Prelims

Question 1

Quickly Conveys to the listener your business Idea

Answer 1

Elevator Pitch

Question 2

Maximum Amount of time for an Elevator Pitch

Answer 2

30s-2 min

Question 3

Point where total cost and total revenue are Equal

Answer 3

Breakeven Point

Question 4

First Offering of Corporate Stock in the public market

Answer 4

Initial Public Offering

Question 5

Financial Sheet Summarizing asset, liabilities, and net worth

Answer 5

Balance Sheet

Question 6

Any Item of Value

Answer 6

Asset

Question 7

A business debt/What You owe

Answer 7

Liability

Question 8

Formula for Owner’s Equity

Answer 8

Asset-Liability

Question 9

What is Owner’s Equity Equal To?

Answer 9

Net Worth

Question 10

Paid Promotion

Answer 10

Advertisement

Question 11

Free Promotion

Answer 11

Publicity

Question 12

Summarizes Income and Expenses

Answer 12

Income Statement

Question 13

What is fabricated for testing by labs/customers

Answer 13

Prototype

Question 14

What will assist in go/no go decisions

Answer 14

Feasibility Analysis

Question 15

What are the 4 P’s in Marketing Mix

Answer 15

Product, Promotion, Place, Price

Question 16

How you are going to achieve marketing goals

Answer 16

Marketing Plan

Question 17

What you need to achieve with your marketing efforts

Answer 17

Marketing Strategy

Question 18

This is about regularly setting goals

Answer 18

Business Planning

Question 19

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

Answer 19

Business Plan

Question 20

What should a Company Description Context Answer?

Answer 20

Who, What, When, Why, Where, How

Question 21

What is the strongest force in an industry?

Answer 21

The degree of rivalry

Question 22

What provides a broad context to business plan?

Answer 22

Industry Analysis

Question 23

What does an Industry Analysis Provide?

Answer 23

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

Question 24

What does an Environment Analysis Provide?

Answer 24

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

Question 25

An investigation that provides evidence of a market opportunity

Answer 25

Proof of market

Question 26

A group of people defined by common factors

Answer 26

Target Market

Question 27

Research that compares an org with Direct/Indirect Competitors

Answer 27

Competitive analysis

Question 28

Who said "If you fail to plan then you are planning to fail?'

Answer 28

Benjamin Franklin

Question 29

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

Answer 29

Eugene Kleiner

Question 30

Give a common example of an exit strategy

Answer 30

Being acquired by a 3rd party company

Question 31

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

Answer 31

Exit Strategy

Question 32

What is an Angel Investor?

Answer 32

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

Question 33

What is the 1st component of a business plan?

Answer 33

Executive Summary

Question 34

What is an Executive Summary

Answer 34

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

Question 35

Overview of key aspects like what makes your company special

Answer 35

Company Description Content

Question 36

Forecast of Future Revenues and Expenses

Answer 36

Financial Analysis & Projection

Question 37

Component 7 of Business plan

Answer 37

Financial Analysis & Projection

Question 38

Describes how your business operates on a continuing basis

Answer 38

Management and Operations

Question 39

Component 6 of business plan

Answer 39

Management and Operations

Question 40

Component 8 of business plan

Answer 40

Funding request and Exit Strategy

Question 41

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

Answer 41

Appendix

Question 42

Component 2 of business plan

Answer 42

Mission, Vision and Culture

Question 42

Component 3 of business plan

Answer 42

Company Description

Question 43

Component 4 of business plan

Answer 43

Opportunity analysis & Research

Question 44

Is a business function to assess current environment

Answer 44

Opportunity analysis & Research

Question 45

Component 5 of Business Plan

Answer 45

Marketing Strategy & Plan

Question 46

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

Answer 46

Venture Philanthropy

Question 47

Enterprise activities that avoid harm to the environment/protect it

Answer 47

Green Entrepreneurship

Question 48

For-profit enterprise with goals to attain returns for society

Answer 48

Social Entrepreneur

Question 49

A company that achieves an annual growth of 20%>

Answer 49

Gazelle

Question 50

What are Schumpeter's sources of opportunity?

Answer 50

-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

Question 51

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

Answer 51

Franchise

Question 52

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

Answer 52

Microenterprise

Question 53

What is the difference between opportunity and idea

Answer 53

Opportunity has a unique characteristic

Question 54

is an idea based on consumer needs/wants

Answer 54

Opportunity

Question 55

3 C's

Answer 55

Customer Corporation Competitor

Question 56

5 M's in agency theory

Answer 56

Manpower Machine Material Method Money Manhour (Bonus)

Question 57

What is Joseph Schumpeter's theory on entrepreneurship?

Answer 57

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

Question 58

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

Answer 58

Creativity/Innovation

Question 59

What is another name for a free-enterprise system

Answer 59

Private Enterprise system

Question 60

The United states is a ____, based on what?

Answer 60

Free enterprise system, based on voluntary exchange

Question 61

Who coined entrepreneur and the law of markets?

Answer 61

Jean Baptiste Say

Question 62

What is the Law of Markets?

Answer 62

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

Question 63

What are the roots of opportunity

Answer 63

Problem Changes Inventions Competitions Technological Advancement

Question 64

What is an opportunity cost

Answer 64

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

Question 65

What does an entrepreneur do in terms of moving resources

Answer 65

Shifts resources from low to high productivity areas with greater yield

Question 66

Buying and selling of products and services

Answer 66

Business

Question 67

Exists/Naturally Made and is tangible

Answer 67

Product

Question 68

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

Answer 68

Service

Question 69

Difference between employee and entrepreneur

Answer 69

Employee earns through someone else Entrepreneur earns through their own business