Unit 1.05
What is a Franchise?
Permission to operate a business to sell products and services in a set way.
What is Empathizing?
Understanding the human needs involved in the design thinking process.
Should you use a feasibility study on every venture?
No, you shouldn't use if you already know the idea will be successful.
What is a Corporation?
An organization owned by one or more shareholders and managed by a board of directors.
What is a sign that your employees need to improve upon "Dependability" ?
Team has poor visibility into project priorities or progress.
What is one of the things a feasibility study is designed to provide?
Determining if a business idea could succeed.
Explore the strengths and weaknesses of the idea.
Discover any "make or break" issues.
To allow entrepreneurs to make an informed decision.
What are the three types of Corporations?
Subchapter S (S-corporation)
Limited Liability Company
Nonprofit Corporation
What is a sign that your employees need to improve upon "Structure & Clarity" ?
Lack of clarity about who is responsible for what.
What is one advantage of a feasibility study?
Helps understand risks and benefits of the business idea.
Prevents you wasting time and money.
Helps you discover the best time/place for launching ideas.
Helps create a foundation for a business plan.
What are the 3 things your choice of business affects?
Taxation
Liability
Ownership Control
What are the 5 things needed for team effectiveness?
Psychological Safety
Dependability
Structure and Clarity
Meaning
Impact
What is one of the reasons you'd use a feasibility study?
New Product
Expansions
Mergers or Acquisitions
Entirely New Businesses.
What are the four types of business ownership?
Sole Proprietorship
Partnership
Corporation
Hybrid Structure
What are the five steps in the design thinking process?
Empathize, Define, Ideate, Prototype, Test
What is unit 2.04 on?
Determine Feasibility of Venture Ideas.