Buisness and human resourse

Demetri is implementing the design thinking process into his business. In what order should the steps be taken? Stage 1

- Empathize

Stage 3:

- Ideate

Stage 5

- Test

Pitch deck

A brief overview of a business plan, the products and services that will be provided, the funding needed, and financial projections.

Vision and value proposition

A brief overview of a business that talks about the company's mission and the value provided to its customers

Existence

A business owner gets a business up and running

Success

A business owner is generating a consistent income, and the business is economically healthy

Franchise

A business where the owner licenses their operations, products or services, branding, and knowledge for a royalty fee

commission

A fee paid to an employee for completing a task

S corporation

A for-profit corporation with a lower tax rate that prevents the company from being double taxed

Business plan

A written document that details how a business will be structured, managed, run, and grown.

resiliency

Adapting to change, loss, and disappointment

Limited Liability Company (LLC)

Allows the owner to pay taxes on their profits or losses through their own taxes using a personal tax rate. This legal structure is ideal for a single owner seeking low risk

Entrepreneur

An individual with an idea to offer an innovative product or service about which they are passionate

Define

Analyze observations and information to identify the core problem

Sarah works at an auto shop. She performs car repairs and maintenance while abiding by the safety guidelines outlined at the shop. Sarah also ensures that all work she performs adheres to company policies. She is paid an hourly wage. Which best describes the role Sarah plays in the auto shop? A.)Chief Operating Officer (COO) B.)Employee C.)Chief Financial Officer (CFO) D.)Stakeholder

B.)Employee

Growth mindset

Believing that one can accomplish anything if one works hard

Creativity and Innovation

Bringing new and unconventional ideas to the table and finding creative and new solutions to the way things are done

problem solving

Coming up with solutions to solve a problem

piece work

Compensation for the number of units an employee produces

Lean canvas

Covers problems and solutions, value propositions, marketing channels, key metrics, costs, and revenue without all of the business plan details.

Billie manages the budget for a toy manufacturing company. In addition to this, she also negotiates financial matters with other companies on collaborative projects. Which best describes the role Billie plays in the toy manufacturing company? A.)Chief Operating Officer (COO) B.)Stakeholder C.)Employee D.)Chief Financial Officer (CFO)

D.)Chief Financial Officer (CFO)

Ethical Practices

Decision-making based on morals and doing the right thing

Stage 2 -

Define

Marketing Plan

Determines the size of a market with marketing analysis and describes potential customers to provide a customized plan to reach them.

Business model

Discuss how a business works, how it makes money, and talk about some of the marketing strategies.

Problem

Discuss what customer problem the products or services solve

Competition

Discuss what the competition is doing and how a company could improve upon what the competition is doing without being disrespectful toward the competing companies

Sole Proprietorship

Easy to create, but comes with unlimited liability

Pivot or Persist

Exhausting all efforts and avenues with the current strategy before deciding to change strategy

Arrange the stages of a business life cycle in the correct order first stage

Existence

The business owner decides to sell their ownership of the company

Exit Plan

Salary

Fixed payment amount for each pay period

Joey has opened a restaurant. He paid a large amount of money up front to get the business started. He only sells products that are licensed by someone else. What type of business opportunity is Joey a part of? Network marketing Franchise Licensing Dealership

Franchise

Non-profit

Has no ownership and pays no US federal taxes

Survival

Having a reliable amount of customers to stay open

Team

Highlight key team members' skills, expertise, and experience and how these qualities work together to contribute to the management and growth of the company

Korryn works at a convenience store. When she was hired, she was told that she would be working 40 hours per week and receive $15 per hour of work. In addition to this, the company gives all employees partial ownership of the company in the form of shares. Which two forms of compensation does Korryn receive for her work? Hourly Salary Equity Piece work

Hourly, Equity

financial plan

Includes a budget, a 12-month profit and loss projection, cash flow statements, a breakeven analysis, and capital requirements to show investors how their money will be spent.

Equity

Non-cash compensation, including an investment vehicle, ownership in the company, restricted stocks, or shares

What are the two disadvantages of entrepreneurship? Higher income tax Having to work around employees' schedules Not having a promised paycheck May not get paid or have enough to pay employees

Not having a promised paycheck May not get paid or have enough to pay employees

What are the two advantages of selling digital products? A.) digital products arent taxed B.) Not needing physical storage, inventory, or additional employees C.) Digital products tend to have a higher value D.) Delivery is instantaneous and inexpensive

Not needing physical storage, inventory, or additional employees Delivery is instantaneous and inexpensive

When considering the reliability of the management for a business opportunity, what else should one consider at this time? The cost of management The cost of the product The employees' skillset One's own skillset

One's own skillset

small business

Owned and managed by one individual or sometimes a small group of people with a focus on generating profits

Hourly Pay

Payment for the hours an employee has worked

Rose ordered a package of macaroons from an out-of-state bakery. She received the cookies the following week. What type of e-commerce product did Rose order? A.)Digital B.)Market C.)Wholesale D.)Physical

Physical

sixth stage

Pivot or persist

Social responsibilities

Preventing and removing any corruption and unethical behavior that could harm a business, the community, or the environment"could harm a business, the community, or the environment.

C corporation

Profits are taxed when earned, and then the shareholders' dividends are taxed after they are distributed. This legal structure is best for international businesses C corporation Non-profit

Stage 4

Prototype

organizational structure/management bios

Provides an overview of the employees and others that are part of a business.

fifth stage

Resource maturity

Partnership

Shared financial backing

To use materials that have a copyright or a trademark, you must get permission. Which two things are they required to do before legally using the material

Sign a licensing agreement Pay a licensing fee

critical thinking

Solving problems in the best way by considering a variety of potential solutions to the problem

Ask

Specify how the investors' money will be used and why the funds are necessary to grow the company while using data to back up the stated information

empathize

Spend time gaining an understanding by observing, engaging, and empathizing with customers to understand their experiences and their needs better

Sharon owns a law firm. She has recently begun earning more money, and the firm's finances are doing well. In which business life cycle stage is Sharon? Existence Take-off Success Survival

Success

third stage

Success

Executive Summary

Summarizes what one wants to accomplish with a business, the products and services one sells, financial outlook, the funding needed, one's goals, and one's achievements.

second stage

Survival

Grit

Tackling goals with courage and perseverance, even when it is challenging

fourth stage

Take-off

Milestones

Talk about the traction that a company has gained, such as crowdfunding

Risk Tolerance

The amount of loss one is willing to take when making investment decisions

Exit plan

The business owner decides to sell their ownership of the company

Take-off

The business owner needs to decide if they want their company to become a big business and, if so, how they will create rapid growth and finance it

Ideation

The design team comes up with solution ideas

prototype

The design team creates multiple inexpensive versions of the product, known as minimum viable products (MVPs)

Test

The design team identifies any additional problems and refines the final solution before the final product is produced and released to customers

Resource Maturity

The owner has separated financially and operationally

What is a characteristic of a business opportunity? The buyer only pays the buyer fee after 5,000 products have been sold The initial buyer fee is at least $1000 The buyer has a guaranteed profit of at least 10% of the seller's original price for the product The seller is required to help the buyer find an ideal location for the business

The seller is required to help the buyer find an ideal location for the business

opportunity recognition

The way you approach new ideas and ventures.

Which is a disadvantage of S corporations? A.)They have high taxation rates B.)They are subject to double- taxation C.)There is a limited number of allowed S corporations D.)There are very strict qualification requirements for becoming an S corporation

There are very strict qualification requirements for becoming an S corporation

What must happen before one can use someone else's patent?

They must obtain ownership of the patent

Forward-Thinking Mentality

Thinking about and planning for the future

Self-reliance

Trusting one's self, one's goals, and one's progress

Initiative

Turning one's ideas into action or bringing in new ideas to generate more or better business

personal agency

Working toward achieving a goal without someone directing and ensuring it is being done

collaboration

Working with others towards a common goal

Network marketers make their money through ____________ salary hourly pay commissions equity

commissions

seventh stage

exit plan

It is becoming more common to sell products and services__ A.) through storefronts B.)all markets C.)through wholesaling D.)online

online

Factors that aid in determining whether or not a business opportunity is viable including marketing size, ________, manage of cash flow, management skillsets, and passions. relationships employees' skillsets location marketing costs

relationships

Entrepeuner

should legally protect their intellectual property.

Knowing a process has been tested and works well is valuable to companies as they can assume it would work just as successfully in their company. As a result, companies may want to use _______ materials. patented trademarked trade secret copyrighted

trade secret

Trademark

used to protect a company's practice, process, or formulas from being shared with other competitors.

patent

used to protect an invention from being copied for a limited time.

Trademark

used to protect brand names, logos, and business names.

Copyright

used to protect creative works.