The Design Thinking Process
What is the first stage of the design thinking process?
1. Ideate
2. Prototype
3. Empathize
4. Define
5. Test
3. Empathize
What is the first stage of the Business Life Cycle
1) Existence
2) Survival
3) Take-off
4) Success
EXISTENCE
The amount of loss one is willing to take when making a decision.
Risk Tolerance
True or False: LLC is a Limited Liability Company
TRUE
Ulises Alvarez Jr. made a beautiful matcha recipe specifically for his business called "Matcha Ninja"
What intellectual property law protects this matcha recipe from being stolen?
Trade Secret
How many stages are in the design thinking process?
6
7
4
5
3
5
A lean canvas should only be __________ page long, discussing key information, without all the details one would see in a business plan.
o o o o
two
one
four
three
One! teehee - jose wrote this not joe, joe doesn't do teehee's
A common financial risk that entrepreneurs encounter is __________.
high maintenance costs
bankruptcy
high taxes
high insurance costs
Bankruptcy
Which types of businesses are best for international business?
C corporations
Henry made some fire music
What intellectual property law can he use to protect said "fire music"
Copyright
True or False: MVP is the most valuable player in the design thinking process's success
FALSE
MVP is a MINIMUM VIABLE PRODUCT in the context of the design thinking process
An executive summary should briefly explain everything in a business plan in how many pages?
A) Two
B) One
C) Four
D) Three
2 Pages (YES 2)
What characteristic of entrepreneurship is turning an idea into action
1. initiative
2. risk tolerance
3. self-reliance
4. critical-thinking
1. initiative
What is the main drawback of a sole proprietorship?
o o o o
They are responsible to shareholders
They are easy to create
They require a partner
They have unlimited personal liability
They have unlimited personal liability
Knowing a process has been tested and works well is valuable to companies as they can assume it would work just as successfully for their company. As a result, companies may want to use ______ materials.
Patented
Trade secret
Copyrighted
trademarked
Trade secret
LIST THE DESIGN THINKING PROCESS IN ORDER
IDEATE
PROTOTYPE
EMPATHIZE
DEFINE
TEST
1. Empathize
2. Define
3. Ideate
4. Prototype
5. Test
Johnny Appleseed's business is economically healthy and is looking to finance future growth
What business life cycle is this?
Take-off Stage
Name 2 disadvantages of entrepreneurship(chose two)
-Not having a promised paycheck
-Having to work around employees' schedules
-May not get paid or have enough to pay employees
-Higher income tax
1. Not having a promised paycheck
2. may not get paid or have enough to pay employees
What are the disadvantages of an S CORPORTATION
1. They have STRICT qualifications to become an S CORP
2. They are taxed DOUBLE
3. no more than 100 SHAREHOLDERS
4. Only ONE class of stock
-----------------------------------
A) 1 & 2
B) 1 & 3
C) All are disadvantages
D) 1, 3, & 4
SHOULD BE
1, 3, & 4
1. They have STRICT qualifications to become an S CORP
3. no more than 100 SHAREHOLDERS
4. Only ONE class of stock
What do employees sign when working for a company where they agree not to share trade secrets?
Non-Disclosure Agreement
What is the design thinking process? Choose 2
1. A learning process focused on customers and their needs
2. Used to develop user-friendly products
3. Be able to oversee and work on the company's finances
4. Develop a sound customer service system
1. A learning process focused on customers and their needs
2. Used to develop user-friendly products
List the Business Life Cycle Stages in Order (NO PARTIAL CREDIT)
1. Resource Maturity
2. Success
3. Existence
4. Take-off
5. Exit Plan
6. Pivot or Persist
7. Survival
1. Existence
2. Survival
3. Success
4. Take-off
5. Resource Maturity
6. Pivot or Persist
7. Exit Plan
Social Responsibilities Are:
1. Provide excellent customer service
2. Practice good work behavior
3. Removing any corruption and unethical behavior
4. Be efficient and responsible to you and others
-------------------------------------------------------
A) 1, 2, & 3
B) 2 only
C) 3 only
D) 1, 3, & 4
E) 4 & 1
C) 3 Only
3. Removing any corruption and unethical behavior
AN LLC HAS?:
1. Same Liability as a CORP but cost less to create
2. Similar taxation as a C corp
3. Strict Stipulation on who is allowed to be a shareholder
4. Lack of Government Regulation
Answer accordingly(May choose up to one or all answers)
1. Same Liability as a CORP but cost less to create
This type of intellectual property protects new inventions, like machines, processes, or chemical formulas, as long as they’re novel, useful, and not obvious.
A. Trademark
B. Trade Secret
C. Copyright
D. Patent
patent