Business 101
Business Construction
Economics
Economy
Entrepreneurship
100
What is the goal of all businesses?
To gain a profit.
100
What is a Limited Liability Company?
A limited liability company (LLC) is a business structure that combines elements of a corporation and a partnership.
100
What does Economics study?
Economics studies how people make choices with limited resources (time,money, goods).
100
What is Traditional Economy?
In a traditional economy, decisions are based on customs, beliefs, and historical practices passed down through generations. Resources are allocated according to rituals, habits, or family roles rather than markets or governments.
100
What are the 12 steps to a Business Plan?
Executive Summary, Company Description, Vision and Mission Statements, Management Plan, Product/Service Plan, Industry Overview, Market Analysis, Competitive Analysis, Marketing Plan, Operational Plan, Organizational Plan, Financial Plan
200
Why is the relationship between buyer and seller important?
At its core, relationship selling fosters trust and loyalty, paving the way for long-term customer relationships.
200
What is a Sole Proprietorship?
A sole proprietorship is a non-registered, unincorporated business run solely by one individual proprietor with no distinction between the business and the owner.
200
What is Scarcity?
Limited resources (e.g., time, money) vs. unlimited wants.
200
What is Command Economy?
Also called a planned or centrally planned economy, the government or a central authority makes all major economic decisions. Resources are owned and controlled by the state.
200
What is Entrepreneurship?
Individual or small group of individuals who strike out on a path to start a new business.
300
What is the equation to calculate profit?
Revenue-COGS-Expenses=Profit
300
Why is how businesses are legally structured important.
Your business structure affects how much you pay in taxes, your ability to raise money, the paperwork you need to file, and your personal liability.
300
What is Opportunity Cost?
Value of the next-best alternative you give up.
300
What is a Market Economy?
In a market economy (also called free-market or capitalist), decisions are made by individuals and businesses through supply and demand. Prices are determined by competition in the marketplace.
300
What seven steps are used to start a business?
1. Conceptualize an idea
2. Build a business plan
3.Create a budget & forecast
4.Raise appropriate capital
5.Formalize the business (structure, licenses, etc.)
6.Operations/Logistics execution
7.Market your product
400
What is Innovation and why is it important in business?
Innovation often involves transforming creative ideas into new solutions that drive business growth, improve efficiency, and meet customers' changing needs while improving decision-making and problem-solving across the organization.
400
What is a C Corporation?
A C corporation is an entity designed to act as an abstraction layer between the operators of the business and the owners of the business, who may or may not be operationally involved.
400
What is the relationship between Supply and Demand?
It describes the relationship between the quantity of a good or service available(supply) and the desire for that good or service (demand).The interaction of these forces sets the market price and quantity, influencing everything from sneaker prices to gas costs.
400
What is a Mixed Economy?
A mixed economy combines elements of market and command systems. Private businesses operate alongside government intervention to address market failures.
400
What does your Business Concept Statement need?
a. The product or service
b. The customer
c. The Benefits and features
d. How it will be Delivered
500
What are the steps to the Design Thinking process?
- Empathize: research your users' needs.
- Define: state your users' needs and problems.
- Ideate: challenge assumptions and create ideas.
- Prototype: start to create solutions.
- Test: try your solutions out.
500
What is a S Corporation?
S corporations are corporations that elect to pass corporate income, losses, deductions, and credits through to their shareholders for federal tax purposes.
500
What is Supply and Demand Curve?
500
what are the three "isms"?
Capitalism, Socialism, & Communism
500
When Thinking Outside the Box what are key factors relating to this in Entrepreneurship?
Non-Logical Thinking - Not everything has to make sense right away
Free your Mind - Don’t think of everything in practical terms
Entertain all Ideas - There is no such thing as a bad idea
Be Brave - Don’t worry about looking foolish
Listen - You can learn a lot by listening to other people talk about their problems, wants, or needs