Definitions
Setting up a business with the aim to make a profit
What is Entrepreneurship?
Would the following business be classified as B2B or B2C? Wholesale Flooring Distributor
B2B
What is one of the greatest benefits of being an entrepreneur?
What is schedule control?
This is last stage of the Business Life Cycle.
What is the Exit Plan Stage?
In the stage of the Design Thinking Process the design team reviews and refines the product.
What is the Test stage?
This is when the employee receives a set amount of pay each month without overtime compensation from extra hours worked.
What is salary?
Would the following business be classified as B2B or B2C? Chain of Local Grocery Stores
B2C
Name at least one of the three characteristics that help identify a business opportunity?
What is service, price, or quality?
In this stage of the Business Life Cycle, a business is up and running.
What is the Existence Stage?
This is the first stage in the Design Thinking Process.
What is the Empathy stage?
An employee who is paid a percentage of a sale is paid by ___________________
What is commissions?
You need to create a legal structure for your small business. You would like some of the benefits enjoyed by large corporations, but do not want to be taxed twice. You have four partners who will be shareholders. None of you plan to sell your ownership shares to the public, but do want to be protected from business liabilities.
Which legal structure should you set up for your business?
What is an S-Corporation?
The owner of a landscaping business has noticed that none of his competitors are including ponds or other water features in the gardens they create. The landscaper wants to determine the viability of this business opportunity.
What should this entrepreneur do FIRST before offering to design and build water features as part of his landscaping business?
What is ask the customers in the area if they are interested in adding a water feature to their gardens?
In this stage of the Business Life Cycle, owners separate financially and operationally from a business.
What is the Resource Maturity Stage?
In this Design Thinking Process stage you analyze observations and information gathered during the empathize stage.
What is the Define stage?
This person oversees a business's operations and resources and makes the major decisions for the company.
What is CEO?
An example of _________________compensation is paying field laborers for the amount of fruit they pick.
What is piece-work compensation?
Who has equity in a business?
What is founder, investors, partners, shareholders, and stockholders?
This is the second stage in the Business Life Cycle where a business regularly takes on new customers and starts to generate a consistent income.
What is the Survival Stage?
In this Design Thinking Process stage the design team develops solution ideas to spark new ways of thinking.
What is the Ideate stage?
This is an individual or business that purchases goods and services from a business.
What is a customer?
Employees most affected by minimum wage laws are compensated __________________
What is hourly pay?
Responsible, tenacious, adaptable...
What is the mindset that entrepreneurs typically represent?
In this stage of the Business Life Cycle a business persists with its current strategy or pivots to a new strategy if needed.
What is the Pivot or Persist Stage?
This is the last stage of the Design Thinking Process.
What is the Test stage?
This is a tangible item a business owns.
What is an asset?
Would the following business be classified as B2B or B2C? Motorcycle repair shop
What is B2C?
This is the person that developed or created a company or organization
What is the founder?
This is the 4th stage in the Business Life Cycle where owners decide if they want a big business and determine the best solution to finance rapid growth.
What is the Take-Off Stage?
In this Design Thinking Process stage they test the problem solutions developed in the ideation stage.
What is the Prototype stage?
This is a monetary amount given to employees in return for their work.
What is compensation?
Would the following business be classified as B2B or B2C? Purchases requiring a tax exemption certificate
This is an individual with an interest in a business.
What is stakeholder?
In this stage of the Business Life Cycle owners can make a profit from selling their ownership in a successful company.
What is the Exit Plan Stage?
In this Design Thinking Process stage you observe, engage, and empathize with customers to understand their experiences and needs.
What is the Empathy stage?