Unit One: Becoming
What is a Target Market?
The specific demographic that you are tailoring your business to
Give me an example of a *kind* of permit.
Agricultural license, child-care license, professional licenses, etc.
What is a brand?
Distinctive symbols, colors, aesthetics, etc., which set one business apart from another.
Why do business' follow obligations (ethical, legal, social, etc.)
Potential Answers: So they don't get sued, legal repercussions, bad reputation, etc.
Who are your employees to you as an entrepreneur? In other words, what are they?
The people you hire and compensate with wages and benefits
Name *THREE* of the TEN "Characteristics of a Successful Entrepreneurs"
Curiosity, Risk Tolerance, Willingness to Experiment, Comfort with Failure, Adaptability, Persistence, Decisiveness, Innovative Thinking, Self-Awareness, & Long-Term Focus
What's a Non-Profit?
A business organization formed to do some kind of charity or mission-based work. Tax Exempt.
Who was the guy that came up with the advertising principles we talked about in class?
David Ogilvy
What is the difference between a Copyright and a Trademark?
A copyright is for a given work, while a trademark is for a symbol, word, or phrase.
A "Trust Fall" is an example of...
A Team Building exercise
Why do businesses often have territories?
Potential Answers: To avoid competition, to be specifically tailored to that given target market, or to narrow your niche.
Give me *THREE* reasons why young businesses fail. Note: There are six of them in total.
Not satisfying a need, bad business plan, lack of financing, bad location, inflexibility, and/or rapid expansion.
What is a benefit of Analogue Marketing?
Potential Answers: Generally higher quality expectations and the chance to reach older audiences.
How can companies gain a poor reputation?
Potential Answers: Lying, Misleading Claims, and Politics
What are the steps to dealing with a sudden outburst in your business?
You de-escalate, then diagnose the problem, and finally come up with a reasonable compromise.
Give me a reason why competition is good and another reason for why competition is bad. (You need both)
Based on perspective
The good: Innovation and evolution. Makes unique solutions for unique problems.
The bad: Higher costs (often to innovate) and other businesses might muscle you out.
Why do you need Logistics?
Without detailed organization and operations, your business won't be managed correctly. Plans are important.
Pitch to me a Guerrilla Marketing campaign for one of your groups' FLEX businesses.
It has to be good
If someone is murdered in an office, why is that NOT a White Collar Crime?
White Collar Crime is traditionally understood as *nonviolent* crimes which occur in a business setting
What are the Pros and Cons of a strict Command Structure?
Pro: Ideally, a lack of confusion
Con: Inefficiency
Why does Starbucks NOT franchise its license?
Potential Answers: Greater control of individual stores. More profits go directly to the business (instead of the franchisee).
Why is The Jungle important when understanding Supply Chains for an entrepreneur?
It shows how negligence when it comes to production can cause issues (fingers in the cold cuts) for you if you are not careful
How is Eye Tracking used in Neuromarketing?
To see where a person's eyes linger on a given advertisement.
Why did Theranos fail?
Open-ended (Lying and misinformation, whistleblowing, etc.)
What is the highest form (current) form of a democratic workplace?
A Worker's Cooperative