Starting Your Business
What is the very first thing an entrepreneur needs to do when thinking about starting a business?
Identify a real need or problem they can address
What do entrepreneurs think about failure?
There can be no learning without failure.
An example of corporate social responsibility is when a company uses recycled paper (T or F).
True. CSR should support both social or environmental problems AND save or make money for a company.
This government agency provides large data sets that can help a start-up learn more about their customer base, different geographical economies, and features of other businesses in their industry.
The U.S. Census Bureau
What is the skill you learned this year that you can use to develop marketing materials quickly?
Building an infographic with canva!
Initial funding for a startup usually comes from what source?
Either the founders or the founders' families.
A successful person with an entrepreneurial mindset is someone who is willing to take big risks (T or F).
False. Most successful entrepreneurs take calculated risks.
Name one local company that has a strong CSR practice -- and tell us what they do.
Answers vary!
Collecting information from your own observations, from survey data you collect, or from company websites are examples of what type of research?
This platform is where you can market yourself and build your network and reach out to find opportunities.
When deciding on your final business concept, who is important to interview or survey to understand their problems?
Real people who could be your first customers
Entrepreneurs need this skill in order to engage future funders, partners, or customers.
Communication skills
What is a company that we "visited" this year that is dedicated to raising the quality of life of people at the beginning of the supply chain?
SpagnVola
What does the acronym "PESTEL" stand for and what is its purpose?
Political, Economic, Social, Technological, Environmental, and Legal
The purpose is to clearly identify external trends that could be threats or opportunities for your business.
This is a strategy for brainstorming, organizing your thoughts, or studying that doesn't take any form of fancy technology or app.
Concept or mind mapping
What statement helps define your business by including the problem, the solution, and the business strategy?
Your business concept statement.
An entrepreneur is anyone who owns their own business (T or F).
False. Some small business owners are satisfied to stay small and not innovate.
These international goals were designed to address many different types of problems that can be embedded into a company's social responsibility platform.
United Nations Sustainable Development Goals
Growing government regulation would be an example of which segment of the SWOT analysis?
This would be an external THREAT--T!
Name the best evidence-based strategy for preparing for a test.
Using index cards, Quizlet, study group, or other tool to test yourself.
Why do most start-ups fail?
They don't conduct a feasibility analysis!
When forming a team, an entrepreneur should understand these four stages.
Forming, norming, storming, and performing
How does social entrepreneurship differ from corporate social responsibility?
Social entrepreneurs put their mission to address an environmental or social problem at the center of their business model. Corporations may incorporate practices or policies that meet these goals, but it isn't central to their business model
Where can you go to find out if someone already has a patent on your idea?
The U.S. Patent and Trademark Office website.
Besides a school setting, when are you going to need strong presentation skills?
Many possible answers! Pick one for the points!