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.
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 ?
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
What is the first step in the design thinking process?
What is empathize
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 CEO, CFO, COO, Stockholder, Stakeholder
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
6. Bad idea/not enough demand
An example is KFC and McDonald's
What is a direct competitor?
The stages of the business life cycle.
What is existence, survival, success, takeoff, resource maturity, pivot or persist and exit plan
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?
Equity, wage, commission, salary
What are methods of compensation?