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
