Entrepreneurship
Describe the nature of entrepreneurship
Entrepreneurship is ever-changing
It’s finding a new/creative solution for all potential problems you may run into
What is the difference between economic goods and services?
Goods are tangible, manual use, separable
Services are intangible, task for client, inseparable
What is a market cap?
Market capitalization refers to the total dollar market value of a company's outstanding shares of stock
The creation/operation of a business
2 + 2
4
What are the the role requirements of entrepreneurs and owners?
Everything required to keep the business running
Explain Supply and Demand
Law of supply = price ↑ ⇌ supply ↑
Based on availability, Affects suppliers, price, resource price
Law of demand = price ↑ ⇌ demand ↓
Based on desire, Affects income, population, future price
What is GDP?
Gross domestic product is a monetary measure of the market value of all the final goods and services produced and sold in a specific time period by countries
Cash vs Capital
Cash pays expenses and is evaluated daily, weekly and monthly, while capital pays for investments in the future of your business and is evaluated over years
Who was the actor for James Bond
Daniel Craig
How do you determine the feasibility of venture ideas
Figure out what the current solutions are and determine their effectiveness
Unique Selling Proposition
Self-Iteration
Explain the types of economic systems
Traditional, Command, Market, Mixed
What is a Unicorn?
A unicorn in business refers to a startup company with a value of over $1 billion
Good Faith
Good faith is a sincere intention to be fair, open, and honest, regardless of the outcome of the interaction
Who owns T&T
Loblaws
What are some risks associated with ventures?
Compliance/Legal risk
Strategic risk
Reputational risk
Operational risk
Human risk
Security risk
Financial risk
Competition risk
Physical risk
How do Small business/Entrepreneurship & Private Enterprise help the general population?
Jobs - opportunities for many people
Economy - taxes, large portion of GDP
Innovation - take more risks to be more creative
Growth - potential to expand
Business or industry managed by independent companies or individuals
More variety, competition, and consumer orientation
What are bonds?
A bond is a type of security under which the issuer owes the holder a debt, and is obliged – depending on the terms – to repay the principal of the bond at the maturity date as well as interest over a specified amount of time.
Exiting
Harvest strategies are business and marketing strategies that involve reducing or canceling marketing spending on a product so that a company involved can get the maximum profits. A harvest strategy allows a company to reap the maximum profits before the product becomes obsolete or reaches the end of its life cycle.
Who is the current British PM?
Rishi Sunak
Where do I get the capital to fund my business?
1. Personal Investment
2. Venture Capital
3. Love Money
4. Bank loans
5. Crowdfunding
6. Angel Investors
7. Business Incubators
8. Government Grants/Subsidies
Impact of globalization
roducts that are more efficiently produced elsewhere
✖ Stimulate local economy, transportation
CECE: cheaper resources, expanded markets, competition, exchange of technology
Strong business opportunity due to greater variety
What are B2B businesses?
Business-to-business businesses are businesses that make a majority of their income selling products/services to other business.
IPO
Initial Public Offering
What is the DECA acronym?
Define
Explain
Connect
Above and Beyond