Startups
What is an entrepreneur?
Someone who identifies a business opportunity and takes the risk of starting it.
If you start your own business, are you guaranteed to make money?
Nah
Does a management plan provide organizational structure or business structure?
Organizational structure.
When starting a business, ill you likely have financial gain or suffer some loss?
You will suffer loss.
Name the 3 characteristics of an entrepreneur.
innovation, running the business, Risk taking
Do you get to keep all of the profit from your own business?
Yes
What is the most important part of a business plan
Executive summary
Name one of the challenges of starting a business in the first question slide.
No money, No time, No innovation
Name one of the 4 entrepreneurs in the nature of entrepreneurs slide.
Elon Musk, Jeff Bezos, Brother Willis, Tim McGraw.
What is a pro of staring your own business?
•You are your own boss.
•You get to keep all of the profit.
•Creative freedom.
•Lifestyle advantages.
What are the 3 structures of a management plan?
Legal form of organization, qualifications of management team, organizational structure.
Why is it important to figure out sales demand before deciding how much of a product to make for your business?
You may end up with a shortage or a surplus if you don't estimate correctly.
What was one of the 3 main points in the importance of a small business?
Creates jobs, sparks innovation, Provide opportunity
What is a con of starting your own business?
•A lot of stressors.
•Financial risk.
•Time consuming.
•You have to do the work you don’t enjoy
Why is it important to find the right products to sell?
You won't end up selling anything if you don't and won't make profit
What should you do when determining pricing for a product you are trying to sell?
Look at competitors prices.
How does Great Scott's Help large companies success?
They are a dealer of their products and increase Revenue for the larger companies.
What is the name of brother Willis' elk call company?
Flexmark Outdoors
Why do you need a plan?
so your business doesn't fail.
Where does Brother Willis sell his elk calls the most?
Australia and surrounding Islands.