Easy
a point in a business venture when the profits are equal to the costs.
Breakeven Point
Lack of financial resources
Risk of being an entrepreneur
finds and invests resources to form the company and help it succeed
Founder
employee who receives a set wage each week without overtime pay for extra time
Salary
an amount added to the cost price to determine the selling price.
Markup
this segment describes what customers think about and value and how they live their lives.
Psychographic
a person who assumes the responsibility and risk of starting a business.
Entrepreneur
reports to the board of directors and is the highest-ranking employee in the company
CEO
Strength and Weaknesses
identifies the internal factors that impact your business while performing a SWOT analysis
You own a business that manufactures sandals. For each sandal, you
determine the following: Labor: $20, Materials: $30, Desired Markup:
25%. What should your selling price be?
62.50
blogs created by the company and website
Owned Media
social media ads are examples of
Paid media
The ____ creates budgets and financial strategies.
CFO
Limitless income potential
Benefit of being an entrepreneur
refers to how long a company can operate before they run out of cash, also typically measured in months.
Runaway
What are the characteristics of an entrepreneurial mindset?
creativity, adaptability, determination, and empathy
You own a small business and your company had 500 new customers last year. Costs in the marketing and sales area were the following: Marketing cost= $300 sales cost=$100 salaries = $600 what was your customer acquisition cost?
2
a detailed projection of what a company expects its
revenue and expenses will be over a period of time.
Operating budget
licensing used for brand names, logos, or slogans.
Trademark
You have a cleaning company. You raised $10,000 from investors to get started. After “three months”, you have $7,450. What is your burn rate and current runway?
850 and about 9 months
1.a lean canvas focuses on the problem, solutions, key metrics
2. unique value proposition and a lean canvas is a quick, concise tool to document or update a business plan
Two advantages of using a lean canvas instead of a business plan
What are two disadvantages of debt financing?
debt has to be repaid and owners may be required to personally guarantee debt
Which two actions help start-up companies achieve product/market fit?
identifying underserved customer needs
Testing the minimum viable product prototype with customers
You are creating a business plan that includes your value proposition. Which three items should you include in your value proposition?
The services you offer to customers
The differences between your business and your competitors businesses
An overview of your business
a high-net-worth individual who funds startups at the early stages, often with their own money.
Angel Investor