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Entrepreneurship > Midterm > Flashcards

Midterm Flashcards

1
Q

What is a hobby?

A

An activity done regularly in one’s leisure time for pleasure

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1
Q

What is a job?

A

A paid position of regular employmenta task or piece of work, especially one that is paid

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2
Q

What is kinesiology?

A

Kinesiology is the scientific study of human movement, performance and function. The practice of kinesiology incorporates the sciences of biomechanics, anatomy and physiology, and considers neuroscience and psychosocial factors. Kinesiologists use evidence-based research to treat and prevent injury and disease, and to improve movement and performance. Kinesiologists work with people of all ages and physical abilities in many settings to help them achieve their health and wellness goals and improve quality of life. Some areas of kinesiology practice include:
- health promotion
- injury rehabilitation
- chronic disease management
- ergonomics and workplace safety
- fitness and athletics
- return to work planning and disability management
- public health

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3
Q

Where do kinesiologists work?

A
  • Community care
  • Family health teams
  • Hospitals
  • Rehabilitation and wellness clinics
  • Insurance, health and safety consultancy firms
  • Nursing and long-term care homes
  • Health and fitness clubs
  • Private practice
  • Academia
  • School boards
  • Public health units
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4
Q

What are the 10 traits required to be an entrepreneur?

A
  1. Self-confidence - in yourself and your idea
  2. Independence & self-motivation
  3. Ambitious
  4. Self-disciplined & organized
  5. Resourceful
  6. Flexible
  7. Thorough
  8. Hardworking & committed
  9. Realistic mindset
  10. Determined & persistent
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5
Q

What are some small business survival tips?

A
  • Develop a good marketing and business plan that takes into account customer needs, competition, pricing and promotional strategies.
  • Have a good working knowledge of business law, tax regulations.
  • Understand your business finances, such as cash flow and handling credit.
  • Know your market and define how much of it you will be able to capture.
  • Make sure you are offering a product that is unique and competitive.
  • Don’t under-estimate your expenses and over-estimate your revenue.
  • Make sure you have some cash reserves or a line of credit to help you get through slow periods.
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6
Q

What are the 7 steps to starting a small business?

A
  1. Come up with a good business idea
  2. Choose a name for your business
  3. Do market research
  4. Create a business plan
  5. Register for GST/HST
  6. Get business insurance
  7. Find small business financing
  8. Choose a form of business ownership
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7
Q

What do we want a business name to be?

A
  • Memorable & easy to spell
  • Integrate a visual element
  • Add a positive connotation (emotional meaning)
  • Make your business objective clear (include info about what your business does)
  • Keep it fairly short (use a numeral)
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8
Q

When doing market research what questions do we need to ask?

A

o Who is your customer? Where are they located?
o What are the industry trends? Emerging markets? Gaps in the market? Are there additional products and services you can offer?
o Who are the competitors in your market?

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9
Q

When must you register for GST/HST?

A
  • If your new small business’s gross income exceeds $30,000, you will have to register for GST/HST.
  • Even if you’re not making much money to start, though, you may want to register for GST/HST immediately because of Input Tax Credits, which are basically your way of getting back the GST/HST your business has paid out on purchases for business use.
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10
Q

What are types of insurance a business might need?

A
  • Possible types: property (for clinic location), general liability (in addition to professional liability), disability (yours), business interruption, business vehicle coverage, product liability insurance
  • Home based businesses may need additional property insurance as many home insurance policies do not cover slip and falls etc. by patients/customers

Content insurance

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11
Q

What is a split?

A
  • The clinic/facility bills the patients and then you bill them for a percentage of the money collected
  • You must bill the clinic/facility for your percentage of the work and HST
  • You claim only the money you collect from the clinic/facility on your income tax
  • What do you think is a fair split? Try not to go below 30%.
  • Are there opportunities for this to change over time?
  • If I am the one collecting the money, then you keep track of everything and you pay the facility the percent agreed upon.
  • A split is a good idea when you start out b/c you are only paying the other business the % of profits you make. Only paying someone when you are making money as well. When you become quite busy this means you are paying more than you would if you were renting the space for a flat fee.
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12
Q

What is a rental agreement?

A
  • You collect money directly from the client and then pay the clinic
  • This can be a set amount per week/month or a “split”
  • However, you must claim all money collected from the patients on your income tax and then use the rent paid out as a deduction
  • Need to consider what is involved in the rent. If it’s just a space maybe you pay less rent vs if it’s the rental of the space plus towels, booking system, laundry, cleaning equipment then rent would be a lot higher.
  • Typical you handle all the money. You claim everything including HST.
  • Can have your payment schedule with the government of Canada set up quarterly, annually or semi-annually. If your quarter is due would look at all the patients you saw and all the HST you got, you would deduct the HST you paid out (to rental) from the HST you collected from your patients and let them know how much HST you have and submit that to them.
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13
Q

What is a contract?

A
  • You agree to work for a set period of time or on a set task
  • Then agreement comes to an end and is renewed if desired/necessary
  • But you are operating your own business and doing your own thing
  • The contract has a dollar value and needs to have a clear start and end date as well as a set task that is arranged. This can be renewed but it needs to be clear there is a start and end date. At the end of the contract you can renew and continue offering services to the chiro office for a specified fee or you can choose not to and move your business elsewhere.
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14
Q

Advantages of a home/mobile business

A
  • It can be less expensive than renting or buying commercial space
  • there may be possible tax deductions you can claim, (for example, a portion of property taxes, utilities, repairs and maintenance, home insurance and a portion of your mortgage interest or rent)
  • more flexibility with your hours
  • This way you control when you see people.
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15
Q

What are some tips for home based businesses?

A
  • Review provincial and federal health, safety and taxation regulations related to your business.
  • Check municipal by-laws and determine whether your area is zoned for operating a business, particularly if you plan to deal with the public or have non-family-members working out of your home.
  • Designate a specific area of your residence as your workspace (as removed as possible from the ebb and flow of your household activities).
  • Try not to let chores or other distractions take you away from your work and interrupt your productivity.
  • Avoid letting the less formal setting interfere with your professionalism.
  • Be available to your clients by keeping a consistent schedule and getting back to them in a timely fashion.
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16
Q

How do you know if you should really be an employee?
6 things the CRA looks for?

A

o Control over the worker (doesn’t matter if the control is exercised or not)
o Ownership of tools and equipment
o Subcontracting work or hiring assistants
o Degree of financial risk taken by the worker
o Responsibility for investment and management held by the worker
o Worker’s opportunity for profit and loss

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17
Q

What are the employer penalties for pretending to be a self-contractor?

A
  • CPP and EI employer and employee contributions for the current and previous year
  • 10% penalty on the total assessment and interest of approximately prime plus 1% from the date each of the contributions were due
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18
Q

What are the employee penalties for pretending to be a self-contractor?

A
  • Personal back-taxes if unpaid
  • As a worker the write offs you have been doing, collection of HST is no longer applicable and pushes you into a personal income bracket and it might impact the taxes that you owe.
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19
Q

What makes us happy in a job?

A
  1. The way in which we work
  2. The people
  3. The environment

If an employee have no control over these things!

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20
Q

What is a sole proprietorship?

A
  • Business owned/operated by one person
  • Owner makes any decisions, receives any profits, claims any losses
  • Personally liable for the business
  • Business financial activity reported on personal income tax return
  • Your business is not a separate body to you – are the same person.
  • One downside is the fact that you are in theory legally responsible personally for all the functions and debts of the business that come up. If someone sues you are in theory responsible for your business.
  • It is the easiest start
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21
Q

Advantages of a sole proprietorship

A
  • Easy and inexpensive to register
  • Regulatory burden is generally light
  • You have direct control of decision making
  • Minimal working capital required for start-up
  • Some tax advantages if your business is not doing well (for example, deducting your losses from your personal income, and a lower tax bracket when profits are low)
  • All profits go to you directly
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22
Q

Disadvantages of a sole proprietorship

A
  • Unlimited liability (if you have business debts, claims can be made against your personal assets to pay them off)
  • Income is taxable at your personal rate and, if your business is profitable, this could put you in a higher tax bracket
  • Lack of continuity for your business if you are unavailable
  • Can be difficult to raise capital on your own
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23
Q

What is a partnership?

A
  • Business owned and operated by two or more people
  • Partners jointly make decisions, receive profits, claim losses and are jointly liable for the business
  • Business financial activity is reported on each partner’s personal income tax return
  • Should have a partnership agreement in place (establishes terms of partnership and helps resolve/avoid disputes in future)
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24
Q

What are the 3 types of partnership?

A
  • In a general partnership, each partner is jointly liable for the debts of the partnership
  • In a limited partnership, a person can contribute to the business without being involved in its operations
  • A limited liability partnership is usually only available to a group of professionals, such as lawyers, accountants or doctors.
  • Limited partnership is where you can control how much a person contributes to the business without being involved in the daily operations of the business. Someone might own the business, reap the benefits of the success, share responsibility for liability and debts but aren’t involved in operations of it
25
Q

Advantages of a partnership

A
  • Fairly easy and inexpensive to form a partnership
  • Start-up costs are shared equally with you and your partner(s)
  • Equal share in the management, profits and assets
  • Tax advantage — if income from the partnership is low or loses money (you and your partner(s) include your shares of the partnership in your individual tax returns)
26
Q

Disadvantages of a partnership

A
  • There is no legal difference between you and your business
  • Unlimited liability (if you have business debts, personal assets can be used to pay off the debt)
  • Can be difficult to find a suitable partner
  • Possible development of conflict between you and your partner(s)
  • You are held financially responsible for business decisions made by your partner(s); for example, contracts that are broken
27
Q

What are the elements of a good partnership agreement?

A
  • What is the financial contribution of each partner?
  • What is the division of work between the partners?
    o Who is responsible for what?
  • What constitutes income in the partnership and how will it be drawn out?
    o Salaries? Bonuses?
  • What percentage of profits (hopefully) will be plowed back into the business?
  • What happens when one partner wants to leave?
  • What happens when you get married?
    o Spouse may try to take part of business in event of divorce. Co-habitation or Pre-nuptial agreements required?
  • How will bank accounts be set up and how will accounting/taxes be handled?
    o Signing privileges?
    o How are purchases handled?
    o Hire an accountant/bookkeeper or will you do all this yourselves?
  • What property is included in the partnership and how is it used?
    o Not just physical property, but can be intellectual property or client lists, computer databases etc.
  • How will disputes be handled?
  • What happens if one partner dies or becomes disabled?
  • How will the potential sale of the business be handled?
    o Business valuation? Did one person put more work into the business than the other and deserves a higher share?
28
Q

What is an incorporation?

A
  • Considered to be a legal entity that is separate from its shareholders
  • As a shareholder of a corporation, you will not be personally liable for the debts, obligations or acts of the corporation
  • It is always wise to seek legal advice before incorporating
  • The business is a complete separate legal entity. Business is owned by shareholders. Not in your name – has it’s own legal name. Liability is held by the incorporation itself and not the direct shareholders. Ownership can be easily transferred. Seek legal advice on this. Requirements to incorporate from a carrying out of business operations as well as operational pieces required.
  • More costly to do in comparison to registering for partnership or sole proprietorship.
29
Q

What are advantages of an incorporation?

A
  • Limited liability
  • Ownership is transferable
  • Continuous existence
  • Separate legal entity
  • Easier to raise capital than it might be with other business structures
  • Possible tax advantage as taxes may be lower for an incorporated business
30
Q

What are disadvantages of an incorporation?

A
  • A corporation is closely regulated
  • More expensive to set up a corporation than other business forms
  • Extensive corporate records required, including documentation filed annually with the government
  • Possible conflict between shareholders and directors
  • You may be required to prove residency or citizenship of directors
31
Q

What is a profesional corporation?

A

If a regulated health professional this applies

  • If you are incorporated, it must be a special type called a “professional corporation” which is different from a regular corporation
    o Only a person holding the license required to practice the professional service can be a shareholder or at least a majority shareholder
    o Only those holding the professional license can be a director or officer of the corporation
32
Q

What is a limited liability partnership?

A

For regulated health professionals

  • It is also suggested, but not required, that if you engage in a partnership, you enter a Limited Liability Partnership (LLP)
    o As the name suggests, the partnership carries a degree of limited liability
    o The partners in a limited liability partnership are not personally liable for the negligent acts of another partner or an employee who is directly supervised by another partner
    o Each partner is personally liable for his or her own actions and for the actions of those he or she directly supervises
    o The partnership continues to be liable for the negligence of its partners and employees… All of the company’s assets remain at risk
33
Q

When must you register your business?

A
  • You must register a corporation
  • You must also register a sole proprietorship or partnership under the Ontario Business Name Act if you are carrying out business under a name other than your (and in the case of a partnership, your partners’) legal name(s)
  • Registration can be done on most provincial websites such as Service Ontario or by going into one of their offices
  • It is $60 for a partnership or sole proprietorship; $200-450 for a corporation
  • Most need you to register the business name with the government b/c you are responsible for charging, collecting and remitting appropriate taxes when you operate a business.
  • If your business name is registered in your jurisdiction, might want to consider registering it as a trademark. An advantage to this is it provides proof of ownership and provides you with exclusive rights across Canada for that name for 15 years. And when you renew can be renewed indefinitely.
  • Protects your products from imitation and misuse. Provides you with licensing opportunities to maximize commercial potential and it protects the trademarks value.
  • Required to register business as a sole proprietor once your business exceeds $30,000 in profits in any singular calendar quarter or 4 consecutive calendar quarters. Once this happens need to register for the collection for GST and HST. Would need to start charging clients HST.
34
Q

What are the fines for not registering your business?

A

o If you are legally required
 Under Ontario’s Business Names Act, fines of up to $2,000 can be levied against individuals and up to $25,000 for corporations for failure to register or for registering false or misleading information
o Even if you are exempted, it may help protect your business name and may also help you obtain financial support
* Check availability of the proposed business name
* Register the business name
o NOTE: A business name registration must be renewed every 5 years. The Companies Branch doesn’t send out reminder notices; re-registering is your responsibility. If your business name or business ownership changes at any time, you must re-register your business name (and pay the registration fee once again).

35
Q

What is a business identification number and what does it allow you to do?

A
  • A nine-digit account number that identifies your business to federal, provincial, and municipal governments
  • You can open several different accounts for your business through a single registration including:
    o Corporate income tax (if you are incorporated)
    o GST/HST (it is HST in Ontario)
    o Payroll deductions (if you have employees)
    o Import/export (if you sell goods)

WSIB accounts

36
Q

What are the obligations under AODA?

A

In effect since January 1, 2012

o Set up policies and procedures on providing goods or services to people with disabilities
o Let people bring their service animals or support persons onto parts of your premises open to the public
o Communicate with a person with a disability in a manner that takes into account their disability
o Have a policy on assistive devices used by people with disabilities to access your services and outlining any other measures you offer to enable them to access your services
o Ensure that everyone who deals with the public on your behalf has been trained on topics outlined in the customer service standard
o Set up a process for receiving and responding to feedback and make feedback process readily available to the public

37
Q

Who is exempt from AODA?

A

Those who are self-employed and do not have any employees

38
Q

What are the AODA rules in public spaces?

A

o make at least one service counter accessible to people who use mobility aids, such as wheelchairs. The area should be low enough to allow the person with a disability to interact with the person providing service. There should also be enough room under the counter for the knees of a person sitting in a wheelchair
o clearly identify all your accessible service counters with signs
o In many waiting areas, the seating is fixed to the floor (e.g., in hospitals). To meet the accessibility requirements for these areas, you must make at least 3% of all seats accessible. When creating new fixed seating areas, always provide at least one accessible seat.
o wider parking spaces for people who use mobility aids (e.g., wheelchairs)
o standard-width parking spaces for people who use mobility-assistive devices (e.g., canes, crutches and walkers)

39
Q

Who must comply to AODA?

A

o a private or non-profit organization with 1+ employee(s) or a public sector organization; and
o building new service counters, fixed seated waiting areas, parking or making major changes
o You do not have to change existing service counters, seated waiting areas, or parking to comply with the law

  • If you have greater than 20 employees need to file an accessibility compliance report every 3 years.
40
Q

What are the 2 fundamental business questions?

A
  1. What value do I deliver?
  2. Who are my customers?

The idea of value has to be at the core of every business idea – directs future decisions, create new ideas and expand your business and target certain customers who want to utilize your business

41
Q

What is market intelligence?

A

Uses multiple sources of information to create a broad picture of the company’s existing market, customers, problems, competition, and growth potential for new products/services

42
Q

Market intelligence using internal data

A
  • If you have an established business, internal data can be helpful for growth
    o Website traffic analytics
    o Other web analytics
    o Look at customer databases and identify buying patterns
    o Knowledge of staff regarding customers and competitors

More for existent companies – a tool/internal strategy to understand how customers engage with your product and how their needs change over time.
- Some of us might be wanting to go into a space that already exists and pitching ourselves or services to that space so this might be something that you suggest doing.

43
Q

Market intelligence using external data:

A
  • sourcing and analyzing public or published information to build a picture of a market
  • try and answer some specific commercial questions
    o what is the market potential?
    o what are your competitors doing?
    o what are competitors’ future plans likely to be?
    o what prices might customers be willing to pay?
  • Identify gaps in the market/opportunities
44
Q

What is a value proposition?

A
  • A value proposition is a 1-line sentence or brief paragraph that briefly articulates what your service or business idea is, what your organization does, who it actually brings value to and why it’s valuable to those people.
  • Need to have a concise but detailed synopsis of what your product is and what it does and who it targets. If you look at business plans this is placed at the beginning to help ppl know what the mission statement is.
  • Needs to be clear in the plan and pitch what value you’re actually offering - meaning why should someone choose your company over the competitions.
  • When we think about value sometimes we think about tangible things – better quality or lower cost – but can be something more abstract (better customer service).
45
Q

What is a disruption to the market?

A

creating something that let’s someone achieve the same jobs but it’s at a totally different format. E.g., radios, to cassettes and CD’S and records and now it’s digital music. The task at hand is letting customers listen to music but at the end of the day all of these things do it, there just have been new inventions that change the way customers access or use that product. Of course there is resurgence of some of these things that are trendy in nature. Might be creating something new or taking the same idea and disrupting the way customers utilize and engage with the product.

46
Q

What is a value proposition canvas?

A
  • Developed to ensure there is a fit between the product and market
  • Detailed tool for modeling the relationship between customer segments and value propositions… helping you to further understand customer’s needs and develop the value customers want!
  • It’s the specific solution that your business provides and the promise of value that a customer can expect you to deliver
  • Can be used when there is a need to refine an existing service offering OR where a new offering is being developed from scratch
  • The way we test our business idea is the value proposition canvas
  • Need to demonstrate that we are bringing value to the customers – solving a customer problem – there is a need that they have that we are filling.
  • This canvas is what we develop to help ensure there is a fit between the product and the market we are trying to engage with It’s a tool that is detailed and it models the relationships between your business and the value that you offer and the customers who you plan on engaging with. Helps you understand their needs and help you develop your overall business plan around these customer needs. Your business is the solution. Whatever your business offers you are the solution to the problem your customers are having

looks at product to market fit

47
Q

What are the 6 parts of the value proposition canvas?

A

Value proposition
* Gain creators – how the product or service creates customer gains and how it offers added value to the customer.
* Pain relievers – a description of exactly how the product or service alleviates customer pains.
* Products and services – the products and services which create gain and relieve pain, and which underpin the creation of value for the customer.

Customer profile
* Gains – the benefits which the customer expects and needs, what would delight customers and the things which may increase likelihood of adopting a value proposition.
* Pains – the negative experiences, emotions and risks that the customer experiences in the process of getting the job done.
* Customer jobs – the functional, social and emotional tasks customers are trying to perform, problems they are trying to solve and needs they wish to satisfy

48
Q

What can customer jobs be?

A

Can be functional, social and emotional

49
Q

What 4 ways is the target market grouped?

A

o Demographics- age, income
o Psychographics- personality, lifestyle
o Behaviours- how consumers buy/use the product
o Geographic- where the person lives and buys the product

50
Q

What is the marketing mix?

A

Product (and its features and benefits)
Price
Place (how it’s sold) Promotion

  • Consider these aspects of your products and how they differ from your competition. Not all need to be different, but at least one should be
51
Q

How do we know our business is a god fit?

A

After listing gain creators, pain relievers and products and services, each point identified can be ranked from ‘nice to have’ to ‘essential’ in terms of value to the customer. A fit is achieved when the products and services offered as part of the value proposition address the most significant pains and gains from the customer profile.

52
Q

What are pivots?

A
  • As you develop your venture, you’ll adjust your value proposition as you learn
  • These are called ‘Pivots’
  • They can be small or significant; a change to your product or your overall venture. Pivots are expected and welcomed as you adapt to customer needs, understand what works and responds to new opportunities
  • As you develop your venture, keep an open mind and don’t get attached to any one idea. It’s often suggested to “fall in love with the problem, not the solution’
53
Q

What makes a business successful?

A

Profitable promotion and exchange of the product to the customer

54
Q

What are the stages in you starting your own business?

A
  • Stage Zero (Explore) – Is your ideation stage where you explore your business idea and attempt to determine its chance for success.
  • Stage One (Leap) – You validate your business idea through Product to Market research.
  • Stage Two (Rise) – You further validate your Product-to-Customer Fit via actual Customer product use testing.
  • Stage Three (Soar) – You build out all the aspects of your business and get ready to efficiently fully launch your business.
  • Stage Four (Soar+) – You optimize your business for scale or rapid traction into the market
55
Q

What is a business model and BMC?

A
  • A business model: How a company creates value for itself while delivering products or services for customers
  • The right side of the BMC focuses on the customer (external), while the left side of the canvas focuses on the business (internal).
  • Both external and internal factors meet around the value proposition, which is the exchange of value between your business and your customer/clients.
56
Q

What are the 9 parts of the BMC?

A

Value proposition
Customer Segment
Channels
Customer relationships - get, keep and grow
Revenue streams
Resources
Partnerships
Activities - Key things to make business successful from a financial perspective. What is your business an expert at and what are those unique things that help you stand out from those around you?
Costs

57
Q

What is prototyping?

A
  • Your first business model canvas is likely going to be the most predictable model. While you might have created a plan that works – this predictable plan will rarely give you a competitive advantage so the longevity of the business might not be there.

A key driver of success is not just focusing on your product/service but the overall business and how it’s offering value to the customer. Don’t fall in love with your 1st idea. To gain that competitive advantage, you’re going to need to come up with some creative ideas and creativity takes time - often not the most obvious choice. That first choice is unlikely to give us the best competitive advantage
* Last rule is ideate consistently – always have business idea flowing in your brain and use the business model canvas to map them out. Test them all the time and test them early.

58
Q

What should a business plan include?

A
  • Business overview: A brief description of your company and where it stands in the marketplace
  • Sales & marketing plan: The sales & marketing strategies that will be used to target your customers
  • Operating plan: A description of the physical aspect of your business operations
  • Human resources plan: Details on your key staff, HR policies & procedures
  • Action plan: The planned actions of the business over the next 2 to 3 years
  • Executive summary: A summary of the reasons you are seeking financing (if necessary), together with a summary of your business operations
  • Financial appendix: The facts and figures that back up what you say in your plan.

outline partnership agreements as well

59
Q

What is a SWOT analysis?

A

Internal
- Strengths
- Weaknesses

External
- Opportunities
- Threats (trends, competitors)

Entrepreneurship (1 decks)

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