Types of Business Ownership
How can a sole proprietorship have more than one owner?
A legally married couple
What is a strength of Tesla? Explain why
Possible Answers:
1. Musk factor boosts brand capital
2. Innovation
3. Using profits as a weapon to fight the EV price war
4. Ability to attract top engineering talent
5. Supercharger Network
6. Carbon credits from EV, solar, and energy operations
7. Agile supply chain and direct-to-customer selling
Please don't forget to explain why!
What is the first step in the decision-making process?
Define the goal
Name one shape and the meaning of the shape.
Possible Answers:
Made when something unexpected happens or when something needs to be changed.
What is double taxation?
Paying taxes twice on the same money. Ex: corporations paying tax on earnings and then shareholders paying taxes on the same earnings.
What is a weakness of Tesla? Explain why
Possible Answers:
1. Over-dependence on Mr. Musk
2. Product reliability issues
3. Poor after-sales service
Please don't forget to explain why!
What do you do after choosing alternate options?
Identify pros and cons
Why are logos important to companies?
It is the visual connection between consumers and your brand. It creates instant recognition, differentiation, and trust with the consumer. The logo serves as the company's representative in advertisements and media.
What is Operational Planning?
How things need to happen. Typically describes the day-to-day running of the company.
How many shareholders can an S corporation have?
A maximum of 100
What is a threat to Tesla? Explain why
Possible Answers:
1. The Chinese Competition
2. Emerging bottlenecks in key battery materials
3. Inevitable withdrawal of EV subsidies in the long run
4. Hydrogen combustion engines
Please don't forget to explain why!
What is the second step in the decision-making process?
Establish criteria
Why should companies have mission and vision statements?
Mission and vision statements provide clear direction, align employees, inspire purpose, guide decisions, and build a strong brand identity by defining why they exist (mission) and what they aspire to become (vision). Together, they unify and guide a company towards its long-term goals.
Most successful businesses have an owner that is ______ about the business. and have a business plan that provides a ______ to a problem or problems.
Passionate/Enthusiastic, Solution
Who is liable in a corporation?
The corporation itself.
What is an opportunity for Tesla? Explain why
Possible Answers:
1. Expansion into untapped markets
2. Growth in volume driven by cost optimization
3. Micromobility
4. Electric 2-wheelers in developing countries
5. Electrification of Fleet Vehicles
Please don't forget to explain why!
What is the second D in the decision-making process?
Decide the most logical option for the situation
What is the purpose of a vision statement?
To extend your mission to an ideal future state.
What is Strategic Planning?
Why things need to happen. Includes a high-level overview of the entire business.
What is the difference between a general and a limited partner?
A limited partner takes a smaller share of earnings, has limited liability, and no say in how the business is run.
What are the benefits of a SWOT analysis?
Possible Answers:
1. Improved strategic planning
2. Enables better decision-making
3. Fosters team alignment
4. Provides a cost-effective way to gain a comprehensive business overview
5. Helps organizations leverage advantages, address gaps, capitalize on market openings, and proactively mitigate risks for growth and competitive advantage
What is the last step in the decision-making process?
Evaluate Results
What is the purpose of a mission statement?
To define your companies purpose.
What is Tactical Planning?
What is going to happen. Breaks down the strategic plan into actionable chunks.