SMALL BUSINESS START UP
How many years before most small businesses make a profit?
You must be prepared financially to not make a big profit (or any) in the beginning. Some small businesses don’t make a profit from two to three years after opening. You need to be aware of your finances so that you know if you are breaking even. You should also be careful about start up costs, and make sure you don’t get a loan that you cannot afford.
What type of leadership is most effective in the workplace?
Because it encourages everyone to engage in all processes, voice their thoughts, and trust that you will hear them, the democratic leadership style is one of the most successful. Employee engagement is also boosted by the knowledge that their opinions will be heard.
What is the term for the process of selling a startup to a larger company or investor for a significant sum?
What is an "exit strategy or acquisition"?
How does a startup secure funds?
A startup secure funds from themselves, investors, or take out loans
What is one of the more recent successful startup entrepreneurship companies that is based on travel?
Airbnb
How to pick a location?
The biggest thing to consider when you are picking a location for your business is making sure that it is in a close proximity to your target clientele. You should also be aware of competing businesses, if you are opening an ice cream shop you don’t want to open it right next to a preexisting shop.
What dynamic should leaders strive for in the workplace?
Dynamic leaders are aware of the value of motivating others and attaining success through collaboration. They support the development of all team members by providing them the room they need to develop within their jobs rather than trying to control talks or micromanage work.
This document is a protection for a company’s ideas and innovations
What is a "patent"?
Is having a strong network important to a startup?
Yes. Having a strong networking system makes it easier to reach out to clients and grow the company
Which company was founded in a garage as an online book store?
Amazon
What is the best way to prepare for failure?
One of the ways to prepare for failure while starting a business is defining it. Failure looks different for everyone and if you don’t succeed your first try it doesn’t mean you failed. A big part of starting a business is having the tenacity to keep trying if something doesn’t work out.
Why do employees need leaders to find success?
A good leader makes sure that everyone is competent in their position. You'll see to it that everyone understands their roles and is at ease in them. Team members will soon be able to work more productively because they won't need to stop and ask questions or look for clarification.
What is the commonly used term for a small startup company that goes public or reaches a billion dollars in revenue?
What is a "unicorn"?
Will curiosity benefit an entrepreneur?
Yes. Being curious leads to a more creative process and can bring better ideas
What is the social media company that experienced partnership issues resulting in law suits against the creator? And who is the creator?
Facebook, Mark Zuckerberg
What is market research?
Market research is the process of researching the viability of a new good or service in the community you wish to reach. Market research can be done in many ways including surveys and interviews. This information can help tell you how your business is perceived by the community.
What can leaders do to positively influence employees?
Having a love for your work and sharing it with others can boost productivity and staff engagement. By encouraging employees to take the initiative and lead amid turbulent times, this optimism can also encourage collaborative leadership among staff members.
This term is the initial investment by the founders of a startup to get it off the ground.
What is "seed funding"?
What are some of the most successful startups?
Some of the most successful startups are Microsoft and Amazon, founded by Bill Gates and Jeff Bezos
What is the most commonly used technology device that is a result of startup entrepreneurship?
Apple- iPhone
What should you include in a business plan?
You need to explain what your business is and how it will be successful. Be prepared to show your financial predictions, and funding requests. In the business plan you also must include your product or service.
How do leaders impact the workforce?
Members of the workforce can create a vision, a direction, and attainable goals with the help of leadership skills. These abilities enable team members to reach their full potential, improving the effectiveness of the company's operations.
What is the term for the document that outlines a startup's business plan and its mission, target market, and revenue model?
What is a "business plan"?
What should you do if marketing a similar product/service as someone else?
Find what makes your product special. Emphasize key differences and market to your strengths
What is the company founded by Travis Kalanick and Garrett Camp that revolutionized transportation outside of public transit?
Uber