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?
These are costs that do not change regardless of how many products you sell, such as rent or insurance.
What is a fixed cost?
This term describes a business model's ability to grow revenue significantly without a matching increase in operating costs
What is Scalability?
This financial metric includes only the direct costs of producing the goods sold by a company, like raw materials
What is Cost of Goods Sold (COGS)?
The point at which a business's total revenue equals its total expenses, resulting in zero profit or loss
What is the break-even point?
What percentage of all businesses in the United States are considered a Small Businesses?
What is 99.7%?
This type of financing requires the founder to give up a percentage of company ownership in exchange for capital
What is Equity Financing?
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?
If you sell a shirt for $20, it costs $10 to make, and your rent is $500, this is the number of shirts you must sell to break even?
What is 50?
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
Starting a company using only personal savings and the business's own revenue without outside help
What is bootstrapping?
Which one is NOT a disadvantage of starting a business as an entrepreneur?
Time Commitment, Opportunity, Financial Commitment, Risk, Uncertainty
What is Opportunity?
A fundamental change in business strategy when the current model is not meeting customer needs
What is a Pivot?
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 investor who provides capital for a business startup, usually in exchange for convertible debt or ownership equity.
What is an Angel Investor?
This three-word feedback loop is the core of the Lean Startup methodology
What is build, measure, learn?
A version of a new product that allows a team to collect the maximum amount of validated learning with the least effort
What is a Minimum Viable Product?
This is the phase of the product life cycle where sales typically peak and competition is at its highest
What is the Maturity Stage?
The primary advantage of this financing method is that the founder keeps 100% ownership, though they must pay interest
What is Debt Financing?
These are the "7 P's" of the marketing mix: Product, Price, Place, Promotion, People, Process, and this one
What is Physical Evidence?