons, and it's always changing.
I can't get what I want unless I help you get what you want
Resources invested in the past cannot be recovered. Pivot!
The ability to produce a particular good or service at the lowest opportunity cost.
The highest valued, foregone choice.
Cost of Goods Sold
The cost of producing one additional unit of a product.
The difference between revenue and GOGS
Money a business receives for products or services.
An activity directed at satisfying needs and wants through the exchange process.
A good, service or idea.
The 4P's: Product, Price, Place and Promotion
Techniques used to gather information and better understand a company's target market.
A particular group of consumers at which a product or service is aimed.
Dividing a larger market into smaller parts.
Geographic, Demographic, Psychographic and behavioral
A detailed description of the typical customer in a market segment.
A method used to accelerate the innovation proccess.
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