BUS 1st quiz slideshow for week 3-4

chalenging for working ppartime:

Delegating work to people(assigning work) out sourcing ( find poeple who dont work for you do come and work for you.)

E-commerce meaning:

Electronic commerce (money transactions--paypal venmo)

synergy

a combitation in which the whole is greater than the sum of all the parts (dont ask just to memorize)

revolving credit

a loan you can pay off and use again. If you buy a 400$ couch and you pay in off in 6 months, you can but more stuff after your previous laon.

aggrandizing:

ag-grand-izing, REMEMBER GRAND. this means you are making your business sound grander than it really is.

spin off

branches off (if the day care opened up a afterschool progam and called in teaching wondering afterschool program for naughty children)

anvandage of start up business

brand new you can start small DISADVANGAES\ no name, needs money, lot of time

B2C

business 2 customer transactions

discounted cash flow

cash that has been reduced for the future, in value because theyre going to be received in future. LIke vouture, they pay at the end of the month, and in the beginning of the month, the daycare has no money because voiture hasnt been paid yet.

internets power:

cheap, fast communication, effective

what is E-commerce?

commercial transactions conducted electronically on the Internet. LIke Paypal or venmo

determining the value of a business

comparable sales finacial ratio industry heretics (roman catholic views based as basic moral obligations for business)

intellectual propperty

copy rights. you cant steal an idea that has intellectual property.

key considerations for part time businesses

cost, time, permanence (will it last.

intangibles

things that don't physically exist like bills copy rights.

searching engine optimization:

trying to get you site at the top of the list of websites.

Home based businesses

-pop up -mobile office -virtual --exectutive -incubator

5 ways to become a business owner

1 start new 2 buys established one 3 franchise one 4 inherit one 5be manager

search engine ranking

1st Google, 2nd microsoft, 3rd yahoo

conflict of interests:

2 or motr competing standards

customer segment

A group or subgroup of potential purchasers that can be approached in a coherent manner.

B2B

Business 2 business transactions

Business models (analytic tools)

Business models § a way to identify and organize key information on a business and how it achieves its goals. § can be analytic tools (like a business model canvas) or a way to do business (like the "razor and blade" business model).

Entrepreneurial alertness

Entrepreneurial alertness § a special set of observational and thinking skills that help entrepreneurs identify good opportunities § the ability to notice things that have been overlooked, without actually launching a formal search for opportunities, and the motivation to look for opportunities

home based business is expensive TF

FALSE they are inexpensive

stand retail is new TF

FALSE. Its the most ancient form of business and it was in the bible!

part time businesses use websites to scam people. TF

FALSE. Websites are cost effective,large market and pen 24/7

nobody needs a webiste. TF

FASLE. everyone one needs a website even if they arent seeling things. customer will use the website to find your location!

entrepreneurs will start off as fulltime T/F

FLASE. they start off as partime.

you don't need a license to have a business TF

FLASE> YES you do stupid shit

Maker is a type if billing service TF

FLASE> a maker is a inventor. THink about thinkanots from the meatball movie with the yellow jackets.

Feasiblity (is an idea realisitc)

Feasibility § the extent to which an idea is viable and realistic and the extent to which you are aware of internal and external forces that could affect your business

moonlighting:

Having a side gig. think like this: durning the sun you have you full time job, and during the "moolight" you have youre side gig

Imitative strategy

Imitative strategy § an overall strategic approach in which the entrepreneur does more or less what others are already doing

Due diligence (remember this one)

Investigating a business to determine its value when buying one

Alex bruton

RBI

RBI

Really Big Idea" § a fast technique for making initial assessments (called screens) of prospective business ideas based on five questions. § Approach comes from Alex Bruton, and can be found at RBI Screen

radical innovation strategy (resisting)

Rejecting existing ideas and presenting a way to do things differently. think "radical left"

stand retail meaning?

STAND-like a stand for a business or a table. flea markets!

Value Preposition (separate you and what your known for)

Small business owners' unique selling points that customers can expect from your goods or services, including benefits that differentiate your offering from those of the competition. § also known as benefits

buyouts take yrs to complete TF

Some times true. they can happen all at once, or take awhile. sometimes employee can take over!

9 million home based home companies? TF

TRUE

E-bay

Ton of sellers and large maarket

in 2012 1/2 of all business in the US were partime T/F

True! 10.8 million exactly!

termination

drops business

charge back meaning:

fee for transaction that the customer has to pay to company

key question when considering going fulltime

financial

pass off

giving it away for free

caveut emptour

its latin for do you research when you buy a business because the business could be crappy or a horrible deal

License

legal agreement ranting you rights to use a particular piece of intellectual property § Licensee, licensor

franchise meaaning

legal agreement that allows a business to operate using the name of another firm. (If i bought a Dunkins i would have to sell what Dunkins sells not hamburgers, it's still a Dunkins even if i bought it.)

bankrupting

legal method closing business foraging debt debts are greater that value in company

causal model of entrepreneualship (model as in a new model--new idea or prodect)

one in which you wan to create a particular product or service that does not yet exist and to achieve that end, you have to cause the product or service to exist. § This can mean you will have to learn new skills, or find others to help you achieve your end.

walk away

over ends business with obligations met (you cant walk awhile from the cops if you havent paid the bill, but if you do pay everything, than you can walk away!

transfer ownership

overship is moved

sponsored link:

paid advertising to get to top of search list.

how many hours is a a part time and full time job?

parttime - 35 hrs or less full time- 35 or more

royalty (number of items sold)

payment based on the number or value of licensed items sold

point of difference

price where buyer is indifferent about buying or not buying.....????? not ask

home retail

promotion parties at house. My mom got roped into one of these... they suck

buy-in

purchase is much less than 100%

target market (target audience )

refers to the group of customers in the area you plan to serve who would be likely to be interested in your product, or those of competitors. § can refer to individuals or market groups called segments. § also called serviceable obtainable market, or SOM

registration:

registry busness w/ governent

network marketing

salespersons recruits' people to sell products

opportunity recognition

searching and capturing new ideas that lead to business opportunities § involves creative thinking that leads to discovery of new and useful ideas

take-over

seizing control over a business to select board members

sell-off

seller gets a small amount of the value

very Entrepreneur

someone who open multiple businesses in their lifetime.

assest meaning

something a business has that will be valuable in the future.

incremental strategy (doing it better)

taking an idea and offering a way to do something better than it is done presently (block phone to iphone)

replacement value

the amount at wich an identical asset is going for. If i had a table i wanted to sell, and i saw one on line for 400$, i could assume i can ask 400 for my table.

net realization

the cost to acquire an asset will sell, less the cost. I don't know what that means and i think this was a typo

Book value

the difference in sale price and what's its work now. after ware/tare

changing ownership over time e.g.,

the employees slowly take over the

volatility meaning?

the frequency of business when it starts and stops

reverse auction

the lowest price wins

Informational websites

websites that give information about a business.

cannibalizing

when an emmployee takes away business from the company (employee meaning body and when he takes business away hes eatin his own body)

poisoning the well

workings give a bad respresentaation to constumors and giving bad reviews to comsutoms (genna at daycare>

workout

you leave with obligation not met so you leave with bills not paid now you better workout a way to hide from the cops