Entrepreneurship #1
Explain what is an Intrapreneur?
A person who works for a company but display the characteristics of an entrepreneur.
What is a Sole Proprietorship?
You are entitled to all of the profits and debt.
What is the process of identifying opportunities, cultivating resources and creating a business to solve those problems?
What is Entrepreneurship?
Describe what is a trademark?
What is an intellectual property that consist of a word, phrase, symbol or design?
How many employees must a company have in order to be considered a Small Business in the United States?
What is less than 500?
What do you call an intellectual property that gives the owner the right to copy, distribute, display creative artistic work?
What is Copyright?
What are the 3 disadvantages of owning a Partnership Bagel Business in Livonia?
What is Disagreement with partners, Shared Profits and Joint Liability?
What percentage of all businesses in the United States are considered a Small Businesses?
What is 99.7%?
Which ownership has a hybrid structure that gives the benefits of a corporation with a less exposure?
What is LLC or Limited Liability Corporation?
What is a short catchy phrase that serves as the company's brand. It symbolize what the company offer, its core message and its identity?
What is a Tagline or Slogan?
What is a disadvantage of starting a C-Corporation?
1. Time and Money
2. Double Taxation
3. Additional Paperwork
When it comes to GROWTH, an entrepreneur rather than a small business owner wants to grow wealth at a _______ amount and at a _________ pace?
What is higher and faster?
Name 3 traits of an Entrepreneur?
Creativity, Risk Tolerance, Flexibility, Passion, Persistence/Resilience
What are advantages of a Partnership when starting a business?
1. Easy and Inexpensive to start
2. Shared Financial Commitment
3. Partnership Incentives for Employees
When I started my freelance writing business, my plan was pretty basic. But over time, as I worked with more clients and gained more experience, my vision became clearer and my plans more detailed. What stage of the entrepreneurial process am I in?
What is Stage 2 Resources - Create It?
Which one is NOT a disadvantage of starting a business as an entrepreneur?
Time Commitment, Opportunity, Financial Commitment, Risk, Uncertainty
What is Opportunity?
What are the 4 stages of the Entrepreneurial Process?
1. Discovery - Dream It
2. Resources - Create It
3. Run the Business - Grow It
4. Harvesting - Manage It
Which reason is NOT what an entrepreneur looks for when starting a business?
Assuming the risk, Irregular Work Hours, Regular Paychecks, Accountable for everything
What is a Regular Paycheck?
Name 3 reasons why business ventures fail?
1. Lack of Planning
2. Failure to Delegate
3. Unwillingness to change
4. Failure to manage cash flow
5. Failure to ask the right questions
Which one is NOT an advantage of starting a business as an entrepreneur?
Prestige, Equity, Financial Commitment, Control, Financial Gain, Independence
What is Financial Commitment?
What are some ways to reduce your spending on social media?
Make a budget
Don't buy items because of influencers
Make a wish list
Find an accountability buddy
Coachella, which is known for being a super music festival in California. It can pass it income through to its shareholders, can write off business expenses and the owner must declare his $270,000 salary. What business ownership should Coachella create?
What is a S-Corporation?
What part of the business plan gives the business name and short description of your company - Who is the owner, manager, how many employees?
What is the Executive Summary?
Beyonce deal with Netflix was for $60 Million for 3 shows for her documentary "Homecoming". Beyonce was liable for all 100 dancers, marching bands and special guests. She was executive producer along with Netflix. Which business ownership would best suit Beyonce in this situation?
What is a Partnership?
In the Entrepreneurial Process, when it comes to Opportunity, what 3 features matter?
What is Market, Margin and Mission?