Vocabulary
A new venture started inside a large corporation.
What is corporate venture?
Three Examples of a Service Business
Sports and Entertainment, Insurance, banking, education etc.
The seller of a franchise who is giving the buyer its planning and management expertise.
What is a franchisor?
What is more risky? Starting or buying a business?
Starting
A business that conducts business by means of the Internet
What is an online business?
Hiring people and other companies to handle tasks a business can not do or chooses not to do itself.
What is outsourcing?
Non-profit organization financial set up
A legal agreement to begin a new business in the name of a recognized company.
What is a Franchise?
The favor and loyalty a business acquires by its good reputation.
What is Goodwill
influenced by family, religious beliefs, teachers, friends, society, and personal experiences.
What are values?
The beliefs and principles by which you choose to live that define who you are, shape your attitudes and choices, and help identify your priorities.
What are values?
Benefits of a Corporate Venture
What is behaving like a small, flexible company?
The buyer of a franchise who is given the right to its product, process, or service.
What is a Franchisee?
Someone whose job is to bring buyers and sellers together for a fee.
What is a business broker?
The Pandemic has caused a shift in basic office operations, resulting in many _____________
Home Based Business
Personal characteristics that describe a population (age, gender, income, ethnic background, education, and occupation).
What are demographics?
The most common type of outsourcing
What is business-process outsourcing?
Pay/Receive franchise fees, franchisee covers cost to run the franchise, franchisor offers training and advice, etc.
Who should you hire when buying a business?
accountant and attorney
Start their businesses to better society.
What are social entrepreneurs?
A small specialized segment of the market based on customer needs discovered in market research.
What is a niche?
Name 6 of the Entrepreneurial Trends
What is
Internet Businesses
Service Businesses
Home-Based Businesses
Socially Responsible Nonprofit Businesses
Focus on Technology
Outsourcing
Strategic Alliances
Corporate Ventures
3 Similarities of franchisee/franchisor
both work for the same corporation, have the same customer base/target market, both want the business to be profitable, etc.
What are the three questions to ask when purchasing a business?
Is the business interesting to me and to others?
Why is the owner selling?
What is the business’s potential for growth?
3 Questions to ask when starting your own business
Do I have the motivation to start from nothing?
Does the business align with my personality, abilities values and goals?
Do I have sufficient knowledge of basic operations to undertake the business?
Do I have the necessary managerial ability?
Do I have the right partners to help me with the business?
Do I have enough financial resources to start from scratch?
Am I willing to accept the risk?