ENTREPRENEURSHIP

Detailed explanation-1: -Profit is calculated as total revenue less total expenses.

Detailed explanation-2: -Expenses are the costs a business incurs from its core operations, while revenue is the money it earns from selling products and services before paying expenses. Once you pay expenses, you get net income or profit, which equals the total revenues minus the total expenses from a given accounting period.

Detailed explanation-3: -Knowing and understanding customer needs is at the centre of every successful business, whether it sells directly to individuals or other businesses. Once you have this knowledge, you can use it to persuade potential and existing customers that buying from you is in their best interests.

Detailed explanation-4: -Space, location, and cost. What kinds of things should a business keep in mind when looking for facilities? A link for feedback on a website, a card inviting people to take an online survey, and comment cards available at the front desk.

Detailed explanation-5: -Identifying a target market allows marketers to focus on those most likely to purchase the product. Limiting the population funnels research and budgets to the customers with the highest profit potential.