Entrepreneurship
A document outlining a company's goals, strategies, target market, and financial forecasts. It serves as a roadmap for how the business will operate and grow
What is a Business Plan?
An economic system in which the government or a central authority makes all decisions about producing, distributing, and consuming goods and services
What is a Planned Economy?
(10X POINTS)
A business tool used to evaluate a company's product portfolio based on Stars, Cash Cows, Question Marks, and Dogs
What is the BCG Matrix?
(DAILY TRIPLE)
Strategies and plans that an organization puts in place to ensure that essential business functions can continue during and after a disruption
What is Business Continuity?
(DAILY DOUBLE)
Refers to the most favorable option a party can pursue if negotiations fail and no agreement is reached
What is BATNA?
(Best Alternative to a Negotiated Agreement)
A business entity that allows income and deductions to pass through to the shareholders' personal tax returns, avoiding double taxation and limiting personal liability
What is an S Corp?
A partnership between two or more organizations that collaborate to achieve mutual goals while remaining independent
What is Strategic Alliance?
(DAILY TRIPLE)
A strategic analysis tool used to evaluate a company's resources and capabilities to determine its potential for achieving a sustainable competitive advantage
What is the VRIO framework?
Policies, procedures, and practices implemented by an organization to ensure its operations are efficient, effective, and compliant with laws and regulations
What is Business Controls?
(DAILY TRIPLE)
Refers to the range or area in a negotiation where two or more parties can find common ground and reach a mutually acceptable agreement
What is ZOPA?
(Zone of Possible Agreement)
(DAILY TRIPLE)
A unique edge a company has over its competitors, allowing it to generate greater sales and margins or retain more customers
What is a Competitive Advantage?
(5X POINTS)
Political, cultural, or social ideology that emphasizes the interests, culture, and identity of a nation or group of people. Involves a strong sense of pride and loyalty toward one's country
What is Nationalism?
(DAILY DOUBLE)
This framework has five key factors that influence an industry's competitive intensity and profitability
What is Porter's 5 Forces?
Process of comparing a company's performance, processes, or products against industry standards or best practices from other organizations
What is Benchmarking?
Occurs when an individual faces incompatible demands or expectations from different roles they are expected to fulfill
What is Role Conflict?
(DAILY DOUBLE)
Refers to financial assets or resources that are used to fund the production of goods and services. It includes machinery, buildings, or other equipment.
What is Capital?
(DAILY TRIPLE)
Occurs when a company or individual from one country invests directly in business operations or assets in another country
What is Foreign Direct Investment?
(DAILY TRIPLE)
A business strategy in which a company expands its operations to acquire or establish control over retailing of its products
What is Forward Integration?
(DAILY TRIPLE)
Refers to reduced inventory or stock of goods due to factors like theft, damage, errors in recordkeeping, or spoilage
What is Shrinkage?
Refers to a disagreement or clash between individuals due to differences in personality, values, or communication styles
What is Relationship Conflict?
These three factors describe an integral part of entrepreneurship: Solving Problems, Simplifying, and Disrupting
What is Entrepreneurship Spectrum?
(DAILY TRIPLE)
Quotas, import licenses, product standards, and subsidies, are examples of difficulties in globalization
What is Non-Monetary Trade Barriers?
(DAILY TRIPLE)
A business strategy in which a company expands its operations to include its supply chain
What is Backward Integration?
(3X POINTS)
It addresses/corrects problems or deficiencies identified in a process, project, or system
What is a Correction Action Plan?
(4X POINTS)
A negotiation strategy where parties compete to divide a fixed amount of resources, often referred to as a "zero-sum" situation
What is Distributive Bargaining?