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.