Characteristics of businesses
Steve Jobs, Stephen Wozniak, and Ronald Wayne founded Apple. Ronald Wayne left the business 12 days later. What type of business ownership is this?
A partnership
True or False.
Drake is an entrepreneur
True
From an entrepreneurial standpoint, was covid good? Justify.
Up to interpretation.
Amazon owns a huge percent of total sales in their industry. The vocabulary word used to describe this is…
Market share
Networking
True or False, and why?
False, it is a non profit that raises money for kids, that are sick
If a person has a sports car, a luxury house, a loving family, and a non profit charity associated with their name, what level of Maslow’s hierarchy would they be on?
Self-actualization
What are two of thee ways to identify an opportunity?
1. Observe trends
2. Solve a problem
3. Find a gap in the marketplace
I asked the princpial if we could have a pizza party. He did not agree. I asked him multiple times and gave him better reasons. Finally he said yes.
What were two vocabulary terms that were used?
1. Persistance
2. Negotiating
What might be a reason why scam websites bombard you with advertisements the moment you open their page?
To maximize on Pay Per Click (PPC)
Maceo has travelled back in time and created the McDonalds franchise. Now in the present, he decides to sell the McDonalds franchise to Ms. Divitkos for $4000. What is are some advantages and disadvantages Maceo faces and what are advantages and disadvantages Ms. Divitkos faces.
Maceo:
Earns a hefty sum from Ms.Divitkos when she initially buys the company
Risk to his reputation is Ms. Divitkos’ franchise fails
Ms. Divitkos:
- Has a premade business ready
- Has to pay Maceo a fees on a typical basis
A homeless beggar would be on which level of Maslow’s hierarchy?
Physiological Needs
What is the Problem Solving Process.
1. Identify the problem
2. Brainstorm possible solutions
3. Evaluate the solutions
4. Implement solutions
5. Monitor and Adjust
What were three vocabulary terms used?
1. Outsource
2. Expenses or Cashflow
3. Bankruptcy
Jimmy invests in Timmy’s books, and after a year he has made a 500% profit.
What were two business vocabularies best suited to be used here?
1. IPO (initial public offering)
2. ROI (return on investment)
Sanay jumped back in time to tell his parents that Apple stock would skyrocket in the future. In total, they bought 1 million shares of Apple in 2001 for less than 20 cents, and now they are billionaires.
What type of business did Sanay invest in, and explain why would he be a millionaire now?
He invested in a Corporation.
He would be rich because whenever Corporations make money, they pay a dividend to their shareholders.
What was the highest point on Maslow’s hierarchy did Krabbs reach, and what is he at now.
Highest was Esteem needs
Currently is Safety
Anyone remember fidget spinners?
What made them a bad product.
This relates to Opportunity and generating ideas. (Attractive, Timely, Durable, Creates value)
2. And it appeared at the right time
3. And it made the kids seem cooler
4. It was not durable in the slightest because after 2017, no one played with the anymore.
SAC has just discovered the recipe of the Krabby Patty(how) and they decide it to sell it for $20 because no one else knows the secret formula. They sell in the SAC office and everyday they have thousands of customers. The principal saw potential in the project and gave them 90% of the school’s budget! SAC had to hire security because there were just too many people trying to steal the secret formula. They have so far made $100,000 in sales.
List 4 possible words that could have been used (budget does not count)
1. Charge Top dollar
2. Seed-investment
3. Mitigate
4. Revenue
A consumer is the same as a customer.
True or False, explain.
If someone buys a product and uses it for themselves, then they are both a customer and a consumer.
However, if you were to buy a Christmas present for someone, then you would be considered a customer.
List the seven characteristics of a business, and their descriptions.
1. Profit or non-profit. An organization that sells goods or services to satisfy consumer needs/wants with the purpose of making a profit. A non-profit is a business that is run to help people in a community or for a cause.
2. Large or Small. Companies with less than 500 employees is small-medium, while 500+ is large.
3. Form of business ownership: Sole proprietorship, Partnership, Corporation, Cooperation, Franchise.
4. Goods or service: What the business is selling or providing, tangible or service
5. Channel of distribution, how they deliver the goods or services to its customers
6. Role in the community. What role does the business have in the community?
7. Jobs, what jobs do they create?
Vineet has just learned how to create a Lamborghini from scratch. He and Adam work together to create a business where both of them assume the risk of going into debt.
They decide to sell supercars to rich people through Shopify. Vineet told Adam that the goal of the business was to get as rich as possible.
List the 7 characteristics of this business.
1. Profit
2. Small (Adam+Vineet = 2 People)
3. General Partnership
4. Goods
5. E-commerce
6. Boost in economy
7. No jobs were created
After going to the gym for months, Miles found that people kept forgetting their bags (Yes very simple example I know)!
Create a possible problem solving solution Miles could use in this situation.
You have 3 minutes to come up with the most creative solution.
After Om bought Apple Inc., he appointed himself as CEO. He created an ad on Instagram that skyrocketed Apple’s stock to 2 trillion! But then, he decided to quit after found out that they were secretly abusing children as labourers (theoretical).
List 5 business vocabulary words that were clearly used in that paragraph.
1. Acquisition
2. Advertising
3. C-suite
4. Ethics
5. Social Media
The one word that gets customers hooked.
Free