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ENTREPRENURIAL AND SMALL BUSINESS > DOMAIN 1 LESSON 1 > Flashcards

DOMAIN 1 LESSON 1 Flashcards

1
Q

Interested in taking on new business opportunities

Entreprenuership and small business

A

Entrepreneurs

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2
Q

Not always interested in taking on new business opportunities

Entreprenuership and small business

A

Small Business Owners

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3
Q

Content to stick with what their current business does

Entreprenuership and small business

A

Small Busines Owners

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4
Q

Willing to explore new opportinities and unknown risk

Entreprenuership and small business

A

Entrepreneurs

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5
Q

The owners license their operations products or services, branding, and knowledge for a franchise fee

Entreprenuership and small businessClassify types of Businesses

A

Franchise

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6
Q

Higher upfront costs but are less risky as you are also purchashing tested and true operational processes, products and services, and well recognized branding

Entreprenuership and small business

A

Franchise

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7
Q

Tangible Items

Classify types of Businesses

A

Products

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8
Q

Intangible things like a skill or expertise that is performed

Classify types of Businesses

A

Services

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9
Q

Usually perceived to be of higer value

Classify types of Businesses

A

Tangible Items

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10
Q

Drawbacks of physical product

Classify types of Businesses

A
  • Need to be stored and tracked
  • Shipping and packaging
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11
Q
  • No need for physical storage locations, inventory, additional employees, ir shipping cost
  • Instant delivery at little or no cost

Classify types of Businesses

A

Digital Goods

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12
Q

Drawbacks of digital product

Classify types of Businesses

A

More difficult to demonstrate the value of the product or service

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13
Q

Classify types of Businesses a customer purchased an item from a business which is known as a

Business Legal Structures

A

Business-to-Consumer or B2C transaction

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14
Q

When a business purchases a product, service, or information from another business is called

Business Legal Structures

A

Business-to-Business or
B2B Transaction

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15
Q

Provided with a special tax advantage that allows the company to pass it’s income, losses, deductions, and credit through its shareholders

Business Legal Structures

A

S corporation

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16
Q

Limited liability protection shields the owners’ personal assets from

Business Legal Structures

A

Business creditors

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17
Q

Disadvantage of S Corporation is strict qualification requirements like

Business Legal Structures

A
  • No more than 100 shareholders
  • only one class of stock
  • Strict stipulation on who is allowed to be a shareholder
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18
Q

Taxes the corporation seperate from it’s owners = The company’s profit are taxed when earned = The shareholders’ dividends are taxed after they are distributed.

Business Legal Structures

A

C corporation

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19
Q

Double taxation but ideal for international business

Business Legal Structures

A

C corporation

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20
Q

Offers the same limited liability as a corporation but costs less to create

Business Legal Structures

A

Limited liability company
(LLC)

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21
Q

It allows the owners to pay taxes on their profits or losses through their own taxes using a personal tax rate

Business Legal Structures

A

Limited liability company (LCC)

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22
Q

This structure is ideal for a single owner desiting low risk because owners are not personnally liable for the company’s debts

Business Legal Structures

A

Limited liability company (LCC)

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23
Q
  • Easy to create due to the lack of goverment regulation
  • There is no line between the business and the owner
  • The owner is responsible for all
  • They have unlitimied personal liability

Business Legal Structures

A

Sole proprietorship

24
Q
  • No one owns a non-profit entity
  • It is given tax-exempt status that does not require the entuty to pay any any US federal taxes

Business Legal Structures

A

Non- profit entity

25
Q
  • Highest-ranked employee in the company
  • Responsible for the business’s Success
  • Makes te major decisions for the company
  • Overseas operations and resources
  • Develops the company’s vision,strategies, and mission
  • Reports to the board of directors

Business Roles and responsibilities

A

Chief Executive Officer (CEO)

26
Q
  • Incharge of the company’s finances
  • Manages and plans the cashflow
  • Creates budgets
  • Forecasts wheter the company will meet set budget requirement or nor
  • Negotiates on all of the company’s financial matters

Business Roles and responsibilities

A

Chief Financial Officer
(CFO)

27
Q
  • Overseas the business’s day-to-day operational and administrive functions

Business Roles and responsibilities

A

Chief Operating Officer
(COO)

28
Q
  • Works with the CEO, CFO and COO to make strategic decisions (usually not active)

Business Roles and responsibilities

A

Owner of a large company

29
Q

Shoulders some or all of the CEO, CFO and COO responsibilities

Business Roles and responsibilities

A

Owner of a Small Business

30
Q

Top executive that is responsible for management and deployment of information technology for a company

Business Roles and responsibilities

A

Chief Technology Officer
(CTO)

31
Q
  • The indicidual that developed or created the company or organization
  • The only business that is not interchangeable

Business Roles and responsibilities

A

Founder

32
Q

Individual that have an interest in the sucecss of a company = usually member of board of directors

Business Roles and responsibilities

A

Stakeholders

33
Q

Example of stakeholders:

Business Roles and responsibilities

A
  1. Investors
  2. Customers
  3. Suppliers
  4. Employees
34
Q

One or more partners share the business’s financial responsibilities

Business Roles and responsibilities

A

Partnership

35
Q
  • Ensure standards for management
  • Must own one share of company stock

Business Roles and responsibilities

A

Stockholders

36
Q

Outlines the employee’s and the employer’s obligations and the terms of employment

Business Compensation Structures

A

Employment Contract

37
Q

Contents of employment contract

Business Compensation Structures

A
  • Compensation
  • Schedule
  • Duration of employment
  • Benefits
  • Responsibilites
38
Q

A payment for the hours the have worked

Business Compensation Structures

A

Hourly wage

39
Q

A fixed payment amout for each pay period

Business Compensation Structures

A

Salary

40
Q

A fee paid for completing a task

Business Compensation Structures

A

Commission

41
Q

Employees are compensated for the number of units they produce

Business Compensation Structures

A

Piece Work

42
Q

A non-cash compensation commonly offered to employees in place of cash or in addition to a lower salary

Business Compensation Structures

A

Equity

43
Q

A business is up and running

Business Life Cycle

A

Existence Stage

44
Q
  • A Buiness regugarly takes a new customers and starts to generate a consistent income
  • Owners can cover loans and start paying themselves a fair salary after turning a profit

Business Life Cycle

A

Survival Stage

45
Q
  • A business is economically healthy

Business Life Cycle

A

Sucess Stage

46
Q
  • Owners decide if they want a big business and determine the best solution to finance rapid growth

Business Life Cycle

A

Take-off stage

47
Q
  • Owners seperate financially and operationally grom a business

Business Life Cycle

A

Resource maturity Stage

48
Q
  • Business persist with its current strategy or pivots to a new strategy if needed

Business Life Cycle

A

Pivot or persist

49
Q

Owners make a profit from selling their ownership in a successful company

Business Life Cycle

A

Exit plan stage

50
Q
  • A learning process focused on customers and their needs
  • Used to develop user-friendly products

Business Life Cycle

A

Design Thinking

51
Q

Design Thining Elements

The design thinking process

A
  • Empathize
  • Define
  • Ideate
  • Prototype
  • Test
52
Q
  • Observe, engage and Empathize with customers to understand their experience and needs

The design thinking process

A

Emphatize Stge

53
Q
  • Analyze observation and information gathered during the empathize stage

The design thinking process

A

Define stage

54
Q
  • The design team develops solution ideas to spark new ways of thnking
  • keep the most realistic and innovative ideasthaw will provide the best customer satisfaction.

The design thinking process

A

Ideate stage

55
Q
  • Basic functioning products that address the user’s core problem
  • Used to test the problem solutions develeoped in the ideation stage

The design thinking process

A

Minimum Viable Products
(MVP’s)

56
Q
  • The design team reviews and refines the product
  • Rigorously tests the best product solution found in the prototyping stage

The design thinking process

A

Final Testing Stage

ENTREPRENURIAL AND SMALL BUSINESS (2 decks)

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