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Entrepreneurship Midterm > Final > Flashcards

Final Flashcards

1
Q

partnership

A

voluntary contract under uniform partnership act or partnership agreement, single taxation on personal income tax, if no agreement they share losses and profits, fiduciary duties of loyalty and care, personally liable, joint and several liability

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2
Q

limited partnership

A

certificate of limited partnership w state, general partner and some limited partners, gen partner manages and personally liable, limited partner contributes cash or property but not liable,

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3
Q

c corp

A

legal entity under state law, file articles of incorporation, issue shares of stock, file annual reports, closely held or publicly traded, board of directors elected who manage, shareholders have limited liability unless veil pierced then owner; corp taxes combined fed and state rate of 39.3%, retain profits or pass in dividends (double taxation) or retained earnings, holding co owns shares to reduce taxes

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4
Q

subchapter s corps

A

reqs: domestic, up to 100 shareholders only us citizens; taxed like partnership, limited liability

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5
Q

limited liability

A

file articles of org w/ state, members and managers, unlimited # members that can be foreign or corporations, earnings subject to self employment tax, cant take adv of incentive stock options, must have at least 2 members, taxed as either partnership or corp, limited liability,

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6
Q

b corps

A

societal or environmental mission, fiduciary duty to all, report social environmental and financial impact

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7
Q

L3C

A

alternative to not for profit, take money from nfp as form of social venture capital

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8
Q

patents

A

federal law; utility, design or plant; utility - novelty, usefulness, nonobvious, 20 yrs from date of app, power to exclude others from doing something

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9
Q

trademarks

A

federal law; co name, logo, slogan, product name, nickname, brand identity; last for ever but can become generic, tm=common law in commerce state law, r = registered w uspto; domain names, cybersquatting and typosquatting

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10
Q

copyrights

A

automatic once in medium of expression; for anything text music art sculpture, registered w lib of congress, code is copyrightable but software is patentable, life+70 yrs if individual, 125 yrs if corporate owned,

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11
Q

trade secrets

A

state law, not public knowledge, no duration if kept secret; covenants not to compete and nondisclosure agreements; no recourse if reverse engineered

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12
Q

growth stages

A

emergence, transition, rapid growth

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13
Q

bootstrapping

A

traction as soon as possible, hire few employees, affordable loss principle

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14
Q

equity investment: friends and family

A

shares of co in exchange for money, be aware of relationships

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15
Q

equity investment: angel deals

A

1-3M, seed rounds between 300K and 1M, 12-18 mo runway, gain board rights, avg roi is 21%, tolerate longer time to exit, investing in perosn

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16
Q

angels look for:

A

solving problem, big market, evidence jockey can execute, demand, disruption product, potential exit

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17
Q

angels dont like these industries:

A

medical drugs, energy, selling to gov, huge start up costs

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18
Q

venture capitalist deals

A

larger money, maybe co-investors, high growth cos, 7M valuation, board seat, shorter exit of acquisition or IPO

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19
Q

IPOS

A

dropped off in recession, reporting expenditures run into millions, many dont take cos public, identify competitors who could end up being strategic partners and acquierers

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20
Q

2013-2014 ipos

A

163B worldwide and 59B US, 26% of global deals, 2014 ok year, 256B raised up 50%, tech healthcare and industrials

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21
Q

SBIR

A

small business innovation research grants

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22
Q

other funding

A

grants, state resources, STTR, incubators

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23
Q

why big co’s lose innovative toehold

A

responsibility to build is given to managers or those who dont have capability

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24
Q

capabilities define disabilities

A

skills that propel often bungle best ideas for disruptive growth

25
Q

resources

A

people, physical capital, info, $, networks location, inventory; problem: hiring wrong people as managers bc of track record

26
Q

process

A

how things get done, aligns with task

27
Q

values

A

why they do what they do, shape the other two, foundation, can be constraints

28
Q

intrapreneurial culture?

A

innovation team, or buy disruptive innovation

29
Q

sole proprietorship

A

owner does business, receives all profits, pays personal income taxes, legal liability, 2/3 businesses and are small

30
Q

managing product design process

A

managing ongoing innovation pipeline that will keep company competitive; efficiency improvement, cost reduction, innovation, robust products

31
Q

product failure

A

lack of market and industry analysis, technical problems, lack of sufficient new product development resources resulting in poor execution, slow time to market, missed first to market opportunities, dumbing down too much, team morale declines

32
Q

product development cycle

A

discovery, opp recognition, feasibility, intellectual property and reg reqs, prototype development, market tests, launch strategy, execution plan; new product checklist: market questions, swot analysis, design/development/manufacturing, financial

33
Q

secondary sources of info

A

google, opinion, trade associations, journals, gov and agency resources, blogs, social networking

34
Q

primary industry data

A

industry observers and analysts, suppliers and distributers, customers, employees of key firms, professionals in industries, trade shows

35
Q

industry life cycle

A

emerging, growth and adaption, differentiation and competition, shakeout, maturity and decline

36
Q

porters 5 forces

A

barriers to entry(economies of scale, brand loyalty, capital, regulation), threat from subs, threat from buyers bargaining power, threat from suppliers bargaining power, competitive rivalry among existing firms,

37
Q

secondary customer data

A

mintel, neilson

38
Q

primary customer data

A

surveys, focus groups

39
Q

identifying competition

A

direct, indirect or sub, emerging or potential

40
Q

finding info about competition

A

their websites, their products, search engines, public companies

41
Q

stakeholder interest

A

rate of growth, roi, risk, protection

42
Q

lender interests

A

companies margins and cash flow projections

43
Q

strategic partner interests

A

new products processes techs that align with what looking for

44
Q

proof of concept

A

customer sales, purchase order, final product, letter of intent for beta test, working prototype…outcomes assets actions

45
Q

snaptax case

A

facilitated by intuits senior management, shipped early version of product to get customer feedback

46
Q

MVP

A

test fundamental business hypotheses

47
Q

video mvp

A

video to show how dropbox worked so wouldnt have risk of development before validating

48
Q

concierge mvp

A

personalized service, questioning, to get at what consumer wants and needs

49
Q

votizen study

A

pivoted because didnt see product growth, zoomed in to make social lobbying platform

50
Q

customer segment pivot

A

keeping functionality but changing audience focus

51
Q

platform pivot

A

reduce staff, build a self-serve sales platform where anyone could become a customer with just a credit card

52
Q

failure to pivot

A

vanity metrics, unclear hypothesis, fear

53
Q

customer need pivot

A

target consumer has a problem, but its different than what initially thought

54
Q

business architecture pivot

A

change from high margin low volume to mass market, change operation

55
Q

value capture pivot

A

monetization or revenue models

56
Q

engine of growth pivot

A

changes growth strategy to seek faster or more profitable growth

57
Q

channel pivot

A

way company delivers product to customers

58
Q

tech pivot

A

finds way to achieve solution by using completely dif technology

Entrepreneurship Midterm (2 decks)

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