Domain 1
This is the main financial objective of a small business owner, differing from an entrepreneur's focus on rapid growth and unknown risk.
What is generating profits?
This explains to customers exactly why they should do business with a company.
What is a value proposition?
This is the most basic functional version of a new product or service that can be released to the market to gather validated learning from customers.
What is a Minimum Viable Product (MVP)?
This fermented grape juice is the traditional beverage popped open at midnight.
What is Champagne?
In parts of Asia, these extremely long strands of food are eaten on New Year's for a long life, as long as you don't break them while eating.
What are noodles ?
This is a legal structure that offers limited liability to its owners but is not considered ideal for international business operations due to tax rules.
What is a(n) S Corporation or S-Corp?
This type of market research data is collected directly by the entrepreneur through methods like focus groups or surveys.
What is primary data?
This is the knowledge and material needed to create a product or service.
What are inputs (or resources)?
This is the specific New York location where the famous ball drops every year.
What is Times Square?
This leafy green vegetable symbolizes paper money, thus bringing wealth in the new year.
What are collard greens (or kale, or cabbage)?
This is the intellectual property protection for an invention, allowing the inventor exclusive rights to make, use, or sell the invention for a set period.
What is a patent?
The analysis that examines a company's internal strengths and weaknesses and external opportunities and threats.
What is a SWOT analysis?
This term refers to how well a product satisfies an existing market demand, confirmed by customer data.
What is product/market fit?
In Scotland, the first-footing tradition involves bringing a dark piece of this baked good for good luck.
What is shortbread (or cake)?
People in the Philippines eat 12 of these, all of which must be round, to represent a cycle of prosperity.
What are fruits (or round fruits)?
This stage of the business life cycle is when the company is regularly acquiring new customers and establishing a consistent income stream.
What is the growth stage?
This metric is calculated by dividing total marketing and sales expenses by the number of new customers acquired during a specific period.
What is Customer Acquisition Cost (CAC)?
This is the sequence of a product's life from production, to the manufacturer, to the retailer, and finally to the customer.
What is the supply chain?
The tradition of eating 12 of these fruits at midnight, one for each chime, comes from Spain
What are grapes?
Because pigs root forward, eating this type of meat is thought to bring progress in the coming year.
What is pork (or ham)?
This is a one-page document that is an alternative to a traditional business plan, focusing on a problem, solution, key metrics, and unique value proposition.
What is a Lean Canvas?
This digital marketing strategy involves optimizing a website to ensure search engine crawlers easily find and index the content, placing the article high in search results.
What is Search Engine Optimization (SEO)?
This distribution strategy utilizes multiple channels, such as an online store, a physical retail location, and a pop-up shop, to reach the customer.
What is omnichannel distribution?
The first organized New Year's Eve celebration in Times Square was held by this major newspaper in 1904.
What is The New York Times?
This tiny, lens-shaped legume, common in Italian tradition, symbolizes many coins.
What are lentils?