Entrepreneurship & Small Business
What is the Business Model Canvas component that explains who the product creates value for?
What is Customer Segments?
On a balance sheet, list the three main categories.
What is Assets, Liabilities, Equity?
What are the four classic Ps of the marketing mix?
What is Product, Price, Place, Promotion
What is a distribution channel?
What is The path a product takes from producer to customer, e.g., direct sales, retailers, online marketplaces?
What are the common C-suite roles: CEO, COO, CFO — give one primary responsibility for each.
What is CEO — overall strategy and leadership; COO — operations and execution; CFO — financial oversight and reporting.
Name the five stages of the Design Thinking process in order
What is Empathize, Define, Ideate, Prototype, Test?
What is cost-plus pricing? Give the formula in words.
What is set price by adding a markup to the total cost of producing the product — Price = Total Cost + Markup
Define target market and name two segmentation criteria.
Target market is the specific group of customers a business aims to serve; criteria include demographics and psychographics.
Name one difference between sales channels and distribution channels.
What is Sales channels are ways to sell to customers (e.g., inside sales, e-commerce); distribution channels are physical/logistical pathways to deliver product.
Name three common business entity types listed in class materials.
What is Sole proprietorship, C Corporation, Nonprofit (and S Corp).
Define Minimum Viable Product (MVP) and explain its purpose in lean startup methodology
What is an MVP is the simplest product with core features used to test customer demand and gather feedback to iterate?
Define fixed cost and variable cost and give one example of each.
What is Fixed cost — does not change with output (e.g., rent); Variable cost — varies with output (e.g., materials)
List the main steps of the selling process including pre-approach.
What is Pre-approach, Approach, Determine needs, Present features/benefits, Overcome objections, Close sale, Follow-up/suggestive selling
Define supply chain management (brief) and list one phase.
What is SCM coordinates sourcing, production, and delivery of goods; one phase is sourcing.
What is a SWOT analysis and what does the O stand for?
What is A tool to analyze Strengths, Weaknesses, Opportunities, Threats; O = Opportunities
Compare and contrast a sole proprietorship and an S Corporation in one sentence each (focus: liability and taxation).
Sole proprietorship — owner has unlimited personal liability and business income is taxed as personal income; S Corp — limited liability for owners and pass-through taxation with eligibility limits
Explain break-even point and name one piece of information needed to calculate it.
What is break-even is where total revenue equals total costs; need contribution margin per unit or fixed costs.
Explain cost-plus pricing vs. value-based pricing in one sentence each.
What is cost-plus sets price from costs plus markup; value-based sets price based on perceived customer value
Give two factors to consider when selecting vendors or suppliers.
What is Reliability/delivery schedules and cost/quality.
Give one example of a fixed startup cost and one example of a variable operating expense for a cafe.
What is Fixed startup cost — espresso machine purchase; Variable operating expense — coffee beans/inventory.
Describe three key elements you would include on a Business Model Canvas to convince an investor your startup has potential.
What is clear value proposition, validated customer segments with evidence (e.g., customer discovery results), realistic revenue streams and cost structure showing path to profitability.
Describe the difference between startup costs and operating (total) cost of expenses, and explain why projecting initial funding requirements is essential.
What is startup costs are one-time expenses to open (e.g., licenses, equipment); operating/total costs are ongoing expenses (e.g., wages, utilities). Projecting funding shows cash shortfalls until break-even and informs financing decisions.
Describe three techniques for building customer loyalty and retaining clientele.
What is exceptional customer service and follow-up, consistent product quality, loyalty programs/engagement and permission marketing.
Explain how distribution choices affect the Business Model Canvas’s cost structure and channels components.
Distribution method determines channel selection and incurs specific costs (shipping, warehousing) which drive the cost structure and influence which channels are feasible/cost-effective.
Explain the lean startup build-measure-learn loop in three short steps
What is Build an MVP, measure customer responses/metrics, learn and iterate or pivot based on feedback.)