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Skool sux > Prelims > Flashcards

Prelims Flashcards

LS1-2

1
Q

Quickly Conveys to the listener your business Idea

A

Elevator Pitch

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2
Q

Maximum Amount of time for an Elevator Pitch

A

30s-2 min

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3
Q

Point where total cost and total revenue are Equal

A

Breakeven Point

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4
Q

First Offering of Corporate Stock in the public market

A

Initial Public Offering

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5
Q

Financial Sheet Summarizing asset, liabilities, and net worth

A

Balance Sheet

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6
Q

Any Item of Value

A

Asset

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7
Q

A business debt/What You owe

A

Liability

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8
Q

Formula for Owner’s Equity

A

Asset-Liability

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9
Q

What is Owner’s Equity Equal To?

A

Net Worth

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10
Q

Paid Promotion

A

Advertisement

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11
Q

Free Promotion

A

Publicity

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12
Q

Summarizes Income and Expenses

A

Income Statement

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13
Q

What is fabricated for testing by labs/customers

A

Prototype

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14
Q

What will assist in go/no go decisions

A

Feasibility Analysis

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15
Q

What are the 4 P’s in Marketing Mix

A

Product, Promotion, Place, Price

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16
Q

How you are going to achieve marketing goals

A

Marketing Plan

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17
Q

What you need to achieve with your marketing efforts

A

Marketing Strategy

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18
Q

This is about regularly setting goals

A

Business Planning

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19
Q

Is a document that thoroughly explains a business idea, it also saves time and money

A

Business Plan

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20
Q

What should a Company Description Context Answer?

A

Who, What, When, Why, Where, How

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21
Q

What is the strongest force in an industry?

A

The degree of rivalry

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22
Q

What provides a broad context to business plan?

A

Industry Analysis

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23
Q

What does an Industry Analysis Provide?

A

A critical view of the industry definition, size, and growth

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24
Q

What does an Environment Analysis Provide?

A

Addresses the role of the community and etc, as they relate your business

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25
Q

An investigation that provides evidence of a market opportunity

A

Proof of market

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26
Q

A group of people defined by common factors

A

Target Market

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27
Q

Research that compares an org with Direct/Indirect Competitors

A

Competitive analysis

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28
Q

Who said “If you fail to plan then you are planning to fail?’

A

Benjamin Franklin

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29
Q

Who said “Writing a business plan forces you into disciplined thinking?

A

Eugene Kleiner

30
Q

Give a common example of an exit strategy

A

Being acquired by a 3rd party company

31
Q

How entrepreneurs transfer ownership and get a return on their investment?

A

Exit Strategy

32
Q

What is an Angel Investor?

A

Provides seed money for a start-up, in exchange for ownership equity

33
Q

What is the 1st component of a business plan?

A

Executive Summary

34
Q

What is an Executive Summary

A

It is an overview, it is the most important and is written last

35
Q

Overview of key aspects like what makes your company special

A

Company Description Content

36
Q

Forecast of Future Revenues and Expenses

A

Financial Analysis & Projection

37
Q

Component 7 of Business plan

A

Financial Analysis & Projection

38
Q

Describes how your business operates on a continuing basis

A

Management and Operations

39
Q

Component 6 of business plan

A

Management and Operations

40
Q

Component 8 of business plan

A

Funding request and Exit Strategy

41
Q

The last section, and it shows how thoroughly thought out your business plan

A

Appendix

42
Q

Component 2 of business plan

A

Mission, Vision and Culture

42
Q

Component 3 of business plan

A

Company Description

43
Q

Component 4 of business plan

A

Opportunity analysis & Research

44
Q

Is a business function to assess current environment

A

Opportunity analysis & Research

45
Q

Component 5 of Business Plan

A

Marketing Strategy & Plan

46
Q

This type of entrepreneur looks for more social returns than financial ones

A

Venture Philanthropy

47
Q

Enterprise activities that avoid harm to the environment/protect it

A

Green Entrepreneurship

48
Q

For-profit enterprise with goals to attain returns for society

A

Social Entrepreneur

49
Q

A company that achieves an annual growth of 20%>

A

Gazelle

50
Q

What are Schumpeter’s sources of opportunity?

A

-New Technology
-Existing Technology to make a new product
-Existing Technology to make an old product in a new way
-New source of resources to produce more efficiently
-Develop a new market for an existing product

51
Q

Legal/Commercial relationship between owner of trademark and individuals that want to use it

A

Franchise

52
Q

Business with <5 employees, <$50k, frequent involvement of the Sole proprietor

A

Microenterprise

53
Q

What is the difference between opportunity and idea

A

Opportunity has a unique characteristic

54
Q

is an idea based on consumer needs/wants

A

Opportunity

55
Q

3 C’s

A

Customer
Corporation
Competitor

56
Q

5 M’s in agency theory

A

Manpower
Machine
Material
Method
Money
Manhour (Bonus)

57
Q

What is Joseph Schumpeter’s theory on entrepreneurship?

A

Development is not an automatic process, but a deliberate one and actively promoted by some agency in the systems

58
Q

What is the key factor in any entrepreneur field of specialization?

A

Creativity/Innovation

59
Q

What is another name for a free-enterprise system

A

Private Enterprise system

60
Q

The United states is a ____, based on what?

A

Free enterprise system, based on voluntary exchange

61
Q

Who coined entrepreneur and the law of markets?

A

Jean Baptiste Say

62
Q

What is the Law of Markets?

A

Producing a product creates demand because one product can be exchanged for another

63
Q

What are the roots of opportunity

A

Problem
Changes
Inventions
Competitions
Technological Advancement

64
Q

What is an opportunity cost

A

The price of the next best investment
OR
What was given up

65
Q

What does an entrepreneur do in terms of moving resources

A

Shifts resources from low to high productivity areas with greater yield

66
Q

Buying and selling of products and services

A

Business

67
Q

Exists/Naturally Made and is tangible

A

Product

68
Q

Work that provides time, skill, and expertise. Also intangible

A

Service

69
Q

Difference between employee and entrepreneur

A

Employee earns through someone else
Entrepreneur earns through their own business

70
Q
A

Skool sux (15 decks)

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