DOMAIN 1 LESSON 2 Flashcards
1
Q
- You are reponsible for the sucess of your business
A
Self-reliance
2
Q
- Thinking about and planning for the future
A
Forward-thinking mentality
3
Q
The way you approach new ideas and ventures
A
Opportunity Recognition
4
Q
- Turning an idea into action
- This characteristic can be also bring in new ideas to generate mor e or better business
A
Initiative
5
Q
Adapting to change, loss, and dissappointment
A
Resiliency
6
Q
Tackling goals with courage and perseverance
A
Grit
7
Q
- Entrepreneurs face multiple financial risks and are usually risk-takers
- The amount of loss one is willing to take when making investment decisions
A
Risk tolerance
8
Q
- Believing that anything can be accomplished with enough hard work
A
Growth mindset
9
Q
- Solving problems by considering a variety of potential solutions
A
Critical Thinking
10
Q
- Entrepreneurs are not looking to do things the same way as everyone else
A
Creativity and innovation
11
Q
- Working with others toward a common goal
A
Collaboration
12
Q
- Coming with solutions to problems
- Helps you to solve all of the unexpexted problems your business will encounter
A
Problem-solving
13
Q
- The ability to work toward achieving a goal without someone directing and ensuring that it is getting done
A
Personal Agency
14
Q
- Decision-making based on morals and doing the right thing
A
Etchical Practices
15
Q
Financial Risk
A
BankcruptcyFinancial Risk
16
Q
Environmental RIsks
A
- Natural Disaster
- Poor food supply
- Inflation
17
Q
Political RIsks
A
- Increased tax rate
- Large Tariffs
18
Q
Other risks ( financial risks)
A
- Competition
- Reputations
19
Q
- Working like mined people
- Setting your own hours
A
Entrepreneurship Benefits
20
Q
- Uncertain Profit
- Unpredictable many hours of work
A
Entreprenuership Drawbacks
21
Q
- Researched
- Refined
- Revised
- Shaped
- Reshaped
- Tested
A
Business idea
22
Q
- An investment that lets the buyer start a busibess
A
Business Opportunity
23
Q
- Recruit other marketers who work under them to create a distributor network
- Make money off of commissions
- Distributors agree to sell products or services to another company
A
Network Marketing
24
Q
- Anytime you want to use a brand name on your products you must obatin—
*
A
Licensing
25
Business Opportunity
Viability
* Market Size
* Relationship
* Managaing cash flow
* Management skillsets
* Passion
25
* Research before taking on a business opportunity
* Know if there is high demand for your product or service
Market Size
26
* A writen document that details how a business will be structured, managed, run, and grown
Business plan
27
* Brief overview of your business plan
* Products and services provided
* Funding needed
* Financial Projections
Pitch Deck
28
* A short written document discussing your busines plan
* One page long
* Discuss key information
Lean Canvas
29
* It creates the first impression of your business
* Summarizes what you want to accomplish with your business
* Two short pages
Executive Summary
30
* Indetifying the size of your market
* to determined is a large enough customer pool to buy your products and services to generate enoigh revenue
Marketing plan
31
* To identify your tope competitors and their strengths and weaknesses
*
Competitive analysis
32
* Also known as management bios
* This section provides an overview of the employees and other that are part of your business
Organiztional Structure
33
* this section Should specifically be directed at your investors and lenders
*
Financial Plan
34
* Most commonly presented in the form of a slide presentation
* usually 10-12 slides long
Pitch deck
35
* Discuess what customers problem your products or services solve
The problem
36
* A brief overview of your business
* Talk about your company's mission an the vlue you provide to your customers
Vision and value proposition
37
* Highlight key team members' skills, expertise, and experience and how these qualifies work together to contribute to the management and growth of the company
Your team
38
* talk about the traction that your company has gained
Milesstones
39
* Discuss how your business works, How it makes moneym and talk about some of your marketing strategies
Business model
40
* What are your competitors doing
Competition
41
Legal Protections:
* Copyrights
* Patents
* Trademarks
* Trade Secret Laws
42
* Used to protect creative works (commonly used for art, literature, music)
Copyright
43
* Used to protect an invention from being copied
* Grants exclusive rights to an inventor for a limited time
* Excludes others from making, using, or selling the invention
Pantent
44
* Used to protect brand names, logos and business names
Trademark
45
* Protects a company's practiceesm processes and/or formulas from being shared with competitors
Trade secrets
46
* Well-recognized which may help to boost sales
Trade marked material
47
* A tested and true process or formula that is valuable to a company
Trade secret
48
Confidentiality or non-diclosure agreement
To protect employees to leak secrets of the companys' trade secret
