Personal Brand and Leadership
Name at least 3 important characteristics of good personal brand.
Respectful, punctual, emphathetic, intelligent, easy going, etc.
What is the Employment Law?
Doesn't allow business owners to take advantage of their employees
The three main steps in entrepreneurship are design, launch and manage. Explain what you would in the design step of entrepreneurship.
Introduce what your problem is and make a plan of how your going to solve it.
There are 4 Ps in marketing. The first P is _______, which is what you are selling.
Product
A company knew that their product, scooter, had many malfunctions, but they knew the cost of recalling the product would be a lot of money. How would use business ethics and law to support the claim that the scooter company should be sued for selling a scooter that didn't work properly?
Example answer: The company falsely advertised this product and knew that the product could be unsafe. Their dishonesty about the product breaks consumer protection because they put their customers at risk. This ruins the integrity of the company and violates their own image.
Personal Brand is how people percieve you "______ ___ ____."
Behind your back
One difference between business law and ethics.
Example: Violating laws can lead to harsh punishments, while violating ethics hurts your own personal image.
What is a difference between Social Entrepreneurship and Small Business Entrepreneurship?
Small Business Entrepreneurship are local businesses, while Social Entrepreneurship mostly includes non for profit organizations.
Define the term target market.
The group of consumers a specific business aims to reach.
A company has a new product that could make coffee at very fast speeds. They want to promote their product, but they don't know what audience they should promote their product to. Who should their target market be and how would you advertise to this group?
a. Elementary school students
b. Adults with newborn babies
c. College students
d. People who don't like caffine
b. Adults with newborn babies because they could advertise that this coffee will help them to stay awake, so they can continue to take care of their babies.
Define autocratic leadership in business.
When a single leader has all decision-making power and doesn't take advice from other employees.
How are contracts used between employees and business owners?
Shows an agreement made between both parties that makes whatever is being discussed official.
How would someone with an entrepreneurial mindset handle a challenge at hand?
See the challege as an oppurtunity to become innovative.
Name one way businesses are able to promote products.
Social media, traditional advertisements, sponsorships and events.
You are at a large business conference and you are looking for sponsors for your new company. Some investors come up to you and they are looking to invest into a new upcoming company. How would you use your personal brand to convince these investors that your company will be profitable them?
Ex. answer: I would greet the investors very respectfully and keep eye contact while explaining the purpose of my new company. If they don't feel like investing in my company I will use it as an oppurtunity to explain other aspects that may convince you by maintaining an easygoing attitude.
One benefit from Democratic leadership in business.
Open communication between all team members, teamwork, mutual respect, etc.
What two qualities based on business ethics would be used if your company went against consumer protection?
Honesty and Integrity
What is the main goal of Technology Entrepreneurship?
Using technology to benefit life and efficiency.
Difference between brand identity and brand image.
What the company wants people to think of a specific product is brand identity, while brand image is what consumers view on certain products.
A new company has made a new ai technology, but this industry is very competitive. How would you design, launch and manage this company using your entrepreneurial knowledge?
Ex. answer: Design - Figure out how this ai technology is different from other ai technologies. Also, make a plan on how you are going to make your ai technology more beneficial than other companies. Launch - Promote your company and make sure you show what is different in your company to become better than your competition. Manage - Continuously adapt to what is changing in this industry and make updates to your company to stay at par with your competition.
A CEO is looking to achieve good results over a long period of time. He needs his employees to work together and be innovative. What type of leadership is this?
Transformational Leadership
Two business owners want to merge companies, but they don't inform their board or shareholders. Which law does this break?
Consumer Protection
A company notices a drop in sales in a product that was doing relatively well. Instead of dwelling on the problem at hand they decide to update the product based on customer feedback. Name a few entrepreneurial characteristics that are shown in this scenario.
Critical thinking, innovation, resillience and oppurtunity recognition.
Name a few reasons of why branding matters.
Customer loyality, recognition, competitive advantage, etc.
Your employees feel like you aren't keeping them accountable and helping them collaborate at a team. They want you to be more of a leader, but still allow them to make team decisions. What type of leadership were you using and why should you change to?
Lassiez-faire leader --> Transformational or Democratic leadership