Business Structures & Roles
Creates budgets and financial strategies.
CFO
True or False:
Taking on business debt is a requirement of entrepreneurship.
False
Provide 2 examples of a product based business and 2 examples of a service based business.
Product: Electronics, fast food, clothing, etc.
Service: Lawn care, nail salon, haircut, etc.
True or False:
The design thinking process aims to develop a product based on the designer’s needs.
False
An employee who receives overtime pay for working extra time.
Hourly
Reports to the board of directors and is the highest ranking employee in the company.
CEO
Veronica Mars was a TV series that aired from 2004-2007. Seven years after it aired, the films old director placed the Movie Project on Kickstarter in hopes of raising $2 million to make the film a reality. The Kickstarter ended up raising over $5.7 million from fans to create a film continuation of the TV series. What funding strategy is this an example of?
Crowdfunding
In your own words, explain what product/market fit is.
The sweet spot where the product satisfies the needs of a target market.
Type of intellectual property that is used for a new product or invention.
Patent License
A fully researched 10-100 page document used to convey in detail your business’ plans.
Business plan
This business structure that's best for international companies with up to 100 shareholders.
S Corporation
High-net-worth individuals who provide financial backing for small startups or entrepreneurs, typically in exchange for equity in the company.
Angel Investors
When deciding to invest a new business opportunity, you should look at all of the following EXCEPT….
A. How long your pitch deck will be
B. Demand for the product
C. Long-term profitability
D. Risk assessment
A
Grants permission to use a confidential piece of information valuable to a business.
Trade Secret Licensing
Explain the difference between a trademark and a copyright.
Copyright Licensing: Grants permission to use literary or artistic works. Examples: Books, music, films, etc.
Trademark Licensing: Used for brands, logos, or slogans. Allows another entity to use the trademark. Examples: product names, logos, slogans, etc.
Which three roles have equity in a business?
Stockholder, Partner, Owner
List one risk that we discussed in class of being an entrepreneur.
Long hours
Possibility of Failure
Financial Instability
A short presentation, typically 10-20 slides, for clients or investors.
Pitch Deck
First stage of the design thinking process where you seek to understand the consumers needs, motivations, and challenges.
Empathize
The first step in a product/market fit hypothesis is to determine....
who the customer is.
Provide one benefit and one drawback of owning a franchise.
Benefits: Branding, Marketing assistance
Drawbacks: Greater chance the business will fail, Less independence
List 2 characteristics of being an entrepreneur.
Creativity, adaptability, determination, and empathy.
Explains why a customer would use a product.
Value Hypothesis
State what type of research is done during the design thinking process (primary or secondary) and provide 2 examples.
Primary: observation, interviews, surveys, etc.
To determine if your product will meet your performance criteria, you should create a....
prototype