DOMAIN 1: RNTREPRENEUSHIP AND SMALL BUSINESS
WHAT ARE THE 7 STAGES OF BUSINESS LIFE CYCLE?
EXISTENCE, SURVIVAL, SUCCESS, TAKE-OFF, RESOURCE MATURITY, PIVOT OR PERSIST, EXIT PLAN
WHAT ARE THE SWOT ANALYSIS ELEMENTS?
STRENGTH, OPPORTUNITY, THREAT, WEAKNESS.
What are direct distribution channels
Direct distribution is a direct-to-consumer approach where the manufacturer controls all aspects of distribution.
What is the Income Statement or Profit & Loss Statement?
This financial statement shows a company's revenues, expenses, and profit or loss over a specific period.
WHAT IS A LEAN CANVAS?
IS A ONE-PAGE DOCUMENT COVERING PROBLEMS, SOLUTIONS, AND KEY DETAILS OF A BUSINESS PLAN
When becoming an entrepreneur what are the 2 risks that they face?
Financial risks and Competition risks.
What is the formula for customer retention rate?
[(Ending customer - New customer) / Starting customer] x 100
What are indirect distribution channels
Indirect distribution involves third parties like warehouses, wholesalers, and retailers.
What is the Balance Sheet?
A balance sheet is one of the three primary financial statements used to monitor the health of your business.
What is Credit?
A financial institution's evaluation of a borrower's ability to repay a loan is often summarized in the "Five C's of ___."
name 3 characteristics of the legal structures?
C Corporations, Sole Proprietorship, S Corporation, Non-profit, LLC
WHAT IS BUSINESS-TO-CONSUMER (B2C)
A BUSINESS SELLING PRODUCTS OR SERVICES DIRECTLY TO CONSUMERS.
What are 6 steps of product/market fit
1. launch
2. traction
3. prototype
4. growth
5. monetization
6. Idea
Ashley sells cars. She has 26,000 in cash, 34,000 in inventory, a 4,600-credit card balance, and 3,500 in long-term debt. What is Ashley's equity
47,500
What are Venture Capital (VC) Firms?
This type of funding involves raising small amounts of money from a large number of people, typically via the internet.
WHICH BUSINESS OPPORTUNITY OBTAINS LICENSES TO USE A BRAND NAME?
LICENSING
WHAT IS BUSINESS-TO-BUSINESS (B2B)?
A BUSINESS SELLING PRODUCTS OR SERVICES TO ANOTHER BUSINESS, GENERALLY FOR RESALE PURPOSES.
Aaron wants to start a business but needs to come up with a product that he wants to sell which stage is Aaron on for product/market fit
the Idea stage
the Accounting Equation?
"Assets = Liabilities + Owner's Equity"
WHAT DOES LLC STANDS FOR?
LIMITED LIABILITY COMPANY.
WHAT ARE THE THREE KEY ELEMENTS THAT EVERY BUSINESS SHOULD HAVE?
BUSINESS PLAN, PITCH DESK, AND LEAN CANVAS.
WHAT IS SECONDARY AND PRIMARY DATA?
SECONDARY IS An ARTICLES OR ACADEMIC JOURNALS.
PRIMARY IS PERSONAL BIAS.
What is the international standards organizations definition of quality
“The totality of features and characteristics of a product or service that bear on its ability to satisfy stated or implied needs.
Tina sells cookies. What is Tina's ROI
production cost: 7.65/box of cookies
Selling price: 12/boxes of cookies
57%
WHAT ARE THE SIX ROLE IN A BUSINESS IN ORDER?
FOUNDER, CFO, STOCKHOLDER, CEO, COO, STAKEHOLDER.