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ENTREPRENURIAL AND SMALL BUSINESS > DOMAIN 1 LESSON 2 > Flashcards

DOMAIN 1 LESSON 2 Flashcards

1
Q
  • You are reponsible for the sucess of your business
A

Self-reliance

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2
Q
  • Thinking about and planning for the future
A

Forward-thinking mentality

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3
Q

The way you approach new ideas and ventures

A

Opportunity Recognition

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4
Q
  • Turning an idea into action
  • This characteristic can be also bring in new ideas to generate mor e or better business
A

Initiative

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5
Q

Adapting to change, loss, and dissappointment

A

Resiliency

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6
Q

Tackling goals with courage and perseverance

A

Grit

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7
Q
  • Entrepreneurs face multiple financial risks and are usually risk-takers
  • The amount of loss one is willing to take when making investment decisions
A

Risk tolerance

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8
Q
  • Believing that anything can be accomplished with enough hard work
A

Growth mindset

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9
Q
  • Solving problems by considering a variety of potential solutions
A

Critical Thinking

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10
Q
  • Entrepreneurs are not looking to do things the same way as everyone else
A

Creativity and innovation

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11
Q
  • Working with others toward a common goal
A

Collaboration

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12
Q
  • Coming with solutions to problems
  • Helps you to solve all of the unexpexted problems your business will encounter
A

Problem-solving

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13
Q
  • The ability to work toward achieving a goal without someone directing and ensuring that it is getting done
A

Personal Agency

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14
Q
  • Decision-making based on morals and doing the right thing
A

Etchical Practices

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15
Q

Financial Risk

A

BankcruptcyFinancial Risk

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16
Q

Environmental RIsks

A
  • Natural Disaster
  • Poor food supply
  • Inflation
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17
Q

Political RIsks

A
  • Increased tax rate
  • Large Tariffs
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18
Q

Other risks ( financial risks)

A
  • Competition
  • Reputations
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19
Q
  • Working like mined people
  • Setting your own hours
A

Entrepreneurship Benefits

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20
Q
  • Uncertain Profit
  • Unpredictable many hours of work
A

Entreprenuership Drawbacks

21
Q
  • Researched
  • Refined
  • Revised
  • Shaped
  • Reshaped
  • Tested
A

Business idea

22
Q
  • An investment that lets the buyer start a busibess
A

Business Opportunity

23
Q
  • Recruit other marketers who work under them to create a distributor network
  • Make money off of commissions
  • Distributors agree to sell products or services to another company
A

Network Marketing

24
Q
  • Anytime you want to use a brand name on your products you must obatin—
    *
A

Licensing

25
Q

Business Opportunity
Viability

A
  • Market Size
  • Relationship
  • Managaing cash flow
  • Management skillsets
  • Passion
25
Q
  • Research before taking on a business opportunity
  • Know if there is high demand for your product or service
A

Market Size

26
Q
  • A writen document that details how a business will be structured, managed, run, and grown
A

Business plan

27
Q
  • Brief overview of your business plan
  • Products and services provided
  • Funding needed
  • Financial Projections
A

Pitch Deck

28
Q
  • A short written document discussing your busines plan
  • One page long
  • Discuss key information
A

Lean Canvas

29
Q
  • It creates the first impression of your business
  • Summarizes what you want to accomplish with your business
  • Two short pages
A

Executive Summary

30
Q
  • Indetifying the size of your market
  • to determined is a large enough customer pool to buy your products and services to generate enoigh revenue
A

Marketing plan

31
Q
  • To identify your tope competitors and their strengths and weaknesses
    *
A

Competitive analysis

32
Q
  • Also known as management bios
  • This section provides an overview of the employees and other that are part of your business
A

Organiztional Structure

33
Q
  • this section Should specifically be directed at your investors and lenders
    *
A

Financial Plan

34
Q
  • Most commonly presented in the form of a slide presentation
  • usually 10-12 slides long
A

Pitch deck

35
Q
  • Discuess what customers problem your products or services solve
A

The problem

36
Q
  • A brief overview of your business
  • Talk about your company’s mission an the vlue you provide to your customers
A

Vision and value proposition

37
Q
  • Highlight key team members’ skills, expertise, and experience and how these qualifies work together to contribute to the management and growth of the company
A

Your team

38
Q
  • talk about the traction that your company has gained
A

Milesstones

39
Q
  • Discuss how your business works, How it makes moneym and talk about some of your marketing strategies
A

Business model

40
Q
  • What are your competitors doing
A

Competition

41
Q

Legal Protections:

A
  • Copyrights
  • Patents
  • Trademarks
  • Trade Secret Laws
42
Q
  • Used to protect creative works (commonly used for art, literature, music)
A

Copyright

43
Q
  • Used to protect an invention from being copied
  • Grants exclusive rights to an inventor for a limited time
  • Excludes others from making, using, or selling the invention
A

Pantent

44
Q
  • Used to protect brand names, logos and business names
A

Trademark

45
Q
  • Protects a company’s practiceesm processes and/or formulas from being shared with competitors
A

Trade secrets

46
Q
  • Well-recognized which may help to boost sales
A

Trade marked material

47
Q
  • A tested and true process or formula that is valuable to a company
A

Trade secret

48
Q

Confidentiality or non-diclosure agreement

A

To protect employees to leak secrets of the companys’ trade secret

ENTREPRENURIAL AND SMALL BUSINESS (2 decks)

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