Timeline
On what network is their foods show on
Food Network
What are the advantages of starting a small business?
- More personable customer service
- Ability to respond to opportunity quickly
What opportunities do entrepreneurs have
Creativity with the store, menu, and recipes
turning ideas into products and services
keeping all the profit
What does Cousins Maine Lobster use to deliver/sell food
Food Trucks
What is financing?
a. management of employees
b. Saving money
c. management of money
Although saving money is correct, C is the best answer here: financing is essentially the management of money.
How did they get their money?
Shark Tank : Barbara
What are four reasons one may choose to take the entreprenurial route?
Opportunity, Profit, Independent, Challenge
What is an entrepreneur?
accepting the risk of starting and running a business
What US state is the largest producer of Lobster
Maine
Biggest cause of failure in a business.
a. inadequate financing
b. inadequate management of employees
c. inability to evolve as a business
a. inadequate financing
What did they make in 2018
A book
What are the biggest causes of failures among small businesses?
1. Inadequate financial planning
2. Managerial Incompetence
3. Starting with too little or too much capital
An Entrepreneur who uses company capital
Intrapreneur
Why did the cousins start the Cousins Maine Lobster company?
They wanted to have the freedom to be creative and work for themselves. Their passion for good lobster, and drive to be their own boss is what made them successful.
What did Barbara Corcoran do?
Invested and aided in Cousin's Maine Lobster.
When did Cousins Maine Lobster open
2012
What is a positive of working from home
-Less capital required
-No office politics
-Privacy
How can entrepreneurs be creative with their company?
-change their menu
-decorate their store how they like
-create products and services that are not on the market
What kind of seafood does Cousins Maine Lobsters competitors sell
Lobster
Crab
Scallops
shrimp
fish
Name three potential sources of capital.
Personal savings, Family and business associates, Banks and finance institutions, Crowdfunding, Venture capitalists, government agencies
What city was the first to get a Food Truck
LA
Small businesses are responsible for over _____% of the GDP.
43%
A group of Entrepreneurs working together
Entrepreneurial Team
What are 2 of Cousins Maine Lobster's biggest competitors?
Maine IAC Lobster Rolls
Lintons Seafood Inc
Greenhead Lobster LLC
Maine Lobster Now LLC
Lobster Lovers Express
What three things apply to financing your business?
Borrowing money with plan to pay it back, having capital before you start a business, keeping in mind taxes, costs of production, insurance, rent for facility, keeping records of all of these activities