Legal
When establishing a legal partnership with the state, what additional document should you create, and what might it include?
Partnership agreement
A tool that many businesses use to assess their overall market
What is industry analysis
What are the three types of costs we discussed?
The startup, fixed, and variable costs
As a sole proprietorship, what would happen if your business was involved in a lawsuit and loss.
You and the business would be liable?
Name two types of legal partnerships?
LLP (Limited Liability Partnership), General Partnership, LLLP (Limited liability limited partnership), LP (Limited Partnership)
When crafting a marketing message, what are the four P’s to consider?
Price, Product, Promotion, and Place
What is the formula for your gross profit?
Gross Profit = Revenue (sales) – Cost of Goods Sold
What is the difference between a mission and a vision statement?
The vision statement focuses on tomorrow and what the organization wants to become. The mission statement focuses on today and what the organization does.
If you haven't started your business but may want to trademark a name in the future, what can you do?
Reserve it with the U.S.P.T.O.
This process of identifying businesses in your market that offer similar products or services to yours and evaluating them is called what
Competition analysis
What is the difference between net profit and gross profit?
Net profit reflects the amount of money you have left after having paid all your allowable business expenses, while gross profit is the amount of money you have left after deducting the cost of goods sold.
A short intentional conversation to introduce your business
Elevator Pitch
What can you do if you have a sole proprietorship but want to run a business under a different name?
What are the 4 steps involved in developing a marketing plan?
1.Identifying your target market
2.Crafting a compelling message
3.Identifying channels and strategies to deliver that message
4.Creating ways to monitor, improve and repeat the marketing plan
What criteria are included in your personal credit mix?
•Payment history
•Amounts owed
•Length of credit history
•Credit mix
•New credit
Name 4 social media platforms to market your product or service on.
Facebook, Instagram, Pinterest, Snapchat, Twitter, LinkedIN, TikTok
What is your value proposition?
Summarizes why a consumer should buy a product or use a service.