Unit 3: Chapter 14

In business, competition is very common. Businesses that offer similar products or services will naturally generate competition. Competition is often beneficial to the customer, as businesses will lower their prices in order to win over customers. Customers will usually buy from the cheapest source, as long as the quality is similar. This will often create […]

Unit 3: Chapter 13

Competition is present in almost every business. Competitors are other businesses, often with similar products or services, which are trying to acquire customers from your market. Competition between businesses is what pushes them to innovate, as to not lose business. Going into a market with lots of competition can be very difficult, as customers will […]

Unit 3: Chapter 12

At the most basic level, a business exists to supply services or products to meet customer demand. Supply is the number of products or services a business is able (or willing) to sell to customers. Demand is the number of goods and services a customer is willing to buy, and at what price. Supply and […]

Unit 3: Chapter 11

Economics is a word that is used a lot in business, but what does it really mean? Simply speaking, economics is the transfer of goods, services, and money. Economics is a part of mathematics, as it’s measured with numbers. As with most things in business, people are a very important factor. There are many factors […]

Unit 2: Chapter 10

It is no secret that businesses must make tough decisions. When it comes to widening the reach of your business, data can help ensure the right choice is made. Data from your market such as surveys and focus groups can help receive feedback from people who use your product. A well-researched decision is much more […]

Unit 2: Chapter 9

When starting a business, it is important to research the market you plan to go into. A market is a group of potential customers who are all looking for a similar product or service. Your business needs to stand out in its market, or else it will likely be overshadowed by an existing business in […]

Unit 2: Chapter 8

Coming up with an idea can be a difficult step in creating a business. Coming up with ideas for a business relies on critical thinking skills. As mentioned in one of my previous blogs, an entrepreneur can draw inspiration from problems they face in their own life. Critical thinking skills help you in transforming your […]

Unit 1: Chapter 7

In business, learning when to take opportunities is very important. Committing time, resources, and money to an opportunity is risky, but as previously discussed, risks are necessary for a business. A business should be created to meet a consumer need or want. A good entrepreneur is constantly on the lookout for opportunities to start a […]

Unit 1: Chapter 5

It is important for a business to be ethical. Everyone’s idea of ethics is different, however, so a business should have an idea of what is important to them. Sometimes businesses are not ethical, as sometimes doing unethical things can be more profitable. If the public gets light of a business’s unethical practices, they might […]

Unit 1: Chapter 4

Being a good entrepreneur isn’t just about making money. Good entrepreneurs solve problems. You need to make money to solve problems, and you need to solve problems to make money. Entrepreneurs need to know how to balance economics with societal relations. Responsible business owners will use their business to solve problems, sometimes ones that aren’t […]

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