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ENTREPRENURIAL AND SMALL BUSINESS > DOMAIN 1 LESSON 1 > Flashcards

DOMAIN 1 LESSON 1 Flashcards

1
Q

Interested in taking on new business opportunities

Entreprenuership and small business

A

Entrepreneurs

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2
Q

Not always interested in taking on new business opportunities

Entreprenuership and small business

A

Small Business Owners

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3
Q

Content to stick with what their current business does

Entreprenuership and small business

A

Small Busines Owners

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4
Q

Willing to explore new opportinities and unknown risk

Entreprenuership and small business

A

Entrepreneurs

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5
Q

The owners license their operations products or services, branding, and knowledge for a franchise fee

Entreprenuership and small businessClassify types of Businesses

A

Franchise

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6
Q

Higher upfront costs but are less risky as you are also purchashing tested and true operational processes, products and services, and well recognized branding

Entreprenuership and small business

A

Franchise

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7
Q

Tangible Items

Classify types of Businesses

A

Products

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8
Q

Intangible things like a skill or expertise that is performed

Classify types of Businesses

A

Services

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9
Q

Usually perceived to be of higer value

Classify types of Businesses

A

Tangible Items

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10
Q

Drawbacks of physical product

Classify types of Businesses

A
  • Need to be stored and tracked
  • Shipping and packaging
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11
Q
  • No need for physical storage locations, inventory, additional employees, ir shipping cost
  • Instant delivery at little or no cost

Classify types of Businesses

A

Digital Goods

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12
Q

Drawbacks of digital product

Classify types of Businesses

A

More difficult to demonstrate the value of the product or service

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13
Q

Classify types of Businesses a customer purchased an item from a business which is known as a

Business Legal Structures

A

Business-to-Consumer or B2C transaction

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14
Q

When a business purchases a product, service, or information from another business is called

Business Legal Structures

A

Business-to-Business or
B2B Transaction

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15
Q

Provided with a special tax advantage that allows the company to pass it’s income, losses, deductions, and credit through its shareholders

Business Legal Structures

A

S corporation

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16
Q

Limited liability protection shields the owners’ personal assets from

Business Legal Structures

A

Business creditors

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17
Q

Disadvantage of S Corporation is strict qualification requirements like

Business Legal Structures

A
  • No more than 100 shareholders
  • only one class of stock
  • Strict stipulation on who is allowed to be a shareholder
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18
Q

Taxes the corporation seperate from it’s owners = The company’s profit are taxed when earned = The shareholders’ dividends are taxed after they are distributed.

Business Legal Structures

A

C corporation

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19
Q

Double taxation but ideal for international business

Business Legal Structures

A

C corporation

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20
Q

Offers the same limited liability as a corporation but costs less to create

Business Legal Structures

A

Limited liability company
(LLC)

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21
Q

It allows the owners to pay taxes on their profits or losses through their own taxes using a personal tax rate

Business Legal Structures

A

Limited liability company (LCC)

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22
Q

This structure is ideal for a single owner desiting low risk because owners are not personnally liable for the company’s debts

Business Legal Structures

A

Limited liability company (LCC)

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23
Q
  • Easy to create due to the lack of goverment regulation
  • There is no line between the business and the owner
  • The owner is responsible for all
  • They have unlitimied personal liability

Business Legal Structures

A

Sole proprietorship

24
Q
  • No one owns a non-profit entity
  • It is given tax-exempt status that does not require the entuty to pay any any US federal taxes

Business Legal Structures

A

Non- profit entity

25
* Highest-ranked employee in the company * Responsible for the business's Success * Makes te major decisions for the company * Overseas operations and resources * Develops the company's vision,strategies, and mission * Reports to the board of directors | Business Roles and responsibilities
Chief Executive Officer (CEO)
26
* Incharge of the company's finances * Manages and plans the cashflow * Creates budgets * Forecasts wheter the company will meet set budget requirement or nor * Negotiates on all of the company's financial matters | Business Roles and responsibilities
Chief Financial Officer (CFO)
27
* Overseas the business's day-to-day operational and administrive functions | Business Roles and responsibilities
Chief Operating Officer (COO)
28
* Works with the CEO, CFO and COO to make strategic decisions (usually not active) | Business Roles and responsibilities
Owner of a large company
29
Shoulders some or all of the CEO, CFO and COO responsibilities | Business Roles and responsibilities
Owner of a Small Business
30
Top executive that is responsible for management and deployment of information technology for a company | Business Roles and responsibilities
Chief Technology Officer (CTO)
31
* The indicidual that developed or created the company or organization * The only business that is not interchangeable | Business Roles and responsibilities
Founder
32
Individual that have an interest in the sucecss of a company = usually member of board of directors | Business Roles and responsibilities
Stakeholders
33
Example of stakeholders: | Business Roles and responsibilities
1. Investors 2. Customers 3. Suppliers 4. Employees
34
One or more partners share the business's financial responsibilities | Business Roles and responsibilities
Partnership
35
* Ensure standards for management * Must own one share of company stock | Business Roles and responsibilities
Stockholders
36
Outlines the employee's and the employer's obligations and the terms of employment | Business Compensation Structures
Employment Contract
37
Contents of employment contract | Business Compensation Structures
* Compensation * Schedule * Duration of employment * Benefits * Responsibilites
38
A payment for the hours the have worked | Business Compensation Structures
Hourly wage
39
A fixed payment amout for each pay period | Business Compensation Structures
Salary
40
A fee paid for completing a task | Business Compensation Structures
Commission
41
Employees are compensated for the number of units they produce | Business Compensation Structures
Piece Work
42
A non-cash compensation commonly offered to employees in place of cash or in addition to a lower salary | Business Compensation Structures
Equity
43
A business is up and running | Business Life Cycle
Existence Stage
44
* A Buiness regugarly takes a new customers and starts to generate a consistent income * Owners can cover loans and start paying themselves a fair salary after turning a profit | Business Life Cycle
Survival Stage
45
* A business is economically healthy | Business Life Cycle
Sucess Stage
46
* Owners decide if they want a big business and determine the best solution to finance rapid growth | Business Life Cycle
Take-off stage
47
* Owners seperate financially and operationally grom a business | Business Life Cycle
Resource maturity Stage
48
* Business persist with its current strategy or pivots to a new strategy if needed | Business Life Cycle
Pivot or persist
49
Owners make a profit from selling their ownership in a successful company | Business Life Cycle
Exit plan stage
50
* A learning process focused on customers and their needs * Used to develop user-friendly products | Business Life Cycle
Design Thinking
51
Design Thining Elements | The design thinking process
* Empathize * Define * Ideate * Prototype * Test
52
* Observe, engage and Empathize with customers to understand their experience and needs | The design thinking process
Emphatize Stge
53
* Analyze observation and information gathered during the empathize stage | The design thinking process
Define stage
54
* The design team develops solution ideas to spark new ways of thnking * keep the most realistic and innovative ideasthaw will provide the best customer satisfaction. | The design thinking process
Ideate stage
55
* Basic functioning products that address the user's core problem * Used to test the problem solutions develeoped in the ideation stage | The design thinking process
Minimum Viable Products (MVP's)
56
* The design team reviews and refines the product * Rigorously tests the best product solution found in the prototyping stage | The design thinking process
Final Testing Stage

ENTREPRENURIAL AND SMALL BUSINESS (2 decks)

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