What is the difference between a good and a service? How do businesses make money (use the R-E=P equation)? What is the relationship between risk and reward and where do you stand on the risk-reward continuum?

DISCUSSION ESSAY

Write a 2-3 page paper. Pretend you are an entrepreneur selling a good or a service. Briefly describe your product and then, using your business as an example, explain the following:

What is the difference between a good and a service?, How do businesses make money (use the R-E=P equation)?, What is the relationship between risk and reward and where do you stand on the risk-reward continuum?, What is the definition of “stakeholder” and name 3 stakeholders for your business, What is the definition of outsourcing and would you outsource a portion of your business, why or why not?

R=Revenue E=Expenses P=Profit