chapter 1
What is capital?
The money and other resources a business uses to operate and grow.
Unlike a mentor, who is a group of people brought together to offer specific expertise, like financial advice or brutal honesty
What is a monter
This is a mandatory initial step in starting a business, which requires checking databases like Tess to ensure no one else is using your idea
What is coming up with a name
The book says you should always keep your business funds separate from this type of regular money
What is personal money
This type of outside work is hired to complete a specific project but is not a regular member of your staff payroll
what is a contractor
What is a warranty
A warranty is when an item is purchased and has a type of protection
At age 17, Chauncey Holloman founded Harlem Lyrics, a company that sells a specific type of product.
what are greeting cards
Doing this with the United States Patent and Trademark Office protects your company name from being stolen by competitors
What is trademarking
Unlike a loan, you don't have to pay this type of "free money" given through gifts and competitions
What are gifts and grants
According to KODA founder Jeff Berger, it is important to hire people who compensate for these personal traits
What is your weakness
Why should you have someone to help you start a business
You should have a parent or guardian to help you, just in case you don't understand the type of work you need to do
To make the most of a relationship with this experienced guide, an entrepreneur needs to be open, prepared, and proactive with communication
What is a mentor
This abbreviation stands for a business structure where you are not personally liable for the company's financial debt
What is a LL
This is the name for other local businesses that sell similar products, like another cupcake baker in town
What are competitors
To avoid awkwardness and drama with friends who work for you need to establish clear boundaries and keep this separate from business
What is pleasure (personal life)
A 10-year-old entrepreneur found that the hardest part of running her mobile Dance Academy was managing everything while having tons of homework.
Who is Amiya Alexander
if you dont want to check in with others and all the profits for yourself you should choose this business path
What is going it alone (or working solo)
This nine-digit number acts like a social security number for your business and is issued directly by the IRS
What is an EIN (Employer Identification Number)
When borrowing money from a parent or a mentor, you can fill out this document to see how and when you can pay it back.
What is a loan agreement
This type of Boss knows the importance of doing things right, but might take granted by trying to control every single detail
What is micromanaging
According to the "What's in it for you" section, running your own business allows you to avoid suffering through "abuse from the shinkickes" at this specific retail location
What is a shoe store
This ice cream company is used as an example of a great business that started by two friends who met in the seventh grade
what is ben and jerry
secure this specific web address early on through sites like GoDaddy so customers can actually find your business online
what is domain name( or webitse
This source of capital allows you to get started without your own funds, but it must be repaid over a specific period.
What is a loan
To pay employees fairly, Jack Abraham suggests finding out this competitive rate and using it as a starting point
What is the market rate