Business Life Cycle
At what stage does the business introduces itself to the market and attempt to catch the attention of potential customers
Existence
What is the primary benefit of starting a new business without purchasing a franchise or buying an existing business?
Developing your own rules
You own a mobile Taco truck and have a short list of competitors Classify each of the following businesses as either Direct or Indirect competition.
-A local Taco Bell franchise
-A local Burger King franchise
-Mobile Fish and Chips Truck
-Walk-up Mexican Food stand
Direct:
Taco Bell and Mexican Food stand
Indirect:
Burger King and Fish and Chips Truck
A multi-page document describing and detailing a business.
Business Plan
At what stage are assumptions challenged and ideas created?
Ideate
At what stage does a business's focus shifts to revenue, expenses, and growth? Cashflow is also a major issue.
Survival of the Fittest
A rancher is preparing to retire. He is considering selling half of his land and giving the other half to his children. He hears that development for a ski resort was just approved on land adjacent to his property.
Which viable business opportunity does the retiring rancher foresee?
An increase in land value
What part of a SWOT analysis can be challenging but often necessary to grow a business?
Weaknesses
A side presentation for potential investors that summarizes the key item of a business.
Pitch Deck
Define
At what stage is the company stable and profitable?
Success
What is confidential information which may be sold or licensed?
Trade Secrets
What part of a SWOT analysis are the successful characteristics of the business?
Strengths
A single-page business summary template that was created by Ash Maurya.
Lean Canvas
At what stage are you trying to understand the problem you are trying to solve?
Empathize
At what stage are expansion strategies implemented, and investment is balanced with potential?
Takeoff
What protects a brand name?
Trademark
What part of a SWOT analysis may be the most difficult challenge, mainly because they are usually external factors?
Threats
What are the three components of a Pitch Deck?
-Used to get investors' attention
-10 to 20 slides
-Highly visual
At what stage are you testing prototypes? This is the final stage.
Test
Note: While this is the final stage you can always go back to previous stages to improve.
At what stage does the business separate from the owner with responsibilities delegated to staff? A business in this stage usually commands a considerable share of the market and may even be a household name.
Maturity
What is used to protect an original work, an example being music?
Copyright
What part of a SWOT analysis is by far the most actionable?
Opportunities
What protects an invention?
Patent
At what stage are you experimenting and aiming to identify the best possible solution?
Prototype