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ARBUS 200 > mid term 1 > Flashcards

mid term 1 Flashcards

1
Q

Business Model

A

The pattern of activities a company uses to make profit

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2
Q

Small Business

A

An independently owned organization that exists to make profit for its owner(s), often measures a having fewer than 500 employees

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3
Q

Micro-Enterprise

A

A very small business, usually measured as having fewer than 5 employees

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4
Q

Self-employment

A

An entrepreneur working either as a freelancer or as a short-term contract worker– not a permanent employee of any firm, but not technically a business owner (not having employees or any significant business assets)

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5
Q

Canada Revenue Agency

A

A department of the federal government that acts as Canada’s tax collector

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6
Q

Freelance

A

An independent service provider, not employed by any one company, and sometimes producing work before it has been sold

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7
Q

Entrepreneur

A

Someone who risks money (or their own time and effort) to make a profit. All business owners, freelancers, and otherwise self-employed people are entrepreneurs

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8
Q

Junk Research

A

Studies that are based on flawed logic or poor application of scientific methods

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9
Q

Reluctant Entrepreneur

A

Someone who would rather work for an employer but is forced into self-employment because they cannot find a suitable job in their chosen field

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10
Q

Underground Economy

A

All of the illegally unreported business and customer transactions conducted for cash or barter on which taxes are not paid

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11
Q

Employability Skills

A

The general knowledge and abilities that employers seek in prospective employees.
Ex. literacy, numeracy, time management, teamwork, and computer skills

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12
Q

Entrepreneurial Skills

A

The knowledge and abilities necessary to make profit in business. These include financial, negotiation, and people skills

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13
Q

Gap

A

An unsatisfied need or opportunity in the marketplace, produced by some kind of change that has taken place

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14
Q

Targeting

A

Specializing in a particular group (or groups) of potential customers

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15
Q

Location

A

The general geographic area where a business can be found, expressed as a neighbourhood or municipality or even a region of the country

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16
Q

Site

A

A specific place where business is conducted, expressed as a particular block, address, suite, or part of a building

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17
Q

Mediation

A

The use of a neutral third party to settle a dispute by assisting the disputing sides to come to a voluntary agreement

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18
Q

Arbitration

A

The use of a neutral third party to settle a dispute by examining the arguments of the disputing parties then imposing a binding decision on the parties

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19
Q

Partnership Agreement

A

The contract between two or more people who are entering business ownership together

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20
Q

Sole Proprietorship

A

A legal form of business where only one person owns and has the legal right to operate the company. The sole proprietor has unlimited liability for the company’s debts

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21
Q

Unlimited Liability

A

Total personal responsibility for the debts of a business

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22
Q

General Partnership

A

A business where two or more people own and have the right to manage the company. Each owner in a general partnership has unlimited liability for all the debts of the company

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23
Q

Corporation

A

A legal form of business that exists separately from its owners (shareholders), who have limited liability for the company’s debts

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24
Q

Limited Liability

A

A situation where company owners do not have the personal responsibility for the debts of their company

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25
Q

Limited Partnership

A

A legal form of business with some partners (at least one) having unlimited liability and some having limited liability

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26
Q

Limited Liability Partnership

A

A legal form of business available to professional firms that provides a partial liability protection to the partners

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27
Q

Worker Co-operative

A

A legal form of business where the employees (at least a majority of them) are the owners of the company. Each owner has one equal vote in selecting management and directing the company

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28
Q

Feasibility

A

The likelihood that a concept or plan could work

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29
Q

Market Research

A

Gathering and organizing information about groups of potential customers

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30
Q

Marketing Research

A

Gathering and organizing information about the process for getting products or services to customers

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31
Q

Complementary Business

A

A company that sells products or services different from yours, but to the same potential customers

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32
Q

Basic Rent

A

The minimum rent charged by a landlord for commercial space, on top of which may be charged a percentage of sales, maintenance fees, and other expenses

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33
Q

Leasehold Improvements

A

Modifications to the structure or decor of a commercial property that will remain the property of the landlord, even though they may have been paid for by the lessee

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34
Q

Market Potential

A

How much money a group of potential customers will spend on a particular product or service

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35
Q

Trade Journal

A

A periodical publication about a specific industry or profession

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36
Q

Secondary Research

A

Using information that has already been gathered and published

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37
Q

Primary Research

A

Gathering new information from original sources

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38
Q

Inferential Statistics

A

Using data and logical assumptions to draw conclusions about markets or populations

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39
Q

Direct Competition

A

Businesses similar to your own that provide products and services similar to yours and that pursue the same potential customers you are pursuing

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40
Q

Indirect Competition

A

Sources of supply that are not similar to your business but that are an alternative way for your potential customers to satisfy their needs

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41
Q

Sales Forecast

A

An estimate of how much money a business will bring in over a given time period. Typically a business plan includes at least 3 years of annual sales forecast

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42
Q

Correlations of Sales

A

Know facts about an industry that can be expressed as a ratio of the industry’s sales

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43
Q

Test Marketing

A

Trying to sell your product or service to a limited number of customers and carefully measuring factors like customer feedback and how long it takes to make a sale

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44
Q

Business Owner Policy (BOP)

A

A package of insurance policies specific to the needs of a particular kind of small firm

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45
Q

Insurance Broker

A

An independent intermediary who sells insurance policies on behalf of a variety of large insurance companies

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46
Q

Risk Management Consultant

A

An independent (usually licenced) advisor on property and casualty insurance risks and coverages

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47
Q

Pilfering

A

Theft of small quantities committed by employees

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48
Q

Patent

A

Exclusive rights to a useful invention, granted by a government for a specified period of time

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49
Q

Invention

A

A new technology or a new application of a existing technology

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50
Q

Patent Agent

A

Someone trained in engineering and law and registered with the federal Commissioner of Patents. Patents agents can assess inventions and assist with the patent application process

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51
Q

Copyright

A

Protection against anyone (other than the creator, or someone authorized by the creator) reproducing a creative work such as drawing, piece of writing, audiovisual production and so on

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52
Q

Trademark

A

A word, phrase, or visual symbol that identifies the products or services of a company

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53
Q

Industrial Design

A

Registered rights to the original, visually aesthetic elements of a manufactured product

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54
Q

Integrated Circuit Topography (ICT)

A

The design of mircochip, which can be registered for protection of exclusive rights for up to 10 years

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55
Q

Marketing

A

The process of selecting groups of potential customers, identifying their need and developing a strategy to satisfy those needs

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56
Q

Projected Image

A

The impression of your business created in the minds of potential customers by everything you do

57
Q

Expected Image

A

An impression carried by potential customers of what your business should be like

58
Q

Marketing Mix

A

The particular combination of marketing elements that a business uses to find and satisfy its customer; the marketing strategy, usually described in terms of its product/service, price, distribution, and promotion elements

59
Q

Penetration Pricing

A

Setting prices lower than those of the competition

60
Q

Price Skimming

A

Setting prices higher than those of the competition

61
Q

Competitive Pricing

A

Setting prices at the same level as those of the competition

62
Q

Negotiation

A

The process used to arrive at the terms of an agreement

63
Q

Distribution

A

A company’s strategy for getting services or products from the producer to the end-user. Distribution is sometimes referred to as a place so that elements of the marketing mix can be described as the Four P’s: product, price, promotion and place

64
Q

Distribution Channel

A

The legal of contractual elements of how a service or product gets from the producer to the end-user

65
Q

Physical Distribution

A

The chain of production storage and delivering that products move through, from producer to end user

66
Q

Supply Chain

A

All of the contractual and physical aspects of bringing a product or service from its most basic components to the end-users

67
Q

E-commerce

A

The selling, ordering, payment and sometimes the delivery of the product over the internet

68
Q

E-tailing

A

Selling products to consumers via the internet without the use of a physical store

69
Q

Promotion Strategy

A

The approach a business uses to inform and persuade its customers, including techniques of advertising, publicity, personal selling and sales promotion

70
Q

Trade Journals

A

Magazines written for people involved in specific industries; for example, a commercial fishing publication or professional teachers’ magazine

71
Q

Directories

A

Published lists of suppliers for particular goods and services; for example a trades directory, an antique dealers directory, a directory of professional actors

72
Q

Publicity

A

Promotion by spreading information about a company, product or service without directly paying for the use of media space or time

73
Q

Personal Selling

A

Promotion of services/products through person-to-person interaction between the supplier and the potential customer

74
Q

Sales Promotion

A

A collection of techniques for getting potential customers to buy goods or services. Theses techniques do not fit into any of the more discrete categories of advertising, publicity or personal selling

75
Q

lease

A

The long- term rental of property or equipment. Most leasing contracts for equipment (such as vehicles) include an agreement to ultimately buy the equipment

76
Q

Logistics

A

The study and management of the planning procurement, transportation and storage of products

77
Q

Supply Chain Management

A

Planning, implementing, and controlling all of the contractual and physical aspects of bringing a product or service from its most basic components to the end-user

78
Q

Accounting

A

The recording, classifying, analyzing and reporting of financial information

79
Q

Retainer

A

An amount of money paid to a professional advisor (such as a lawyer) before any services have been given. This amount ensures that the services of the retained professional will be available when required, and charges for service are then deducted from the retainer

80
Q

Sequential List

A

A simple, chronological ordering of procedures that will be followed by a business

81
Q

Financial Statements

A

Accounting reports that summarize the position of a business and the financial changes that have taken place over a period of time

82
Q

cash flow

A

The analysis of how money comes into and goes out of a business and the factors that affect the cash balance

83
Q

management

A

The setting and achieving of the company’s goals and objectives, often through the work of others

84
Q

goals

A

Things to be achieved in the long term, expressed as broad concepts

85
Q

objectives

A

Things to be achieved in the short term, usually expressed as specific numbers with specific dates

86
Q

Job Description

A

A statement of the duties, responsibilities and other issues pertaining to a particular job within a company

87
Q

Accountabilities

A

Those duties on which an employer judges the performance of the employee

88
Q

Employee Benefits

A

The non-monetary compensation of employees through items such as pension plans, extended health care and other insurance programs

89
Q

Balance Sheet

A

A statement of the financial position of a business at a particular point in time

90
Q

Income Statement

A

A statement of a business’s profit or loss over a given period of time

91
Q

Cash Flow Statement

A

A statement of cash going into and out of a business over a given period of time and how this has affected the cash balance

92
Q

Projected Financial Statements

Pro forma financial statements

A

Statements predicting what the financial performance and position of a business will be in the future

93
Q

fixed assets

A

Things that are owned and that tend to keep their value or form for long periods (in excess of a year). For example, buildings, machinery and equipment

94
Q

Current Assets

A

Things that are owned and tend to be impermanent in value or form. For example cash, inventory, prepaid expenses

95
Q

Accounts Receivable

A

Assets in the form of money that is owed to a company by its customers

96
Q

liabilities

A

Legal debts; money owed by a business

97
Q

current liabilities

A

Short-term debts that will have to be paid off within a year

98
Q

Long-term Liabilities

A

Debts that will have to be paid off within a period greater than a year

99
Q

Equity

A

The amount of claim an individual has on asset; or the measure of an individual’s wealth

100
Q

Accounting Equation

A

The basis for the balance sheet, showing that the value of assets is equal to the sum of the values of liabilities and equity

101
Q

Cost of Goods Sold

A

What a business paid for the goods that it purchased and resold over a given period of time

102
Q

groos profits

A

The sales of a business minus the cost of the goods sold over a given period of time

103
Q

Expenses

A

All the money that a company pays out (other than cost of goods sold) in order to stay in business. This includes rent, utilities, supplies, advertising, salaries…

104
Q

Depreciation

A

An asset’s loss in value of a given time period

105
Q

break-even

A

The point at which a company starts to make a profit; the point where sales are sufficient to cover all of the costs and expenses of a company

106
Q

Fixed Expenses

A

Expenses of a business that tend to remain constant regardless of the sales level of the business. For example, rent, utilities, permanent salaries

107
Q

Variable Expenses

A

Expenses of a business that tend to fluctuate with sales. For example, supplies, packaging, delivery expenses

108
Q

Bankruptcy

A

When a business does not have sufficient assets or earning power to repay it debts and legal action is taken to dissolve the company and compensate the creditors as much as possible

109
Q

revenue

A

income of a business from sales

110
Q

Creditors

A

Those to whom a business owes money

111
Q

Projected Cash Flow

Cash Budget

A

A statement predicting how much money will flow into and out of a business during a given period in the future

112
Q

Expenditures

A

The money a business pays out in a given period for costs and operating expenses

113
Q

Prepaid Expenses

A

Expenses of a business that must be paid in advance such as insurance and legal retainers. The value of the prepaid expense shows as an asset in the balance sheet and the value goes down as the value of the expense is used up

114
Q

Collateral

A

Assets of a borrower that are pledged to a lender in the event of non-payment of a loan

115
Q

Business Development Bank of Canada (BDC)

A

A federal government agency charged with lending money to small and medium enterprises, under reasonable terms

116
Q

Canada Small Business Financial

A

guarantees to banks that lends money to small and medium enterprises for the purchase of fixed assets

117
Q

Human Resources and Skills Development Canada (HRSDC)

A

HRSDC is the department of the federal government concerned with training and employment. It has various programs that support entrepreneurship and provide training assistance to small business

118
Q

Credit Bureau

A

An organization that gathers and reports information on the financial status and borrowing and borrowing and repayment histories of customers and businesses

119
Q

Crowdfunding

A

Web-based methods for small donors/investors to provide money for start ups or social enterprises

120
Q

Indirect Financing

A

Methods whereby a business has the use of assets for which it has not paid

121
Q

Consignment

A

When an item is taken into inventory and held for sale by a business but still remains the property of the supplier to the business. The proceeds of any sale are split between the supplier and the selling business

122
Q

rough threshold for successful business

A

1$ million in sales / 20 employees first year. break even second year. positive cash flow 3rd year. 4th year high growth commenses

123
Q

lemons and pearls

A

lemons ripen in 2, pearls take 7

124
Q

6 reoccurring themes essential to entrepreneure’s

A 
commitment and determination 
leadership
opportunity obsession 
tolerance of risk, uncertainty ambiguity 
sense of adaptability and self reliance 
motivation to excel

and one more - experience

125
Q

creative destruction

A

activity was rejuvenating and leads to higher standard of living.

126
Q

different types of startups

A

gazelles - grow 20% annually or generating $100K or more each year

mice - little growth - lifestyle venture

127
Q

fold

A

when founders sell out

128
Q

outside investors

A

family, friends, fools (FFF) / angles (Private) investors, government agencies, venture capitalists

129
Q

5 key facets of any opportunity

A

add significant value to customer/ end user

done through resolution of significant problem or meeting a need paying a premium

large enough market with solid growth and margins to make it attractive

fits well with interests and capabilities of founder and his/her team.

windows of opportunity long enough to be exploited.

130
Q

best opportunities come form 2 sources

A

changes in society and economy

shifts in one industry applied to another

131
Q

2 essentials to start up success

A

entrepreneur who has most if not all of the traits necessary

a genuine opportunity - a fundamental idea that can become a viable commercial venture.

132
Q

how to overcome a lack of experience

A

connect with distributors and whole saler’s

former employees

professionals

social networking

133
Q

initial criteria of planning a business

A

value proposition for customer

can a premium be charged to obtain higher margins

is the market substantial enough to justify the outlay

does the opportunity fit with capabilities and interests

is the position at the onset of a strong demand curve.

134
Q

you need to do a comprehensive analysis of:

A

industry and market

finances

harvesting options

competitive advantages

management team

personal criteria

strategic differentiation

135
Q

2 types of business plans

A

dehydrated - 7-15 pages

complete - 23-35 pages usually in the hundreds

136
Q

business plan serves two purposes

A

attempts to entice outside investors

internal goals as a purpose and process

137
Q

traditional marketing

A

push or broadcasting / shotgun approach

138
Q

more efficient marketing

A

pull or narrow casting option

139
Q

bootstrapping marketing

A

low cost, unconventional, creative “pull” strategy

ARBUS 200 (5 decks)

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