(F) Chapter 7: Creating New Ventures Flashcards by Denica Shealtiel Enage

Q

Entrepreneurial individuals may want to create a _________ product or service (or to _______ existing ones) and make a successful business out ofit

A

creating new ventures

Completely new
Improve

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Q

what are the two options in creating new ventures?

A

new-new approach
new-old approach

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Q

Refers to the creation of new products and services and turning it into a profitable venture

A

creating new ventures

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Q

To uncover a new product concept, we should make _______

A

lists of annoying everyday experiences

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Q

What should you observe to uncover new product concepts?

A

the world around you

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Q

Where do most business ideas come from

A

people’s experiences

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Q

What are main sources of inspiration for both men and women?

A

prior jobs
hobbies / interest
personally identified problems

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Q

New ventures which started without a totally unique idea

A

NEW-OLD APPROACH

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Q

Venture where an entrepreneur piggybacks on someone else’s idea by either improving a product or offering a service in a location where it is not available yet

A

NEW-OLD APPROACH

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Q

cost of starting up or monthly annual expense?

Fixtures and Equipment and Installation

A

starting up

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Q

cost of starting up or monthly annual expense?

Salary of owner/manager

A

monthly to annual expense

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Q

cost of starting up or monthly annual expense?

Decorating and Remodeling

A

starting up

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Q

cost of starting up or monthly annual expense?

Starting Inventory

A

starting up

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Q

cost of starting up or monthly annual expense?

Deposits with public utilities

A

starting up

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Q

cost of starting up or monthly annual expense?

Salaries and Wages

A

monthly to annual expense

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Q

cost of starting up or monthly annual expense?

Rent

A

monthly to annual expense

Q

cost of starting up or monthly annual expense?

Legal and other professional fees

A

starting up

Q

cost of starting up or monthly annual expense?

Licenses and Permits

A

starting up

Q

cost of starting up or monthly annual expense?

Advertising

A

monthly to annual expense

Q

cost of starting up or monthly annual expense?

Delivery Expense

A

monthly to annual expense

Q

cost of starting up or monthly annual expense?

Advertising and promotion

A

starting up

Q

cost of starting up or monthly annual expense?

Phone bills

A

monthly to annual expense

Q

cost of starting up or monthly annual expense?

Insurance

A

monthly to annual expense

Q

cost of starting up or monthly annual expense?

Taxes, Social Security

A

monthly to annual expense

cost of starting up or monthly annual expense? Interest

monthly to annual expense

cost of starting up or monthly annual expense? Interest

monthly to annual expense

cost of starting up or monthly annual expense? Legal and other professional assistance

monthly to annual expense *if assistance monthly to annual

cost of starting up or monthly annual expense? accounts and receivable

starting up

cost of starting up or monthly annual expense? cash

starting up