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Preventing and removing any corruption and unethical behavior that could harm a business, the community, or the environment.
Social Responsibilities
Rhonda has a bakery that now generates a consistent income and is economically healthy. Which business life cycle is Rhonda in?
Success
A for-profit corporation with a lower tax rate that prevents the company from being double taxed.
S-Corp
Rose ordered a package of macaroons from an out-of-state bakery. She received the cookies the following week. What type of e-commerce product did Rose order?
Physical
Korryn works at a convenience store. She is paid 15.00 per hour and receives stock in the company as additional compensation. How is Korryn paid?
Hourly and Equity
Decision-making based on morals and doing the right thing.
Ethical Practices
Sara's hair club business is doing very well. A larger company has decided it would like to purchase her business. She needs to decide whether to sell it or grow it to a larger company. Which business life cycle stage is Sara in?
Pivot or persist
Profits are taxed when earned, and then shareholders' dividents are taxed after they are distributed. This legal structure is best for international business.
C-Corp
Empathize
Dylan owns a small grocery store. The store has not been receiving a lot of business the past few months and has been making a low profit. Dylan has a meeting scheduled to discuss these issues with other employees of the grocery store. In which business life cycle stage is Dylan?
Working on achieving a goal without someone directing and ensuring it is being done.
Personal Agency
Joey has opened a restaurant. He paid a large amount of money upfront to get the business started. He only sells products that are licensed by someone else. What type of business opportunity is Joey a part of?
Franchise
Allows the owner to pay taxes on their profits losses through using a personal tax rate. This legal structure is ideal for a single owner seeking low risk.
LLC
Analyze observations and information to identify the core problem.
Define
What is a characteristic of a business opportunity?
Coming up with solutions to a problem
Problem solving
Thinking about and planning for the future.
Forward-thinking mentality
Easy to create but has unlimited risk. Can only have one owner
Sole Proprietorship
Has not ownership and does not pay US federal taxes.
Non-Profit
When considering the reliability of the management for a business opportunity, what else should one consider at this time?
One's own skillset
Working with others toward a common goal
Collaboration
Adapting to change, loss, and disappointment.
Resiliency
Shared financial backing
Partnership
An individual with an idea to offer an innovative product or service about which they are passionate.
Entreprneneurship
A written document that details how a business will be structured, managed, run, and grown.
Business Plan
Solving problems in the best way by considering a variety of potential solutions to the problem
Critical Thinking
The amount one is willing to take when making investment decisions.
Risk Tolerance
What are the two disadvantages of entrepreneurship?
Not having a promised paycheck
Not having enough to pay employees
The design team comes up with solution ideas.
Ideatation
A brief overview of a business plan, the products and services that will be provided, the funding needed, and financial projections.
Pitch Deck
Bringing new and unconventional ideas to the table and finding creative and new solutions to the way things are done.
Creativity and innovation
What must happen before one can use someone else's patent?
They must obtain ownership of the patent
It is becoming more and more common to sell products where?
Online
A business where the owner licenses their operations, products, or services, branding, and knowledge for a royalty fee.
Franchise
Covers problems and solutions, value propositions, marketing channels, key metrics, costs, and revenue without all of the business plan details
Lean Canvas
Network marketers make their money through?
Commission
Individuals that should legally protect their intellectual property.
Entrepreneurs
Individual groups that have an interest in the success of a company.
Stakeholder
When the design team creates multiple inexpensive versions of the product, known as minimum viable products (MVP).
Prototype
Determines the size of a market with marketing analysis and describes potential customers to provide a customized plan to reach them
Marketing Plan
Brandon is in a band. His band has recently Produced a new song. What intellectual property law best protects the band's song from being stolen and reproduced?
Copyright
Hector invented a new type of gate for time travel. What type of protection law should he get to keep his invention from being copied and sold?
Patent
The individual who developed or created the company or organization
Founder
What is a disadvantage of an S-Corp
Provides an overview of the employees and others that are part of a business
Organizational structure/management bios
What are the two advantages of selling digital products?
No need for physical inventory, storage, or additional employees
Delivery is instantaneous and inexpensive
Target uses what law to protect its logo?
Trademark
Votes on the management of the company and whether to remove the CEO should the occasion arise.
Board of Directors
The design test identifies any additional problems and refines the final solution before the final product is produced and released to the customers.
Test
Pitch Deck Components:
A brief overview of a business that talks about the company's mission and the value provided to the customer.
Vision and Value proposition
Jasmine just started her law firm, is doing her initial marketing, and just finished with her first customer. What business life cycle is Jasmine in?
Existance
Astrid uses a secret recipe at her bakery. What law protects her secret recipe?
Trade Secret
Responsible for completing specific assigned tasks while adhering to the company's safety and ethical guidelines and policies.
Employees
Owned and managed by one individual or sometimes a small group of people with a focus on generating profits.
Small Business
Talks about the traction that a company has gained, such as crowdfunding
Milestones
Marcus owns a landscaping company. He has gotten to the point of having enough customers to stay open. Which business life cycle is Marcus in?
Survival
Billie manages the budget for a toy manufacturing company. In addition to this, she also negotiates financial matters with other companies on collaborative projects. What role does Billie play in the company?
CFO
Kelly has decided to purchase a new rug for her home. She visits a local home decor store and purchases a rug there. What type of transaction is this?
Business to Consumer
A non-profit has a _____________ status
Tax-exempt
What is the second stage of the design thinking process?
Define