Business
An executive summary should briefly explain everything in a business plan in how many pages?
Two pages
Mike is the owner of a doggy daycare and grooming business. The business is economically healthy, and he is looking for ways to finance future growth. In which business life cycle stage is Mike?
Take-off
Brandon is in a band his band has recently produced a new song. Which intellectual property law best protects the band's song from being stolen or reproduced by others?
Copyright
Time purchased a movie from a popular streaming service. He received immediate access to the movie. What type of e-commerce product did Tim purchase?
Digital
What is an individual with an idea to offer an innovative product or service about which they are passionate called?
An entrepreneur
A lean canvas should only be how many pages long, discussing key information, without all the details one would see in a business plan?
One page
What is the difference between small businesses and entrepreneurs? (Think: risk)
Small business owners are not always interested in taking on new business opportunities
Ronda owns a food truck where she is known for her hot sauce. Which intellectual property law protects Ronda's recipe from being stolen or replicated by other competitors?
Trade secret
Rose ordered a package of macaroons from an out-of-state bakery. She received the cookies the following week. What type of e-commerce product did Rose order?
Physical
What is Entrepreneurship?
Setting up a business with the aim to make a profit
Joey has opened a restaurant. He paid a large amount of money up front to get the business started. He only sells products that are licensed by someone else. What type of business opportunity is Joey a part of?
Franchise
What are two characteristics that define a "small" business?
1) Fewer than 1,500 employees
2) Less than $35.5 million revenue
Which legal protection is used to protect brand names, logos, and business names?
Trademark
Kelly has decided to purchase a new rug for her home. She visits a local home décor store and purchases a rug there. What type of transaction is this?
Business to Consumer (B2C)
What is one of the greatest benefits of being an entrepreneur? (Relates to time)
Schedule control
What is a disadvantage of S corporations?
There are very strict qualification requirements for becoming an S corporation
What are the 5 aspects of the design thinking process?
1) Empathize
2) Define
3) Ideate
4) Prototype
5) Test
What must happen before one can use someone else's patent?
They must obtain ownership of the patent
What are two advantages of selling digital products?
1) Not needing physical storage, inventory, or additional employees
2) Delivery is instantaneous and inexpensive
What is a common financial risk that entrepreneurs encounter? (Think: losing it all)
Bankruptcy
What are two disadvantages of entrepreneurship?
1) You may not get paid or have enough to pay employees
2)Not having a promised paycheck
What are the five stages of the business life cycle?
1) Existence
2) Survival of the Fittest
3) Success
4) Take-off
5) Maturity
What are three elements that are required to have a trade secret?
1) Subject to reasonable efforts to maintain its secrecy
2) Others cannot legitimately obtain the information
3) Information has economic value not generally known
What do network marketers make their money through?
Commissions
Successful entrepreneurs have mindsets that typically possess what types of characteristics?
1) Tenacious
2) Adaptable
3) Responsible