1.1
Foundational Concepts
Foundational Concepts
1.2
Skills of an Entrepreneur
Skills of an Entrepreneur
1.3
Business Opportunities
Business Opportunities
1.4
Business Plan
Business Plan
1.5
Intellectual Property
Intellectual Property
100
What are 3 types of compensation an employees can earn?
Types of Wages
Salaries (Wage)
Incentives (Commissions and Bonuses)
Benefits
100
What are the risks of being an entrepreneur?
Failure, inconsistent income, managing employees, and costs are risks of being an entrepreneur.
100
What is this process called?
1. Empathize
2. Define
3. Ideate
4. Prototype
5. Test
Design Thinking Process
100
What type of plan are these a part of:
- a cover page
- executive summary
- company description,
- description of products and services
- market analysis
- marketing plan
- operating plan
- funds required and expected uses
- financial statements
- owners credentials
The Business Plan
- a cover page
- executive summary
- company description,
- description of products and services
- market analysis
- marketing plan
- operating plan
- funds required and expected uses
- financial statements
- owners credentials
100
What term describes the legal right of a creator to use or sell a work they have created?
Copyright
200
What type of business model has the positive quality of lots of structure and support and the negative quality of high start up costs.
A Franchise
200
What are the benefits of being an entrepreneur?
Flexibility, passion, control, legacy, and financial success are the benefits of being an entrepreneur.
200
Give 3 examples of brick and mortar businesses.
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Modica Market, Trader Joe's, Resort Resale, Goodwill, Pazzo, and Tom Thumb are examples.
200
What is the first section of a business plan that summarizes what the business is and how it plans to profit called?
The executive summary is the first section of a business plan that summarizes what the business is and how it plans to profit.
200
What is the legal right to be the sole producer of a product?
Patent
300
What type of business model sells products and services that other businesses use in their activities.
Business to Business (B2B)
300
What do these steps represent?
1. Existence
2. Survival
3. Success
4. Take-Off
5. Maturity
6. Pivot or Persist
7. Exit
The Business Life Cycle
1. Existence
2. Survival
3. Success
4. Take-Off
5. Maturity
6. Pivot or Persist
7. Exit
300
Give 3 examples of a virtual enterprise.
Amazon, Door Dash, and Netflix are examples.
300
What type of financial statement includes the Projected income and revenue, projected cash flow, and projected net worth?
The Pro Forma Financial Statement
300
What protects symbols, words, and phrases that are unique to a product or company?
Trademark
400
What are the 4 most common types of business ownership?
Sole Proprietorship - A type of business structure with a single owner. The business is not shielded form any amount of liability.
Partnership - Two or more individuals that share a business's financial responsibility.
Corporation - owned by stockholders who share in profits and losses, is legally separate from it's owners.
C-Corp - Taxed independently of owners
S-Corp - owners file profits/losses on personal tax returns
LLC - joins elements of a corporation and a partnership
400
What is the first offering of a company's stock to the general public on the stock market called?
Initial Public Offering (IPO)
400
Give 3 examples of click and mortar businesses
Target, Walmart, Gap, and Whole Foods are examples of click and mortar businesses.
400
What are 3 ways entrepreneurs can raise capital?
What are 3 ways entrepreneurs can raise capital?
1. Bootstrapping
2. Debt financing
3. Equity financing
400
What is an agreement a business can sign to use trademarked materials?
Licensing Agreement
