Foundational Concepts of Entrepreneurship and Small Business
What are the 7 parts of the business life cycle? Explain each stage.
Existence, Survival stage, Success stage, Take off stage, Resource maturity stage, Pivot or persist, Exit plan strategy
What is a common financial risk of business ownership?
bankruptcy/ failure
List 2 disadvantages of entrepreneurship
- Not having a promised paycheck
- May not get paid or have enough to pay employees
- multiple hats
- work life balance/ stress
What 4 sections must be apart of a business plan
What are the 4 intellectual property laws?
1. copyright
2. trademark
3. trade secret
4. patent
List the design think steps and describe them.
Successful entrepreneurs have what mindsets?
Adaptable
Argumentive
Nervous
Responsible
Tenacious
Adaptable
Responsible
Tenacious
What pay type do network marketers receive?
commissions
Pitch deck: A brief overview of a business plan, the products and services that will be provided, the funding needed, and financial projections.
Lean Canvas: Covers problems and solutions, value propositions, marketing channels, key metrics, costs, and revenue without all of the business plan details.
The formula of Coca Cola is...
a trade secret
Describe each compensation type and the one you find to be the most valuable.
Salary,Hourly Video, piece work, commision, equity
List the executive officers and what each does
COO, CFO, CIO, CEO
What adjectives can describe a business opportunity
Marketing
Size
Quality
Branding
Price
Service
What 4 things are needed for a business plan
The Adidas logo is an example of...
A movie can be patented. T/F
TRADE MARK
false
What are the 3 types of business opportunities? What makes a business opportunity viable?
Franchising, network marketing, product licensing
Market Size
Relationships
Managing Cash Flow
Management Skillsets
Passion
What business entity is taxed twice and is public? What does public mean?
What business entity has a limited amount of shareholders?
What business entity is not taxed?
C-corp- open for anyone to invest in
S-corp
Non-profit
Buyers agree to buy and sell the products developed by the seller or owner of the license. What is this
Franchise
What 7 things belong in a pitch desk
What document do companies have employees sign to mitigate the risk of a trade secret exposure (pick two options)
Non-compete agreement
Non-disclosure agreement
Confidentiality agreement
Secret clearance agreement
Non-disclosure agreement
Confidentiality agreement
Ford makes custom trucks for Amazon delivers. The truckers are delivering books. What type of transaction is this? Are the books a physical or digital product?
B2C (WHAT DOES THIS STAND FOR) (What is the opposite of B2C)
Physical
The SBA stands for . . .
Grit is. . ..
Fixed costs . . .
Small Business Administration
being able to tackle goals with courage
cost that remains the same
Requires higher start-up costs
I can still start a business if I don't have the proper skillset
When you have good ________ with potential customers and investors, a business opportunity is likely to run more smoothly.
Franchise
True
Relationships/connections
Includes a brief overview of your business plan, products and services provided, funding needed, and financial projections
A one-page document discussing key information of your business plan
The first part of a business plan, the most important, and creates the first impression of your business
pitch deck
lean canvas
executive summary
what 3 things are required to have a trade secret?
Must be a service
Information has economic value not generally known
A unique logo or brand names
Original work must be in a tangible form
Others cannot legitimately obtain the information
Subject to reasonable efforts to maintain its secrecy
Information has economic value not generally known
Others cannot legitimately obtain the information
Subject to reasonable efforts to maintain its secrecy