DOMAIN 1 LESSON 2 Flashcards
- You are reponsible for the sucess of your business
Self-reliance
- Thinking about and planning for the future
Forward-thinking mentality
The way you approach new ideas and ventures
Opportunity Recognition
- Turning an idea into action
- This characteristic can be also bring in new ideas to generate mor e or better business
Initiative
Adapting to change, loss, and dissappointment
Resiliency
Tackling goals with courage and perseverance
Grit
- Entrepreneurs face multiple financial risks and are usually risk-takers
- The amount of loss one is willing to take when making investment decisions
Risk tolerance
- Believing that anything can be accomplished with enough hard work
Growth mindset
- Solving problems by considering a variety of potential solutions
Critical Thinking
- Entrepreneurs are not looking to do things the same way as everyone else
Creativity and innovation
- Working with others toward a common goal
Collaboration
- Coming with solutions to problems
- Helps you to solve all of the unexpexted problems your business will encounter
Problem-solving
- The ability to work toward achieving a goal without someone directing and ensuring that it is getting done
Personal Agency
- Decision-making based on morals and doing the right thing
Etchical Practices
Financial Risk
BankcruptcyFinancial Risk
Environmental RIsks
- Natural Disaster
- Poor food supply
- Inflation
Political RIsks
- Increased tax rate
- Large Tariffs
Other risks ( financial risks)
- Competition
- Reputations
- Working like mined people
- Setting your own hours
Entrepreneurship Benefits
- Uncertain Profit
- Unpredictable many hours of work
Entreprenuership Drawbacks
- Researched
- Refined
- Revised
- Shaped
- Reshaped
- Tested
Business idea
- An investment that lets the buyer start a busibess
Business Opportunity
- 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
Network Marketing
- Anytime you want to use a brand name on your products you must obatin—
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Licensing
Business Opportunity
Viability
- Market Size
- Relationship
- Managaing cash flow
- Management skillsets
- Passion
- Research before taking on a business opportunity
- Know if there is high demand for your product or service
Market Size
- A writen document that details how a business will be structured, managed, run, and grown
Business plan
- Brief overview of your business plan
- Products and services provided
- Funding needed
- Financial Projections
Pitch Deck
- A short written document discussing your busines plan
- One page long
- Discuss key information
Lean Canvas
- It creates the first impression of your business
- Summarizes what you want to accomplish with your business
- Two short pages
Executive Summary
- Indetifying the size of your market
- to determined is a large enough customer pool to buy your products and services to generate enoigh revenue
Marketing plan
- To identify your tope competitors and their strengths and weaknesses
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Competitive analysis
- Also known as management bios
- This section provides an overview of the employees and other that are part of your business
Organiztional Structure
- this section Should specifically be directed at your investors and lenders
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Financial Plan
- Most commonly presented in the form of a slide presentation
- usually 10-12 slides long
Pitch deck
- Discuess what customers problem your products or services solve
The problem
- A brief overview of your business
- Talk about your company’s mission an the vlue you provide to your customers
Vision and value proposition
- Highlight key team members’ skills, expertise, and experience and how these qualifies work together to contribute to the management and growth of the company
Your team
- talk about the traction that your company has gained
Milesstones
- Discuss how your business works, How it makes moneym and talk about some of your marketing strategies
Business model
- What are your competitors doing
Competition
Legal Protections:
- Copyrights
- Patents
- Trademarks
- Trade Secret Laws
- Used to protect creative works (commonly used for art, literature, music)
Copyright
- 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
Pantent
- Used to protect brand names, logos and business names
Trademark
- Protects a company’s practiceesm processes and/or formulas from being shared with competitors
Trade secrets
- Well-recognized which may help to boost sales
Trade marked material
- A tested and true process or formula that is valuable to a company
Trade secret
Confidentiality or non-diclosure agreement
To protect employees to leak secrets of the companys’ trade secret
