Entrepreneurs use profit:
1. To pay themselves.
2. To expand their businesses.
3. To start other businesses.
Unit Sell: one unit of the product or service a business sells.
Manufacturing: makes a tangible product (you can literally touch it.) A sneaker manufacturer makes sneakers but does not necessarily sell them to individual consumers.
Wholesale: Wholesalers buy the sneakers in large quantities from the manufacturer and then sell smaller quantities (typically in dozens) to shoe stores.
Retail: retail shoe stores sell the sneakers one pair at a time to consumers.
Service: A service business sells intangible products. A personal trainer, for example, sells his or her expertise to help people exercise.
Five breakthrough steps entrepreneurs can take:
1. Calculating the unit of sale.
2. Determining the economic of one unit of sale.
3. Substituting someone else's labor.
4. Trying to sell in volume.
5. Creating jobs and operating at a profit.
1. To pay themselves.
2. To expand their businesses.
3. To start other businesses.
Unit Sell: one unit of the product or service a business sells.
Manufacturing: makes a tangible product (you can literally touch it.) A sneaker manufacturer makes sneakers but does not necessarily sell them to individual consumers.
Wholesale: Wholesalers buy the sneakers in large quantities from the manufacturer and then sell smaller quantities (typically in dozens) to shoe stores.
Retail: retail shoe stores sell the sneakers one pair at a time to consumers.
Service: A service business sells intangible products. A personal trainer, for example, sells his or her expertise to help people exercise.
Five breakthrough steps entrepreneurs can take:
1. Calculating the unit of sale.
2. Determining the economic of one unit of sale.
3. Substituting someone else's labor.
4. Trying to sell in volume.
5. Creating jobs and operating at a profit.