Small Business
The US Small Business Administration defines a business as small based on either the number of employees over the past ____ months or the average annual receipts over the past three years.
12
________ activities make up the majority of daily activities conducted by a business
Operational
The _________ is a business development methodology that shortens traditional start‐up launch time, money, and resources.
Lean Start‐Up
Recall that a product is anything that can be bought or sold to meet a customer’s want or need. A _____ is something essential to survival.
need
A business model is a plan for ____________.
making profit.
One of the most widely used standards to qualify a business as small are ____ employees for most manufacturing and mining industries.
500
finance, production, marketing, and management
One strategy entrepreneurs employ in the LSU stage of idea generation is creating a minimally ______ product.
Viable
Recall that a product is anything that can be bought or sold to meet a customer’s want or need. A _____ is something we desire but could ultimately live without.
want
Customers pay an up‐front subscription price for a product
Subscription
What does SBA stand for?
Small Business Association
__________ refers to the total value of a business determined by assets minus liabilities.
Net Worth
Developing a MVP allows businesses to release a product to early users with basic features to gather _________ for future development.
feedback
Providing Products/Creating Markets/Increasing Economic Benefits
For example, a painter provides a service of visiting a customer’s home to paint the walls. Entrepreneurs sell products to customers, people who purchase the goods and services businesses offer.
Providing Products
Owner of a company grants another business owner the right to use the owner company’s name.
Franchise
One widely used standards to qualify a business as small are $_____ million in average annual receipts for many non manufacturing industries
7.5
________ are what a business owns.
Assets
To _______, is to identify the weaknesses in products.
Fail Fast
Providing Products/Creating Markets/Increasing Economic Benefits
When employment is high, people have larger amounts of money to spend on goods and services. Thriving businesses contribute to an elevated standard of living for their community by making more goods and services available to customers.
Increasing Economic Benefits
Employees of a business sell a product directly to a consumer.
Direct Sales
According to the Small Business Administration (SBA), small businesses comprise _____ percent of US employer firms.
99.7
_______ are what a business owes.
Liabilities
If you FF, you have time to ______ your ideas into new directions before significant time and money are invested in the product.
pivot
Providing Products/Creating Markets/Increasing Economic Benefits
For instance, a butcher specializes in selling meats—you would not likely find paper goods like toilet paper or paper towel for sale within this specialty market. This is in contrast to a broader marketplace, such as a grocery store, that would likely sell meat alongside paper goods.
Creating Markets
Company provides goods or services for free but later charges for extra features.
Freemium