Entrepreneurial/Small Business
List the correct order of the business life cycle stages
Existence, Survival, Success, Take-off, Resource maturity, Pivot or persist, Exit plan
A minimum viable product is an inexpensive preliminary product to test the product idea.
MVP
is information which had been collected in the past by someone else.
Secondary data
The amount an owner(s) would receive if their ownership interests in a business (stock) were sold. (The money the owner has left over)
Equity (business)
A fixed regular payment, typically paid on a monthly or biweekly basis but often expressed as an annual sum.
Salary
Creativity, Determination, Enthusiasm
What are three characteristics of entrepreneurs?
Refers to businesses whose products or services are different from yours but potentially could satisfy the same need within the same target audience.
Indirect Competition
The five elements of the design thinking process are ____
empathize, define, ideate, prototype , and test
____ are wealthy individuals willing to finance a business for an equity stake in the business in return.
Angel investors
A business owned by one person that legally needs a DBA or business license. The owner is responsible for liabilities, no separate tax needed (taxed once).
Sole Proprietorship
A visual slide presentation of 10-20 slides for potential investors, summarizing key terms of business
pitch deck
Information or a process that gives a business an advantage over competitors who do not know the information or process.
Trade Secret
Selling products in bulk to carious outlets or retailers for onward sale is_____.
wholesale
This measures how much it costs to gain a new customer.
Customer Acquisition Cost
A member of a band writes a new song. He wants to protect his song from being recorded or sold by other bands. Which type of intellectual property protection will safeguard a song?
Copyright
A business owner that uses their own money to fund their business
Bootstrapping
What are the four P's that make up a company's marketing mix?
Product, price, place, and promotion
Empathize, Define, Prototype, Test, Evolve is what ?
design thinking process
Similar to a C Corporation, but taxed at a lower rate
S Corporation
A type of business that has no owner and does not pay federal US taxes. All proceeds for a good cause.
Nonprofit
A focus group was formed to provide opinions for a target market. What type of data is being collected from thefocus group?
Primary data
The strategy of setting a low initial price to attract customers and gain market share is called this.
Penetration Pricing
A business can use ____ to cut down on costs or to improve its product's function
Value Engineering
____ is used by businesses to show them how much their investment is earning
ROI (Return of Investment)
Financial limitations would be an example of a ____ in a SWOT analysis
weakness