Entrepreneurship
The following definition is which of the following types of entrepreneurs:
Molly has been knitting her whole life and has finally decided to start selling her hats. She knits the hats at home, takes orders on the website she hired a web developer to create, and sends the hats out from her home.
1) Home Based Business Owner
What is an elevator pitch?
A brief (think 30 seconds!) way of introducing yourself, getting across a key point or two, and making a connection with someone. It's called an elevator pitch because it takes roughly the amount of time you'd spend riding an elevator with someone.
What is the difference between ethics and the law?
Ethics are a code of values and beliefs that dictate how we act and the law is a list of rules we must follow in order to participate in society.
OPINION: How would you raise the funds for your small business? Remember, there are upsides and downsides to each approach....
Share your answers!
What are business operations?
Everything a business does day-to-day to keep running and making money. Those activities will differ from one company to the next.
The following definition is which of the following types of entrepreneurs?
John has invested in three Tech start-ups in the past three years. After the businesses he invested in make money, John sells his share and invests in a new set of start-ups in the Tech industry.
5) Serial Entrepreneur
Every great business idea solves a.....
Problem!
Do business ethics put rules in place that enforced by law?
No, business ethics are the values of a company that dictate how they do business. Some ethics in business can be enforced by law, such as insider trading, but many, such as, "the customer is always right" is not.
The law often guides business ethics, but at other times business ethics provide a basic guideline that businesses can follow to gain public approval.
Why do investors need to know the financial projections for your business before investing?
An investor needs to know if their company will make money.
What are the three aspects of Business Operation
Processes, People, and Technology and Equipment
The following definition is which of the following types of entrepreneurs?
Ellen has a great idea for a cleaning product. She works with a manufacturing company to develop her idea and then starts a small business where she sells her cleaning product on QVC.
4) Inventor
What is market research?
Market Research: The action or activity of gathering information about consumer needs and preferences.
-Figure out your Target Market
-Figure out your Competitive Advantage
-Research success stories in the Industry
What is a code of conduct?
A company's code of conduct is a policy that outlines principles and standards that all employees and third parties acting on behalf of the company must follow.
What does an income statement show?
The financial statement of a company that shows the company's revenues and expenses (profits and purchases) during a particular period.
Name three Business Operation Activities
Multiple answers. From marketing, to order management, web design and development, sales, inventory management, and warehouse fulfillment.
The following definition is which type of entrepreneur?
A yoga instructor started a business that incorporates their passion for yoga and travel. Their business involves them traveling across the country to yoga conferences to sell yoga programs to yoga instructors and studios.
6) Lifestyle Entrepreneur
What are TWO ways to raise funds when starting a business?
-Self: Bootstrapped.
-Loans
-Investors
-Crowdfunding
What are three areas that COULD be covered in a code of conduct.
There is no wrong answer. Some examples include: Anti-harassment, health and safety management, and privacy and data protection.
What is a balance sheet?
The financial statement that provides a snapshot of a company's finances (what it owns and owes).
What are operating expenses?
Expenses your business incurs to keep running.
The following definition is which of the following types of entrepreneurs?
Five years ago Adam started a small business with his friends during the pandemic. Adam and his friends live in different parts of the country but can connect online. The business is an app where people can buy and sell their unwanted furniture in the Boston area. In the past five years, the app has been very successful and Adam and his friends have hired new team members that are also in different parts of the country.
3) Online Business Owner
DAILY DOUBLE
What are the SIX parts of a business plan?
1) Executive Summary
2) Business Details
3) Marketing and Sales Strategy
4) Management team and Personnel
5) Set-up
6) Financial Plan and Projections
INDIVIDUAL ACTIVITY: Brainstorm (2 minutes) the most important ethical code your business would promote.
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What is a Cash Flow statement?
The financial statement that shows how the balance sheet and income statement impact the overall companies financials.
Provide 3 examples of Operating Expenses
Postage
Advertising costs
Marketing costs
Payroll taxes
Employee benefits
Rent
Repairs
Utilities