ESB 1
Setting up a business with the aim to make a profit.
What is Entpreneurship
Prospecting, Prepare, Approach, Presentation, Objection, Closing, Follow Up
Elements of a Sales Process
An executive summary should briefly explain everything in a business plan in how many pages?
Two pages
paid to a salesperson for every sale that he or she completes EX: realtor, car salesman
Commission
This U.S. government agency would be helpful with assistance writing a business plan or giving loans/grants
Small Business Administration
a one-page business plan layout for a business idea.
Lean Canvas
DAILY DOUBLE
4 Segments in a marketing plan
Behavioral
Geographic
Demographic
Psychographic
Which intellectual property law protects a band's songs?
Copyright
anything that has current or future economic value to a business, found on the balance sheet
Assets
Which legal intellectual property law protects brand names, logos, and business names?
Trademark
a detailed document showing a business's objectives and strategies
Business Plan
What is a disadvantage of a S-corporation?
strict to qualify
List the 7 stages of the business life cycle.
Existence, Survival, Success, Take-Off, Maturity, Pivot/Persist, Exit
Ownership interest in a business
Equity
This is the simplest business entity
Sole Proprietorship
visual presentation that helps potential investors learn more about your business.
Pitch Deck
group of customers in which a business aims its marketing efforts
Target Market
Common financial risk that entrepreneurs encounter.
Bankruptcy
What you owe others. Found on a balance sheet.
Liabilities
DAILY DOUBLE
The type of pricing that starts lower than the rest of the market to draw customers in
Penetration Pricing
Test, define, prototype, emphasize, ideate.
Elements of Design Thinking
(Cost + Desired Profit Margin%) + Cost =
Selling Price
Identifies the amount of cash a company is spending every month
Burn Rate
Bootstrapping, Credit Cards, Crowdfunding, Loans, Angel Investors, Venture Capital
Ways of startup funding
Two Examples of Primary and Secondary Data
Primary-focus group, interviews, survey
Secondary-newspaper, online article, tv