Entrepreneurial and Small Business Concepts Pt.1
Individuals or groups that has an interest in the success of a company.
What is a Stakeholder?
Compensated for the number of products an employee produces.
What is Piecework?
Businesses that sell products that are different from yours, but satisfy the same need.
What is an Indirect Competitor?
Making a product or service that many people want/ demand.
What is product market fit?
A company has $50,000 in assets and $20,000 in liabilities solve using the formula
Equity= Assets- Liabilities
What is $30,000?
This is best for international business although it creates double taxation.
What is C corporation?
The person who manages day to day work in a company.
What is a COO?
Marketing accomplished by companies using specific technical elements to find the content.
What is a SEO?
Substitutes high quality components of a product with low-cost components that still meet's the products life cycle.
What is value engineering?
This formula is used to determine a company's profit after deducting the costs associated with producing and selling its products or services.
income-cost of goods
What is gross profit?
A written document that details how a business will be structured, managed, run and grown.
What is a Business Plan?
A non-cash compensation offered to employees that may include a stock of the company they work for.
What is Equity?
A planning tool companies use to assess their internal factors such as strengths, and weaknesses.
What is a SWOT analysis?
A method used by businesses to get a product from a manufacturer to the end user.
What is Distribution channel?
This formula help businesses identify how much money they spend every month.
What is burn rate?
Forward thinking mentality, initiative, resiliency, growth mindset, and risk tolerance are characteristics of an ____?
What is an entrepreneurial mindset?
List the Business Life Cycle in order.
What is a Existence, Survival, Success, Take-off, Resource Maturity, Pivot or Persist and Exit plan?
marketing expenses plus (+), sales expenses divided by (/) the number of new customers for the period.
What is the CAC formula?
Which distribution channel is wholesalers, retailers, agents, and intermediaries?
What is In-direct distribution channels?
A company invests $5000 in marketing and earns a total revenue of $8000. Calculate the return on investment.
What is 60%?
The owner must decide if they want to stay with the current business strategies or change them.
What is Pivot or Persist?
Empathize is part of the ____?
What is the Design Thinking Process?
Subtracting (-) the number of new customers during the period form the number of customers by the end of the period.
What is a Customer Retention Rate?
Product standards tested by govt officials, industry standards, and health, safety inspectors.
What is external quality standards?
A business starts with 400 customers and gains 50 new customers. At the end of the year, they have 420 customers. Calculate the customer retention rate.
What is 92.5%?