Entrepreneurship
Define Entrepreneur
Someone who undertakes the organization of a new business and the risks and rewards that come with it.
What is a market?
A group of buyers for a product or service.
The ability of customers finding a lower price elsewhere is an example of what...?
Bargaining Power Of Customers
What is a common startup cost?
Office/manufacturing space
Equipment and supplies
Licenses and permits
Insurance
Legal fees
Inventory
Market research
Advertising
Websiteommunications
Utilities
Employee recruitment and salaries
What is a business plan?
It’s a written document that:
Establishes the vision, mission and goals for your business venture
Explains in detail how you intend to achieve the vision, mission and goals of your business
Guides an entrepreneur through the early stages of business development
Serves as a measuring stick for the success of a business
What did we choose as our business name?
Rebel Refreshers
What percent of businesses that open today will still be around in 10 years?
33%
How do you know a business idea is worth pursuing?
You can conduct market research.
The percentage of the market a company controls is called it's...
Market Share
What is Cost of Goods?
Materials and labor required to produce, sell, distribute products/services
What are the 2 types of Business Plans?
Traditional and Lean
Where did Mr. Ours get his entreprenerial experience
His family's restaurants (Skyline)
What is the definition of ‘tangible’ relating to startups?
things a new business owner needs to do/have before they launch their business.
What are the components of Market Research?
Market description and outlook
Information about your target customers
Information about your competitors
Regulatory analysis
What do we use to evaluate our business and competitors?
What is Capital?
large investments needed to open the door
Who is a business plan for?
Potential Investors
Potential Lenders
Potential Partners
Potential Customers
Potential Business Owner
What is Nick and David's favorite food?
Pizza
What is an advantage of owning a business?
No boss to answer to
You decide when to work
Unlimited earning potential
The satisfaction of creating and growing something you own
What are the 4 stages of the Industry/Market Lifecycle?
Introduction
Growth
Maturity
Decline
What are the 4 components of SWOT?
Strengths
Weaknesses
Opportunites
Threats
What are the 3 ways your business could be funded?
Self Funded
Debt Funded
Equity Funded
One of the 7 parts of a Business Plan
Executive Summary
Company Description
Market Analysis
Organization & Management
Service/Produce Line
Marketing & Sales
Financial Projections
Who said: "Fail to plan, plan to fail"?
Benjamin Franklin
List the 4 business structures
Sole Proprietorship
Partnership
LLC (LImited Liability Company)
Corporation
Why do we conduct Market Research?
Determine whether your business can earn enough to stay operating
What are the components of Porter's 5 Forces?
Competitive rivalry
Bargaining power of suppliers
Bargaining power of customers
Threat of new entrants
Threat of substitutes
raising money by selling ownership shares in your new company is called...
Equity Financing
What should be contained in the Company Description of the Business Plan?
Structure of operation
Legal structure
The market you hope to fill
How your products/services meet the needs of the market
Who your customers will be
Your competitive advantage
What is the Varsity Soccer Teams' record?
4-5-1