DHS - Micro-Enterprise State Certification Flashcards
(143 cards)
1
Q
A new hire that is a person the entrepreneur could like and respect.
A
Compatible
2
Q
A principle or standard by which something may be judged or decided.
A
Criteria
3
Q
The act of checking and changing measurements in order to ensure results are in an acceptable range. The process of making an action objective and as fact-based as possible.
A
Calibration
4
Q
Ability to develop strategies and techniques to deliver or make products/services in the most cost effective and timely manner.
A
Operating Efficiencies
5
Q
The capacity of a business to produce desired results with minimum expenditure of time, money, personnel, and materials.
A
Administrative Efficiencies
6
Q
The ability to get more output from the same resources or getting the same output from fewer resources.
A
Financial Efficiencies
7
Q
Developing and implementing policies and procedures that help your company recruit, compensate, evaluate, grow, and retain top performers.
A
Human Resources
8
Q
Conceiving and implementing activities that increase revenues and profits.
A
Marketing/Sales
9
Q
Developing and implementing policies and procedures that keep your customers satisfied and loyal.
A
Customer Service
10
Q
Completing all the reports and activities that enable a company to maintain appropriate records, track financial results, pay appropriate taxes, and maintain adequate levels of “liquidity” (available cash) as well as positive credit.
A
Finance/Accounting
11
Q
Completing the activities required for an organization to operate day to day including but not limited to real estate (for office space and/or production facilities), legal and purchasing.
A
Administration
12
Q
Developing the internal and external technology capabilities required in today’s economy for a company to operate effectively and interact with customers in ways they prefer.
A
Technology
13
Q
Completing the productive activities of the enterprise.
A
Operations
14
Q
Giving control, authority, or jobs to another person.
A
Delegation
15
Q
Major accomplishments that indicate that a venture’s level of success, and/or a point at which the venture must start considering a new approach.
A
Growth Milestones
16
Q
Start-ups and small companies often face the choice between hiring employees to accomplish a task for using third-party vendors.
A
Make/Buy
17
Q
Working directly with a single vendor, rather than evaluating bids from multiple vendors before deciding on the firm you’ll work with.
A
Sole Source
18
Q
The network of vendors that enables a company to complete the development/assembly of its product or service.
A
Supply Chain
19
Q
An investment or initiative is sustainable when the financial results are positive and replicable.
A
Sustainability
20
Q
Interacting with other people to exchange information and develop contacts, especially to further one’s career.
A
Networking
21
Q
The act of composing, talking, executing, or arranging anything without previous preparation.
A
Improvisation
22
Q
Continuing a process without interruption.
A
Perpetual Cycle
23
Q
A future expectation. A potential customer, investor, mentor, etc.
A
Prospective
24
Q
Networking - to develop, learn, master new skills and habits.
Financial - to purchase an asset or object.
A
Acquisition
25
An activity or action that will maximize use and turn into a benefit.
Exploit
26
Misleading. Having an appearance of another but differing from the original or future development.
Spurious
27
Wordy. Expressing in more words than needed.
Verbose
28
To make a statement that is more understandable. To express a clear position.
Clarify
29
Out of ordinary and breaking the routine.
Discontinuous
30
Different than anything else. Attracts customers and generates sales that is different from other businesses.
Differentiated Offering
31
The intended group of customers you want to serve.
Target Market
32
A one-page financial projection that lists your major revenue sources and expenses.
Pro Forma
33
How you intend to communicate to large numbers of customers, motivating them to learn more about your business. Ex. Advertising is a tool.
Marketing
34
How you move specific customers to buy from you. Ex. A special event in your store's parking lot featuring discount prices.
Selling
35
A detailed "to do list" of steps you'll need to take to go from concept and funding all the way to business launch. The more detailed you make a it - specific tasks, projected costs, targeted task completion dates and the team member responsible for each step - the better you can measure and manage the process it takes you to launch your business.
Launch Plan
36
Software program to track financial information like budgets, expenditures, invoicing, and payroll.
Accounting System
37
Income. The amount of money earned from the sale of products/services.
Revenue
38
The cost required for an item or service. The outflow of money to another person or group to pay for an item or service.
Expense
39
The cost that it takes to produce a product or service. Includes materials and labor.
Cost of Goods
40
Money paid by an employer to an employee for work done during a period of time.
Personnel Cost
41
The amount of money it takes to supply heating, cooling, electricity, and water to a place of business.
Facility Cost
42
The amount of money spent to sell product or services. Includes advertising materials, promotions, public relations, and other expenses like salaries and travel.
Marketing/Sales Cost
43
Cost of running the business that does not lead to the generation of profit. Examples are accounting and legal expenses, administrative salaries, insurance, property taxes, rent, and utilities.
Overhead Cost
44
The value of funds in accounts or tangible machinery/production equipment.
Capital
45
The trust that allows one party to provide money or resources to another party where that the second party does not reimburse the first party immediately.
Credit
46
A risk or daring journey or undertaking.
Venture
47
The annual cost to you of your insurance.
Premium
48
The amount you will pay before the insurance company reimburses you for a loss.
Deductibles
49
Is a short, simple document that provides a clear summary of a proposed business venture.
Business Concept
50
Similar to an elevator speech, a concise, compelling description of the proposed venture.
Vision Description
51
A person or entity that may be interested in providing capital for your business venture.
Prospective Investors
52
A "hockey stick" projection is a revenue growth line sort of looks like a hockey stick - flat at first, and then a straight line up.
Hockey Stick Projections
53
Product or services that experience regular and predictable changes that recur every calendar year.
Seasonality
54
How your customers and competitors responding to your marketing and selling strategies.
Competitive Reactions
55
The ability to go beyond your customers into markets that have not been in your typical plan. For example, a restaurant offering private catering or a restaurant selling their signature desserts through local grocery stores.
Expansion Markets
56
An idea that is accepted as true or as certain to happen without proof.
Assumptions
57
A separate section in your Pro Forma that allows you to make varying assumptions that will help you avoid introducing errors in calculation into the pro forma spreadsheet. It allows you to determine which assumptions have the greatest impact on the bottom line.
Sensitivity Analysis
58
A financial term that means "big enough" to care about. An effective pro forma spreadsheet should only include line items that are big enough that they have a "material impact" on your overall financial projections.
Materiality
59
Insignificant changes that do not hurt the overall performance of a business.
Ex. The cost of a business license. You know that you are going to have a to pay for one or more city and/or state business license. The cost will likely be a few hundred dollars a year. You can project this cost with great certainty. But it's not material - a few hundred dollars more or less won't make or break your venture. So it's better to lump together licenses, use taxes, insurance and utilities into "overhead costs" and round up to the nearest thousand dollars what you believe these costs will be in the aggregate.
Material Impact
60
The action of spending funds.
Expenditures
61
Cash in and out of the business over a period of time.
Cumulative Cash Flow
62
A venture spends much more money than it takes in as it establishes its operations, "captures" its first customers, and launches the marketing efforts necessary to create a market presence. The rate at which the company is losing money. Known as negative cash flow.
Burn Cash
63
The lowest point of cumulative cash flow. It is the minimum amount the venture will require in order to work through its early stages and emerge a vibrant, successful organization.
Nadir
64
Cost that vary depending on the rise and fall of production. Ex. Wages and Material
Variable Cost
65
An acronym for Information Technology.
IT
66
A worker that works independently by selling work or services by the hour, day, or job with no intent to pursue a permanent or long-term arrangement with a single employer.
Free Lance Consultants
67
A phrase that means to add up or to make economic sense.
Pencils Out
68
Bringing about strong emotions or feelings.
Evocative
69
Possible to do easily or conveniently.
Feasible
70
Needs of customers that are currently not being addressed by your company or any company.
Unmet Customer Need
| unexpressed
71
An advantage you have and can sustain over your competition. Financially sustainable and difficult for competitors to copy.
Defensible Competitive Advantage
72
The expectation of money earned based on amount of investment.
Attractive Return on Capital
73
Owner of information, knowledge, patent, copyright, trademark. Others are forbidden to use it.
Proprietary
74
A work or invention that is the result of creativity, such as manuscript or a design to which one has rights an for which one may apply for a patent, copyright, trademark, etc.
Intellectual Property
75
Every investor invest in people. Investors always evaluate the quality of the human capital in a venture when they assess whether a business concept is doable.
Tenacious talent
76
A team of talented, driven individuals led by a prove-effective business leader.
Human Capital
77
A future event or circumstance that is possible that cannot be predicted with certainty.
Contingency
78
The quality or fact of being able to endure and continue with determination.
Tenacity
79
The ability sustain prolonged physical or mental effort.
Stamina
80
A situation involving exposure to danger. In the context of an entrepreneur, the "danger" is lost of capital, as well as the loss of time, effort, and personal reputation in a failed venture.
Risk
81
Risks associated with the success of a single venture.
Business Risk
82
Risks in a market sector that impact all competitors in that sector.
Market Risk
83
Risks associated with the financial standing/performance of a venture.
Reputational Risk
84
Risks associated with the financial standing/performance of a venture.
Financial Risk
85
Risks associated with the geography in which a venture operates.
Political Risk
86
Risks associated due to government passing laws or regulations that could impact the ability to operate.
Regulatory Risk
87
An action plan for implementing to identify, prioritize, and implement actions to reduce risks.
Mitigation Strategies
88
Funds contributed by owner.
Financial Equity
89
When an entrepreneur or small business leader work long hours for little or no pay to make a new venture succeed.
Sweat Equity
90
A value proposition that they believe delivers benefits in excess of the costs required to offer their product or service. An innovation, service, or feature intended to make a company or product attractive to customers.
Value Proposition
91
A business created from scratch.
Start Up
92
An existing business purchased from its owner. The entrepreneur/small business leader is acquiring the business because he/she believes the future potential of the business justifies the purchase price.
Acquisition
93
A proven business concept, an established brand, and all types of management support (accounting systems, personnel training, marketing campaigns, technology packages, etc.)
Franchise
94
The person or purchasing a franchise.
Franchisee
95
The person or entity offering the sale of a franchise.
Franchisor
96
Money owed to a franchisor per contract agreement.
Royalties
97
A new business launched by two existing businesses. Both businesses contribute something of value to the new venture, and serve as partners in making the joining venture succeed. Typically, a joining venture enables JV partners to pursue business opportunities they couldn't pursue alone.
Joint Venture
98
An existing business purchased from its owner. The entrepreneur/small business leader is acquiring the business because he/she believes the future potential of the business justifies the purchase price.
Acquisition
99
A proven business concept, an established brand, and all types of management support (accounting systems, personnel training, marketing campaigns, technology packages, etc.)
Franchise
100
The person purchasing a franchise.
Franchisee
101
The person or entity offering the sale of a franchise.
Franchisor
102
Money owed to a Franchisor per contract agreement.
Royalties
103
A new business launched by two existing businesses. Both businesses contribute something of value to the new venture, and serve as partners in making the joint venture succeed. Typically, a joint venture enables JV partners to pursue business opportunities they couldn't pursue alone.
Joint Venture
104
Maximum efficiency in representing information.
Economy of Expression
105
The hands-on pursuit of excellence, where dedicated leaders provide excellence, where dedicated leaders provide vision and inspiration to their team members.
Leadership
106
To bring about or cause a feeling.
Engender
107
The quality of being clear and understandable.
Clarity
108
The process of removing unwanted elements or improving something by making small changes.
Refinement
109
Guiding principles that dictate behavior and action.
Core Values
110
Operating and communicating in a way that is easy for others to see and understand actions.
Transparency
111
Reaching out. Attempts to convert or change opinions.
Proselytizing
112
Overly concerned with procedure at the expense of efficiency or common sense.
Bureaucratic
113
Shock or excite someone into taking action.
Galvanizing
114
Communicating information so that actions are intended and complimentary.
Internal Clarity
115
A set of beliefs that embody the strategic vision of the enterprise, and that guide team members in all their behaviors and business decisions.
Company Culture
116
When a person/leader treats others like he would like to be treated. This is a powerful way to build culture, loyalty, and dedication.
Golden Rule
117
A way for a small business owner or an entrepreneur (or a consultant serving one of these business leaders) to assess where their enterprise stands versus the culture they would like to create.
Company Mapping
118
Commonly held standards of what is acceptable or unacceptable, important or unimportant, and right or wrong.
Culture Value
119
A gap between two belief systems which hinders an understanding or relations.
Culture Gap
120
Offering objective and helpful feedback to an employee to improve and change their actions on the job.
Performance Review
121
The quality of being honest or a group that is undivided in beliefs.
Integrity
122
A reduction in workforce because of employees leaving, retiring, or termination.
Attrition
123
Hiring employees that bring skills that add to the entrepreneur's capabilities, forming the foundation for solid growth.
Complimentary
124
Developing and implementing policies and procedures that keep your customers satisfied and loyal.
Customer Service
125
Major accomplishments that indicate that a venture's level of success, and/or a point at which the venture must start considering a new approach.
Growth Milestones
126
Gathering original data.
Primary Research
127
Finding information developed by others.
Secondary Research
128
Data obtained by providing an experience or an observation.
Experiential
129
Results available only to the owners of the data.
Proprietary Results
130
A non-representative sample of responses included in a survey. They don't belong because they are not intended market or do not provide valid information about your market.
Unscientific Responses
131
A representation that is misleading or unfair.
Skewing
132
A representation that is in favor of or against an idea, person, or group.
Bias
133
Research data that misrepresents results because of the inappropriate way questions were asked.
Intervention Bias
134
A demographically diverse group of people assembled to participate in a guided discussion about a particular product or service before it is launched. Can be used for providing ongoing feedback.
Focus Group
135
A group of experts that have specialized knowledge. Used to gain specific input and opinion.
Expert Panels
136
Analysis. Efforts to determine market size and trends, customers preferences and needs, product features and costs, pricing and promotion.
Marketing
137
Engagement. Efforts in customer contact and persuasion, building relationships, account coverage, and product knowledge.
Sales
138
Creativity. Efforts in communication that combine imagination with high impact messages that are distinctive and memorable.
Advertising
139
A presentation by entrepreneurs or small business owners to an audience they need to persuade.
Business Pitch
140
Repeated performance of an activity to acquire or maintain proficiency.
Practice
141
Doing something over and over again.
Repetition
142
To give serious thought or consideration.
Reflection
143
The act of correcting and adapting to make presentation more effective.
Revision
