MGT 241 - Test 3 (Ch. 9-12)

Political Bank Guest Speaker

Adam Berry

____ % to 70% of all new ventures are started by more than one individual

50%

Most elevator speeches are around _____ seconds long

60 seconds

_____ % of new startups fail to see projected return on investment

80

_____ % of new startups fall short of meeting projections

95

____ % of reason for failure in a new startup is lack of planning and experience

99

Which of the following is not an example of intellectual property? A. Proactiv's formula for acne medicatioin B. Apple's trademark C. Internet domain name www.dripcatch.com D. Microsoft's Windows operating system E. A computer monitor

A computer monitor

Individuals who invest their personal capital directly in start-ups

Business angels

A chart that depicts the most important skills that are needed and where skills gap exist in a new firm.

A skills profile

The prototypical ______ ______ is about 50 years old, has high income and wealth, is well educated, has succeeded as an entrepreneur, and is interested in the start-up process

Business angel

A patent that protects an invention that is or facilitates a method of doing business

Business method patent

Any product of human intellect that is intangible but has value in the marketplace

Intellectual Property

The Four Key Forms of _____ _____: -Patents -Trademarks -Copyrights -Trade Secrets

Intellectual property

A person who works for a business as an apprentice or trainee for the purpose of obtaining practical experience

Intern

What proposed business name did Guest Speaker Adam Berry's wife reject? A. Issue PAC B. Your Political Portal C. Political Bank D. Politigram

Issue PAC

A written agreement in which the owner of a piece of property allows an individual or business to use the property for a specified period of time in exchange for payments

Leasing

Some products are under development for years before they generate earnings. The up-front costs often exceed a firm's ability to fund these activities on its own

Lengthy product development cycles

_______ is a company's ability to meet its short-term financial obligations. A. Liquidity B. Profitability C. Effectiveness D. Stability E. Efficiency

Liquidity

The value of the time and effort that a founder puts into a new venture

Sweat equity

Advantages of team or individual? -brings more talent, resources, and ideas -brings a broader and deeper network of social and professional contacts to a new business -psychological support

Team

Disadvantages of team or individual? -Not getting along -Equals=which individual is CEO? -similar areas of expertise -disagreement in terms of work habits, tolerances for risk, levels of passion, ideas on running the business, and similar key issues

Team

According to our textbook, the seed money that gets a company off the ground typically comes from _____. A. Angel investors B. Venture capitalists C. Commercial banks D. Governmental agencies E. The founders of the firm

The founders of the firm

Which of the following was not identified as one of the four main financial objectives of a firm? A. Stability B. Efficiency C. Timeliness D. Liquidity E. Profitability

Timeliness

Any formula, pattern, physical device, idea, process, or other info that provides the owner of the info with a competitive advantage in the marketplace

Trade secret

Specific types of ______ patents: -Machine -Process -Article of manufacture -Composition of matter

Utility

This patent is issued to individuals who have invented novel processes, machines, and compositions of concern matter, or improvements. Most common form of patent**** (20 years)

Utility patent

Which of the following selections correctly identifies the three types of patents? A. Manufacturing, process, plant B. Usefulness, purpose, genetic C. Explicit, implicit, plant D. Utility, design, plant E. Manufacturing, service, other

Utility, Design, Plant

Money that is invested by venture capital firms in start-ups and small businesses with exceptional growth potential

Venture captial

A company's first sale of stock to the public.

Initial Public Offering (IPO)

_____ % of new startups liquidate and lose most or all investment

40

"S" in BEAST stands for:

"Self responsibility"

Getting a loan

Debt financing

"A" in BEAST stands for:

"Ambitiously aware"

"B" in BEAST stands for:

"Believe in Boundaries"

"E" in BEAST stands for:

"Embrace the hard stuff"

"T" in BEAST stands for:

"Tenacity" & "Transparency"

______ % did not graduate out of Noah & Matt's entrepreneurship class

25%

Susan Howard owns a seafood restaurant in Naples, Florida. She is currently owed $21, 000 by a corporation that she catered a series of meetings for and $3,000 on an overdue account. Susan has $24,000 in ____ A. Accounts receivable B. Inventory C. Accounts collectable D. Accounts obtainable E. Accounts payable

Accounts receivable

Chief of Staff, Shepherd Community Church

Allen Southerland

A brief, carefully constructed statement that outlines the merits of a business opportunity

An elevator speech

Amy just opened a soup and salad restaurant near BSU. Rather than borrow money or raise funds from investors, Amy used her creativity and ingenuity and figured out how to get her business up and running without external funding. Amy is _______. A. Networking B. Reaching C. Scrounging D. Prospecting E. Bootstrapping

Bootstrapping

Finding ways to avoid the need for external financing or funding through creativity, ingenuity, thriftiness, cost cutting, or any means necessary

Bootstrapping

The cost of buying real estate, building facilities, and purchasing equipment typically exceeds a firm's ability to provide funds for these needs on its own

Capital investments

Inventory must be purchased, employees must be trained and paid, and advertising must be paid for before cash is generated from sales

Cash flow challenges

Protects any work of authorship the moment is assumes a tangible form

Copyright

These four things are different types of what? -Generator -Conceptualizer -Optimizer -Implementer

Creative problem solving styles

Alternatives for raising money for a new venture include: -Personal funds -Equity capital -Debt financing AND....

Creative sources

The practice of funding a project or new venture by raising monetary contributions from a large number of people (the "crowd") typically via the internet

Crowdfunding

Sources of ____ _____: -Commerical banks -SBA guaranteed loans

Debt financing

This patent protects the way an article looks but not how it functions (14 years)

Design patent

Exchanging partial ownership in a firm, usually in the form of stock, for funding

Equity funding

These are sources of what? -Venture capital -Initial Public Offerings -Business angels

Equity funding

______ & _____ are the second source of funds for many new ventures

Friends & family

Someone who works for a business, at the business's location, utilizing the business's tools and equipments and according to he business's policies and procedures

Full or part-time employee

When a new venture is started as a TEAM is it better to have heterogeneous or homogeneous?

Heterogeneous

Guest Speaker Adam Berry took a poll of the audience to show that: A. Most people know who all of the candidates are B. Most people are not aware of candidates at the national or local level C. The younger generation cares less about politics D. All of political information is biased

Most people are not aware of candidates at the national or local level

The group of founders, key employees, and advisors that move a new venture from an idea to a fully functioning firm.

New-Venture Team

Which of the following is an example of intellectual property? A. DripCatch's cash reserves B. The computer that you use C. Nike's swoosh logo D. United's fleet of planes E. Google's headquarters in Mountain View, California

Nike's swoosh logo

"Learn fast, learn often" as opposed to fail fast, fail often is said by who

Noah & Matt

FALL FORWARD

Noah & Matt

Guest speaker, co-founders of Safekeeping, LLC

Noah Rahimzadeh & Matt Prasek

A _____ is a grant from the fed government conferring the rights to exclude others from making, selling, or using an invention for the term of the _____.

Patent

Takes place when one party engages in the unauthorized use of another party's patent

Patent infrigement

This patent may be granted when a new variety of plant is discovered and sexually reproduced (20 years)

Plant patent

An app that connects patients, families, and doctors

Safekeeping

Stage ______ of the Innovation Process: Generation of new problems and opportunities

Stage 1

Stage _____ of the Innovation Process: Conceptualization of new potentially useful ideas

Stage 2

Stage _____ of the Innovation Process: Optimization of new solutions

Stage 3

Stage _____ of the Innovation Process: Implementing of new solutions

Stage 4

Reasons most new ventures need ______ or _______ -Cash flow challenges -Capital investments -Lengthy product development cycles

financing or funding