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Ant - 9G - Entr - Iowa Class > Untitled Deck > Flashcards

Untitled Deck Flashcards

(134 cards)

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1
Q

What is Acquisition?

A

When a corporation purchases/takes over another company, with the end-goal of building on strengths or minimizing weaknesses.

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2
Q

Define Advertising.

A

A paid form of promotion that identifies a sponsor and calls attention to a company’s products, services, needs, etc.

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3
Q

Who is an Angel Investor?

A

Individuals who have wealth and an interest in supporting newer companies.

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4
Q

What is Bootstrapping?

A

Building a company from the ground up with only personal cash.

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5
Q

Define Branding.

A

The promotion of a particular product or company through the use of advertising and design.

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6
Q

What is a Brand?

A

A name, term, design, symbol or any other feature that identifies a business’ good or service and distinguishes it from other sellers.

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7
Q

What does Budgeting entail?

A

Forecasting and keeping track of your income and expenses.

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8
Q

Explain the Build-Measure-Learn Loop.

A

The process of turning ideas into products (build), consider how the customer responds (measure), and decide whether to continue or pivot (learn).

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9
Q

What is a Business Incubator?

A

A company that helps new businesses and startups by providing consulting, services, training, and office space.

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10
Q

What is Business Finance?

A

Reading financial statements and connecting the dots between profit and loss, balance sheet, and cash flow statements.

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11
Q

Define Business Model Canvas.

A

A strategic management template used for developing new business models and documenting existing ones.

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12
Q

What is a Business Plan?

A

A formal document setting out a business’s future objectives and strategies for achieving them.

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13
Q

What does Buying Behavior refer to?

A

How customers buy and use a product.

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14
Q

List examples of Buying Behavior.

A
  • Needs vs Wants
  • Spending patterns
  • Usage trends
  • Brand preferences
  • Advertising influence
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15
Q

What is a C-Corp?

A

Default corporation where an individual acts separately from corporate owners but possesses similar power.

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16
Q

What is a Cash Flow Statement?

A

A financial statement used to monitor cash in and out.

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17
Q

Define Channels in business.

A

Channels of businesses or intermediaries through which a product or service travels before reaching the final customer.

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18
Q

What is a Code of Ethics?

A

Principles and rules defined to guide the actions of an organization’s employees with honesty and integrity.

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19
Q

Define Competition.

A

The contest or rivalry among companies selling similar products to gain more sales and market share.

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20
Q

Who is considered a Consumer?

A

A person who uses the product.

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21
Q

What is a Co-op?

A

A private organization owned/managed by individuals for their own benefit.

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22
Q

What is Copyright?

A

An exclusive right given to a creator to decide if/how to share their literary or artistic work.

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23
Q

Define Core Values.

A

The fundamental beliefs and principles that guide company decisions and employee behavior.

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24
Q

What is a Corporation?

A

An organization with a separate legal personality from its owners; stockholders are owners with limited liability.

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25
What does Cost Structure represent?
All of the costs the organization will incur.
26
List examples of Cost Structure.
* Advertising expenses * Salaries * Buying equipment
27
Define Creativity.
The potential of the mind to conceive new ideas.
28
What is Crowdfunding?
The practice of funding a project by raising small amounts of money from a large number of people, typically via the Internet.
29
What does Customer Acquisition involve?
The process followed to get new customers.
30
Define Customer Discovery.
Feedback received from customers regarding what they want.
31
List examples of Customer Discovery.
* Specific features * Price alignment with expectations * Better product availability
32
What are Customer Relationships?
How a business interacts with customer segments to create loyalty and brand value.
33
What is Customer Retention?
Keeping your current customers.
34
Define Customer Segments.
Groups of people the business seeks to serve.
35
List examples of Customer Segments.
* Millennials * Families with children * Retirees
36
What is a Decision Maker?
Someone who makes decisions.
37
Define Deliverable.
An output or item due in project management.
38
What are Demographics?
Who your customer is.
39
List examples of Demographics.
* Age * Gender * Ethnic Background * Income * Marital Status
40
What is Design Thinking?
The process of creative problem-solving focusing on who you are creating for.
41
What is Direct Marketing?
Selling directly to the public without going through a retailer.
42
Define Disruption.
An innovation that creates a new market and displaces market leaders.
43
What are Distribution Channels?
Where the business reaches and interacts with its customer segments.
44
List examples of Distribution Channels.
* Retail * Online * Subscriptions
45
Who is an Entrepreneur?
A person who starts and runs a business entity.
46
Define Entrepreneurship.
The process of running a business.
47
What does Ethics refer to?
Moral principles that govern behavior.
48
What is Financing?
The activity of funding various aspects of a business.
49
What are the Five C’s of Credit?
* Capital * Collateral * Capacity * Conditions * Character
50
Define Franchise.
An agreement allowing an individual to operate a similar business under the same name for a fee.
51
What is Free Cash Flow?
Money made through operations, minus paying for capital expenditures.
52
What is Freemium?
A pricing strategy where a base level product is offered for free, but additional features charge a fee.
53
What are Geographics?
Where your customers live.
54
List examples of Geographics.
* City-dweller * Suburban * Rural * International/domestic
55
What are Grants?
Money awarded that does not have to be paid back.
56
Define Idea.
A formulated thought for a business.
57
What does 'In the Black' signify?
Making money.
58
What does 'In the Red' signify?
Losing money.
59
What is an Income Statement?
Subtracting expenses from revenue to determine net income/loss.
60
What is an Independent Contractor?
A person or entity hired to perform specific services as a nonemployee.
61
Define Influencer.
Someone who encourages the purchase of a product without buying it themselves.
62
What is Innovation?
Translating an idea or invention into a good or service.
63
Define Intellectual Property.
A work or invention resulting from creativity.
64
What is Iteration?
A newer/different version of your product or service.
65
What is a Joint Venture?
A commercial enterprise undertaken jointly by two or more parties.
66
Define Key Activities.
The work a business must perform to interact with customers and deliver value.
67
List examples of Key Activities.
* Make the product * Advertise * Create partnerships
68
What are Key Partners?
The organizations a business relies on or outsources to interact with customers or deliver value.
69
List examples of Key Partners.
* Company providing web design/services * Vendors supplying raw materials
70
What are Key Resources?
The most important assets needed to deliver the value proposition.
71
List examples of Key Resources.
* Physical resources (infrastructure) * Intellectual resources (IP) * Human resources
72
What is a Lean Startup?
A methodology designed to speed up the development of a business or product and rapidly discover its viability.
73
What is a License in business?
The legal registration of your company that permits operation within your industry and jurisdiction.
74
What is a Limited Liability Company (LLC)?
A hybrid form of business combining elements of a partnership and corporation.
75
Define Line of Credit.
A predetermined amount of money a bank or credit union agrees to lend to a business as needed.
76
What are Loans?
Money received from an outside source with a guarantee to pay back.
77
What is Mark Up Price?
Wholesale price plus a percentage that equals the retail price.
78
What is the Marketing Mix?
The 4 P’s of Marketing: Price, Place, Promotion, and Product.
79
What is Market Research?
The process used to collect information, analyze it, and report findings related to marketing goods and services.
80
What is Primary Research?
Information collected for a specific purpose.
81
List methods of Primary Research.
* Surveys * Focus Groups * Interviews * Trials
82
What is Secondary Research?
Previously collected information, such as US Census data or journal articles.
83
Define Marketing.
An ongoing process centered around developing, promoting, and distributing goods and services.
84
What is a Merger?
See Business Acquisition.
85
What is a Minimum Viable Product (MVP)?
A product with the least amount of features that the target market would accept.
86
What is a Mission Statement?
Describes the business, its objectives, and how it plans to meet them.
87
What is a Nonprofit?
A corporation formed to benefit the public interest.
88
Define Nontrepreneur.
Not interested in being an entrepreneur, just here for the credit or trying something different.
89
What are On Going Costs?
Business costs that occur on a regular basis.
90
What is a One-Time Purchase?
A one-time fee to use the product or service.
91
Define Operating Expenses.
Ongoing expenses incurred during regular business operations.
92
What is an Opportunity in business?
A set of circumstances that makes it possible to do something.
93
What is an Organizational Chart?
A diagram showing the structure and relationships of an organization’s employees.
94
What does Outsourcing mean?
Hiring someone from outside the company to perform services originally done in-house.
95
Define Partnership.
A business owned and operated by two or more persons.
96
What is a General Partnership?
All partners have unlimited liability.
97
What is a Limited Partnership?
Creditors cannot go after the personal assets of limited partners.
98
What is a Patent?
An exclusive right given to a creator to decide if/how to share their invention.
99
What is a Design Patent?
Protects how something looks; generally lasts for 15 years.
100
What is a Utility Patent?
Protects how something works; generally lasts for 20 years.
101
Define Persevere.
Keep trying even when times are tough; never giving up.
102
What is Personal Selling?
Using actual people to make a sale.
103
What is Pestel Analysis?
A method evaluating a business focusing on Political, Economic, Social, Technological, Environmental, and Legal factors.
104
What does Pivot mean in business?
A shift in a business’ strategy to test a new approach.
105
What is a Problem Statement?
What your goal is in creating your business or product.
106
What is Product-Market Fit?
The degree to which a product satisfies a strong market demand.
107
What is Profit?
The difference between wholesale price and retail price of a product.
108
Define Psychographics.
Why your customers buy.
109
List examples of Psychographics.
* Attitudes * Beliefs * Lifestyle * Interests * Hobbies
110
What is Public Relations?
A company’s relationship with the public and how they are perceived.
111
Define Retail Price.
The price of a product a consumer will pay.
112
What is Return on Investment?
A performance ratio used to determine the effectiveness of an investment.
113
What is a Revenue Stream?
Various ways a business can generate money.
114
List examples of Revenue Streams.
* Product sales * Donations * Licensing * Subscription fees
115
What is an S-Corp?
A corporation where income is passed through to owners and taxed individually.
116
Define Sales Promotion.
Persuading a customer to buy a product or use a service.
117
What is a Small Business?
A privately owned corporation, partnership, or sole proprietorship with fewer employees and less annual revenue.
118
What is Social Media Marketing?
Using online platforms to sell a product or service.
119
What is a (Sole) Proprietorship?
A business owned and operated by only one person.
120
What is Startup Funding?
One-time expense needed to start or expand a business.
121
Define Startup.
A temporary organization searching for a repeatable and scalable business model.
122
What is a Strategic Alliance?
A partnership between companies benefiting from working together while remaining separate entities.
123
What is SWOT Analysis?
Strengths, Weaknesses, Opportunities, and Threats; used to evaluate a business's progress.
124
What is a Target Market?
Customer segments identified as likely to become potential customers.
125
What is a Tax ID?
A unique nine-digit number that identifies you to the IRS.
126
What is a Trademark?
Protection for a company’s name, logo, or trade characters to distinguish it from competitors.
127
Define Unicorn.
A privately held startup valued at over $1 billion.
128
What is a Usage Fee?
The fee to the purchaser to use the product or service.
129
What is a Value Proposition?
What you promise to deliver to customers post-purchase.
130
List examples of Value Proposition.
* Convenience * High tech/low price
131
Who is a Venture Capitalist?
Individuals working for firms that invest in many companies and industries.
132
What is a Vision Statement?
Describes what the business wants to become.
133
Define Wantrepreneur.
Interested in being an entrepreneur someday but needs guidance.
134
What is a Wholesale Price?
Price of a product before it is marked up to sell to the consumer.

Ant - 9G - Entr - Iowa Class (1 decks)

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