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When thinking about building a business, you should start here.
What is the problem?
Basic necessities that individuals need to function
What are Needs?
Products, services, experiences, that individuals seek to fulfill personal preferences, aspirations, and lifestyle choices.
What are Wants?
Economy operates near full capacity, Unemployment low, Inflation becomes a concern, Business & consumer confidence high
What is the Peak phase?
An entrepreneur sets a goal to increase sales by 20% in the next quarter using targeted social media campaigns. This goal meets detailed criteria for effective planning. What framework is being used, and what do its letters stand for?
Specific
Measurable
Achievable
Relevant
Timely
Unemployment begins to rise, Consumer spending slows, Businesses cut back on production
What is the Contraction phase?
Business owned by one person
What is a Sole Proprietorship?
Easy to start up, Share responsibilities, Liability shared, Decision making shared
What is a Partnership?
Has its own legal rights and obligations - ownership represented by shares of stock
What is a Corporation?
What is 1/3 to the third power?
1/27
Profit motive, Meet Needs & Demands, Job creation, Be the boss, Make a difference, Create value (make the world a better place)
Why do people go into business? (Why do businesses operate?)
Economy grows, GDP, employment, consumer spending on the rise
What is the Expansion phase?
Choosing one thing over another where potential benefits are lost
What is an Opportunity Cost?
Owned and operated by members/owners, individuals/businesses join together voluntarily to meet common economic, social, and cultural needs through a jointly-owned and democratically controlled enterprise.
What is a Co-Op?
In 1960, at just six years old, this brave African American girl became the first to integrate an all-white elementary school in New Orleans, facing crowds of protestors and requiring federal marshals for protection. Who is she?
Who is Ruby Bridges?
What businesses provide - two key words
What are Goods and Services?
Regulations & Oversight, Public infrastructure investment, Roads, bridges, airports, Social Safety Nets, Unemployment, food assistance, healthcare, Trade Policy, Financial Regulations
What is Government Intervention?
BBA will be two hundred years old in this year...
What is 2029
High unemployment and low wages.
What is the Trough phase?
this force drives innovation, improves quality, and lowers prices, ultimately benefiting consumers.
What is Competition?
Burr and Burton Academy’s mission is to educate students ______________ and ____________ for a life of responsibility, integrity, and service.
Intellectually and Morally
Use the existing name and sell their product, Pay fee or share profits.
What is a Franchise?
the risks that someone or something becomes more inclined to take because they have reason to believe that an insurer will cover the costs of any damages.
What is a Moral Hazard?
the value or satisfaction that a consumer receives from a product or service. The "Fun" meter...
What is Utility?
the results of an action that are not the intended outcome
What are Unintended Consequences?