ESB
What must happen before someone can use someone else's patent?
They must obtain ownership of the patent
Franchises will generally have higher ______ ___ costs but they offer ongoing support and training.
Start-up costs
What outside agency might set quality control standards in some industries? (There are 3)
A government regulatory agency
Industry leaders
Local Health and safety inspectors
Korryn works at a convenience store. When she was hired, she was told that she would be working 40 hours and receive 15.00 per hour of work. In addition to this, the company gives all employees partial ownership of the company in the form of shares. Which two forms of compensation does Korryn receive for her work?
Hourly; Equity
Summarizes what one wants to accomplish with a business, the products and services one sells, financial outlook, the funding needed, one's goals and one's achievements.
Executive Summary
Owned and managed by one individual or sometimes a small group of people with a focus on generating profits.
Small Business
Commissions
What are two examples of direct distribution channels?
What formula is used to determine a company's customer retention rate?
(The number of customers at the end of the period - the number of new customers acquired during the period)/the number of customers at the start of the period x 100
Provides an overview of the employees and others that are part of a business.
Organizational structure/ management bios
An individual with an idea to offer an innovative product or service about which they are passionate.
What is an Entrepreneur
A brief overview of a business plan, the products and services that will be provided, the funding needed, and financial projections.
Pitch Deck
In the product/market fit, When the business is legally formed, and sales start to occur, where is that business in the product/market fit model?
Launch
What is the formula for determining ROI (Return in Investment)?
ROI= (Net Profit/Cost of investment)x100
Includes a budget, a 12-month profit and loss projection, cash flow statements, a breakeven analysis, and capital requirements to show investors how their money will be spent.
Financial Plan
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
Sandy has started the "Friendly Food Truck". She has purchased the truck, contents, and has started canvasing business locations that have a lot of foot traffic. She has started networking, has her licenses to operate, which business life cycle is Sandy in?
Existence
Provides long-term storage mainly in the retail sector.
Distribution Center
What is the formula for determining Run Rate?
Current Revenue for one month x 12
A brief overview of a business that talks about the company's mission and value provided to its customers.
Vision and Value proposition
Sharon owns a law firm. She has recently begun earning more money, and the firm's finances are doing well, in which business life cycle is Sharon?
Success
Demetri is implementing the design thinking process into his business. In which order should steps be taken?
Define; Empathize; Define; Ideate; Prototype; Test
Product/Market fit automatically results in higher sales. True or False
False
Fixed costs change depending on the volume of business. True or False
False
What are the 7 stages of the business life cycle in order?
Existence; Survival; Success; Take-off; Resource Maturity; Pivot or Persist; Exit Plan
What are the 5 stages of the design theory in order?
Empathize; Define; Ideation; Prototype; Test
____________ marketing lets marketers place ads on websites and search engines.
Pay Per Click (PPC)
Substituting high-quality components with low-cost components that still meet the product's lifetime duration and basic purpose
Value Engineering
Ben owns a shoe store. He has a new line of limited-edition running shoes he will be selling in his store soon. The cost of manufacturing the shoes is 18.00 a pair, and he wants to make a 20% profit on each pair he sells. What is Ben's selling price?
21.60
18.00 x 20% = 3.60
18.00+3.60 = 21.60
Other businesses that sell products that are different from a business but are similar enough that their products could satisfy the same need.
Indirect Competitors
A non-profit has a _________ status.
Tax-exempt
Which two channels are examples of digital sales channels?
General Marketplaces; Auction Marketplaces
True or False: Product/Market fit occurs when a business continues to grow due to customer demand.
True
When must real estate loans through the Small Business Association (SBA) be paid back?
25 years
Provides companies with information about their customer's values, personality traits, motivations, and how they view the world.
Psychographic Data
What is a characteristic of a business opportunity?
The seller is required to help the buyer find an ideal location for the business.
What are 3 ways to deal with negative customer feedback?
Address the customer by name
Empathize with the customer
Apologize to the customer
List the product/market fit in the correct order
Idea; Prototype; traction; growth; monetization; launch
What is the formula for determining ending cash balance?
Ending cash balance = Total Cash - Total costs
A situation an entrepreneur analyzes and evaluates to see if starting a sustainable, profitable business is feasible.
Business Opportunity
Dylan owns a grocery store. The store has not been receiving a lot of business during the last 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?
Pivot or Persist
What two sources are considered secondary data:
Focus groups
Company newsletters
Internet articles
Statistical Data
Internet articles
Company newsletters
Abe is a business owner developing a quality control testing process for his products. What are the steps in order for the quality control process. There are 4
Set quality standards; Establish the method of testing product quality; Review the internal quality testing results; Refine and improve quality methods and measures as needed.
Sarah has a t-shirt shop that costs 3500 per month to run. She sells T-Shirts for 25.00 per shirt. How many T-shirts must Sarah sell to break even?
140
Activities such as loyalty cards for discounts, referral bonuses for customer's who refer their friends and family can often be tied to company activities designed to customer ____________ activities.
Retention
What are the stages of a business life cycle in order?
Existence, Survival, success, take-off, Resource maturity; Pivot or Persist; Exit plan
With _________________ it is easy to target a specific geographic location.
newspaper marketing
In the product/market fit which stage would a business be in if they had gained sales momentum and a business has started to grow?
Traction
What is the formula for determining income tax expense?
Gross profit x Tax rate
A promise of value that a company makes about their product or service that makes it attractive to customers.
Value Proposition