Business Functions
This business function is responsible for the money of the business including inputs, outputs, and accounting.
Finance
Chik-fil-a, Subway, and McDonalds are all examples of a ____________. This business model is one where the owner pays a fee to obtain the rights to an already established business.
Franchise
The responsibility and risk that a business owner takes in a business venture
Liability
The "P" of PSCOL (The roles of management) stands for _____________. This is how managers decide what needs to be done and determine a path forward for these needs.
Planning
If you can master _______, you can master business!
People!
Recruiting, hiring, firing, and training are the main responsibilities of this business function
A business in the form of a physical location is called a _____ ___ _______
Brick and Mortar
A _________ requires the most start up capital to start and is owned by shareholders and managed by a board of directors
Corporation
The "S" of PSCOL (The functions of management) stands for ________. This is how managers decide who is going to be a part of the business and hiring people for specific roles.
Staffing
To come up with a business idea, you should start by _________ __ __________. This is the first step entrepreneurs take. Opportunities are found when you do this.
Solving a problem
This business function is responsible for mapping out the mission and vision of a company and how things are going to get done.
Strategy
Netflix and Hulu are examples of ___________ models. They charge their customers a monthly fee in exchange for their services.
Subscription
A(n) ___________ operates almost identically to a sole proprietorship, only with slight government protection on liability. Owners of these can only lose their initial investment.
LLC/Limited Liability Company
The "C" of PSCOL (the roles of management) stands for ____________. This is how managers determine the success of operations based on their results and make adjustments as needed
Controlling
AI is a computer based program that can think and learn. What does AI stand for?
Company surveys, collecting data, and storing company information are the main responsibilities of this function
Information management
The __________ business model describes company's like Spotify who offer a free version of their product, but upgraded features and services are charged for.
"Freemium."
This business model involves 2 or more people that both share ALL of the liability in the business. (2 words)
General Partnership.
The "O" of PSCOL (The roles of management) stands for ____________. This is how managers keep everything in order in a concise and orderly manner.
Organizing
Looking at your competition to determine their strengths and weaknesses in order to determine a path forward for creating a business idea is called a ____________ _____________
Competitive analysis
Logistics, manufacturing, and overseeing production and processes to ensure that all things get from point A to point B are a part of this functions role.
Operations
Airbnb and Uber are examples of the ________ business model. People use their software to promote/post their product/services and pay the software a fee each booking.
Aggregator
Rank the following types of business ownership from LEAST liability to MOST Liability for the owner
LLC, Corporation, Sole proprietorship.
The most important role of management (PSCOL) is __________. This is how managers inspire their employees to do their best and get company initiatives across the finish line.
Leading
The business model that handles getting products/services to the end consumer is called a ________
A business model that sells their product directly to the end user is called a ___________ model.
1) Manufacturer
2) Distributor
3) D2C (Director to customer)