Logo Design Characteristics
What does unique mean?
Your own, stands out, it is how you tell yours apart from the rest of the logos.
What is another term used for net worth?
Owner's Equity
What is crowdfunding?
Its where you ask for donations from people to fund your business, you can use the internet for this. Many people (a crowd) fund your business.
What is a venture capitlist?
a company or person who makes a living by investing in startup companies
What does SBA stand for?
SMALL
BUSINESS
ADMINISTRATION
What does versatile mean?
Looks good on lots of things, can be used on many materials.
Define Assets
Items of value that you own
Name two types of ways to get equity financing.
Family/Friends
Shark Tank
Venture Capitalists
Crowdfunding
What is one type or secured loan?
Line of credit, Long-term loan, Short-term loan, AR financing, Inventory financing
A document that lists the skills, education and work experience of the entrepreneur.
Resume
Why would you want your logo to be simple?
So that it is cheaper to print and people can easily remember your logo.
Define liabilities
amounts of money you owe to others. loans is an example
What is the difference between accounts payable and accounts recievable?
Accounts payable is a liability, it is money you owe!
Accounts recievable is an asset, because it is money custimers owe you, unpaid invoices.
What is the equation for net worth or owner's equity?
Assets - Liabilities = Net Worth/Owner's Equity
A formal document that explains the purpose of your business and tells what you plan to do with the loan.
Statement of Purpose
How can you test to see if your logo is memorable?
Show it to someone for 2-5 min and ask them to sketch it, if the sketch looks similar your logo is memorable. Or show your logo to someone for 5-10 min and ask them to sketch it the next day.
What are start up costs?
an itemized list of items or costs for services you need in order to determine how much money you need to start your business
What are 4 reasons that a bank may not loan you money?
The business is a start up
Lack of a solid business plan
Lack of adequate experience
Lack of confidence in the borrower
Inadequate investment
What equation creates your balance sheet?
Assets = Liabilities + Owner's Equity
What are the 4 P's and 2 C's of the marketing mix?
Product, Price, Promotion, Place, Customers and Competition.
What are the 6 characteristics of a great logo design?
Simple, versatile, timeless, unique, memorable, and appropriate/relevant.
What is collateral?
The item that you took out a loan on that can be taken by the lender in the event that you do not make payments. Example - Car, ring, boat etc
What is the difference between debt financing and equity financing?
Debt financing is a loan you pay back plus interest over a period of time while equity financing gives a venture capitalist a percentage of ownership in your business in exchnage for money invested in your company.
What is an income statement?
a statement that shows the business's revenues and expenses incurred over a period of time and the resulting profit or loss.
What does SMART goal stand for and why is it important?
Specific, measurable, achievable, relevant, and timely.