Entrepreneurial & Small Business Concepts
An individual with an idea for a new product or service
What is an entrepreneur?
The first step in the design thinking process.
What is empathize?
Protects brand names and logos.
What are trademarks?
A farm worker who is paid by the amount of fruit they pick is being paid with this compensation structure.
What is piece work?
In a SWOT analysis. The S stands for this. It is what the company does well.
What are strengths?
Tenacious, adaptable and responsible describe this.
What is the entrepreneurial mindset
The step in the design thinking process where solutions are brainstormed.
What is ideate?
Non-disclosure agreements (NDA) and confidentiality agreements are used to protect...
What are trade secrets?
First stage in the business life cycle.
What is existence?
A target market is the consumer group which a business markets its product or service. Who is the target market for Nintendo?
Responses may vary
The disadvantage of a non-profit.
Profits can not be distributed.
The second step of the design thinking process where the problem is identified.
What is define?
Outlines the purpose, goals and direction of a company.
What is the business plan?
The stage in the business life cycle where a decision is made on whether the business is worth pursuing.
What is pivot or persevere?
In a SWOT analysis. The T stands for this. These are outside factors that could negatively impact a business.
What are threats?
This business type is taxed twice.
What is C-Corporation.
Luca was hired by a company to oversee the day-to-day functions of the company. He was hired in what role?
What is the COO? Chief Operating Officer
Before you can use someone elses patent, you must...
What is obtain ownership for the patent? What is pay a royalty?
The last stage of the business life cycle.
What is maturity?
Indirect competition refers to businesses where the products or services are different but could satisfy the same need. Who would be indirect competition for Starbucks?
Smoothie shop, soda, boba tea
Shareholders in this business type must be citizens or residents of the U.S.
What is a S-Corporation
A prototype used to test if the product fits the market and allows companies to enter the market with a smaller budget.
What is the minimum viable product (MVP)?
Name three factors that affect demand.
Price, Competition, Income, Preferences/Taste, Product Availability
The stage in the business life cycle where a person disassociates from a business. They may be closing, selling it or transferring ownership.
What is exit strategy?
Businesses who sell a very similar product or service are considered direct competitors. Who would be a direct competitor of Hulu?
Netflix