Having a __________ mindset means believing that one can accomplish anything through hard work.

An example of an ______________ risk is a natural disaster.

A business opportunity is an ____________ that lets a buyer start a business.

A __________ needs to be obtained to use a brand name on products.

The five factors that determine the viability of a business opportunity are _________ _________, relationships, cash flow management, management skillsets, and passion.

A business plan helps a business achieve short-term and long-term __________.

A lean canvas should only be _______ page(s) long.

The ____________ summary creates the first impression of a business plan.

The _____________ plan should specifically be directed to investors and lenders.

A pitch deck is most commonly presented in the form of a __________ presentation.

A _________ and value proposition provides a brief overview of a business where one talks about the company's mission and the value provided to customers.

A patent protects an ___________ from being copied.

Trade secrets protect a company's formulas from being shared with ____________.

To license a product, one must obtain _____________ from the author or creator.

Confidentiality or __________________ agreements are signed by employees, agreeing not to share trade secrets.

Which business opportunity involves recruiting marketers to join a team?

Which business opportunity involves higher start-up costs?

Which business opportunity obtains licenses to use a brand name?

Which viability factor involves the potential funding of a business opportunity?

Which viability factor involves building relationships with experienced professionals?

Which viability factor can help an entrepreneur make up for a lack of skills?

Which viability factor analyzes the skills of employees?

Which viability factor researches the demand for products or services?

Jessica is composing a song and wants to protect it from being copied. Which intellectual property law would best protect Jessica’s song?

George came up with a secret banana bread recipe that he sells in his bakery. Which intellectual property law would best protect his recipe?

Mary works for a tech company and is designing a new style of headphones. Which intellectual property law would best protect Mary’s design?

Will designed a company logo for his new gym. Which intellectual property law would best protect his logo?

The key objective of a small business owner is to generate __________________.

Entrepreneurs are willing to take on new opportunities and unknown __________ to grow their businesses rapidly.

A _______________ is a licensed business that has established operations, products or services, and branding. This business requires more money upfront but has less risk involved

Businesses sell _____________ and services.

A product is a _________________ item such as clothes and toys

A ______________ is intangible, this can include car detailing or computer repairs

When a _________________ makes a purchase from a business, it is a business to consumer (B2C) transaction.

When a ________________ makes a purchase from another business, it is a business-to-business (B2B) transaction.

Which of the following is a drawback of buying a franchise?

Disperses financial responsibility and dissolves upon the death of a partner.

Is best for international businesses, have limited liability, and are double taxed.

Lower tax rate that prevents the company from being doubled taxed

An excellent single owner option, shields the owner from liability

Not owned by anyone, do not pay US federal taxes

Tangible items that require pick-up or delivery are ________________ products.

Oversees daily operational and administrative functions.

A _______________ votes on the management of a company

_______________ employees are paid a fixed amount each pay period. [Business Compensation Structures]

Business Life Cycle Stages

Stage 1 - When a business begins

Business Life Cycle Stages

Stage 2 - Income and customers begin to grow

Business Life Cycle Stages

Stage 3 - Once a business is economically healthy

Business Life Cycle Stages

Stage 4 - When an owner decides whether to continue growing the business and how to finance growth.

Business Life Cycle Stages

Stage 5 - When the owner can separate financially and operationally from the business

Business Life Cycle Stages

Stage 6 - When the owner decides if they will continue to grow the business into a large company or to pivot to a new project

Business Life Cycle Stages

Stage 7 - When an owner decides to sell their company

Businesses can offer _____________ in addition to a lower salary.

During the __________________ stage of the business life cycle, a company is regularly taking on new customers and starting to generate a consistent income.

Design Thinking Process

First stage - Allows one to see and experience a customer's perspective.

Design Thinking Process

Second stage - __________________ any problem a customer may face.

Design Thinking Process

Third stage - The team creates a solution to the problem in the _____________ stage.

Design Thinking Process

Fourth stage - The team will create a ____________________ to test the product

Design Thinking Process

Fifth stage - design team will _______ the final product

Sarah works at an auto shop. She performs car repairs and maintenance while abiding gby the safety guidelines outlined at the shop. Sarah also ensures that all work she performs adheres to company policies. She is paid an hourly wage. Which best describes the role Sarah plays in the auto shop?

Joey has opened a restaurant. He paid a large amount of money up front to get the business started. He only sells products that are licensed by someone else. What type of business opportunity is Joey a part of?

Sharon owns a law firm. She has recently begun earning more money, and the firms's finances are doing well. In which business life cycle stage is Sharon?

What is the difference between small businesses and entrepreneurs?

A target market identifies the _________ group to which a company markets its products and services. [Target Market, Value Proposition, and Pricing]

A ____________ proposition is a statement that explains why a customer should do business with a company. [Target Market, Value Proposition, and Pricing]

__________ data is more accurate and reliable compared to secondary data. [Primary and Secondary Data]

Secondary data often contains personal ______. [Primary and Secondary Data]

A(n) _________ competitor is a business that sells similar products or services as another business. [Evaluate Competition]

A(n) ___________ competitor is a business that sells different products or services but is similar enough to be competitive with another business. [Evaluate Competition]

A SWOT analysis documents a company’s strengths, weaknesses, ___________, and threats.

Financial limitations would be an example of a(n) ___________ in a SWOT analysis. [SWOT Analysis]

Mark designs logos for businesses in his city. He mostly works with local bakeries. What is Mark’s target market?

Josie is a teenage girl who wants to start a jewelry-making business. Her target market is females, ages 10-14. What price should she charge per necklace that she sells?

A focus group was formed to provide opinions for a target market. What type of data is being collected from the focus group?

An internet article about fashion trends seen in Europe was used to select inventory for a small boutique. What type of data was used in this scenario?

Ellie owns a tumbling gym. She compiled a list of nearby competitors. Classify the following business as either direct or indirect competition:

Cheerleading gym

Ellie owns a tumbling gym. She compiled a list of nearby competitors. Classify the following business as either direct or indirect competition:

Martial arts center

Ellie owns a tumbling gym. She compiled a list of nearby competitors. Classify the following business as either direct or indirect competition:

Trampoline park

Ellie owns a tumbling gym. She compiled a list of nearby competitors. Classify the following business as either direct or indirect competition:

Gymnast training center

Tom runs a car repair shop with dependable employees. Recently he has seen an increase in customers needing work done. He knows that he needs to replace one of the lift machines but is struggling to finance it. There are other repair shops in the neighborhood. Identify the SWOT analysis element below:

Dependable employees

Tom runs a car repair shop with dependable employees. Recently he has seen an increase in customers needing work done. He knows that he needs to replace one of the lift machines but is struggling to finance it. There are other repair shops in the neighborhood. Identify the SWOT analysis element below:

Increased customers

Tom runs a car repair shop with dependable employees. Recently he has seen an increase in customers needing work done. He knows that he needs to replace one of the lift machines but is struggling to finance it. There are other repair shops in the neighborhood. Identify the SWOT analysis element below:

Repair shop competitors

Tom runs a car repair shop with dependable employees. Recently he has seen an increase in customers needing work done. He knows that he needs to replace one of the lift machines but is struggling to finance it. There are other repair shops in the neighborhood. Identify the SWOT analysis element below:

Small budget

A marketing method that uses customized newsletters to engage with customers is __________.

A marketing method that uses ads on a website within a search engine is ______________ advertising.

The four segments of sales data are ____________, geographical, demographic, and psychographic.

______________ data provides information about a customer’s age, gender, or ethnicity.

Investors use customer ______________ costs to determine the cost of acquiring new customers.

The formula used to determine customer acquisition costs is ______________ expenses plus sales expenses divided by the number of new customers for the period. [Customer Acquisition and Retention Costs]

It is more _____________ to keep current customers than to acquire new customers. [Customer Acquisition and Retention Costs]

Customer retention rates are found by ____________ the number of new customers acquired during a period from the number of customers at the end of a period, then dividing by the number of customers from the start of the period and multiplying by 100. [Customer Acquisition and Retention Costs]

A(n) ___________________ provides an overview of the marketing plan. [Elements of a Marketing Plan]

Which marketing method uses specific technical elements to be among

the top search results?

Which market segment shares a customer’s age, gender, and ethnicity?

Which market segment anticipates a customer’s needs?

Which market segment shows how a customer views the world?

Jon’s company acquired 2,000 new customers last year. He spent $10,000 in marketing costs and $6,000 in sales costs. What was Jon’s CAC?

Erin owns an ice cream shop. She spent $5,000 in marketing expenses and $2,000 in sales costs last year. She obtained 700 new customers. What was Erin’s CAC?

Sarah runs a large toy store. Last year they acquired 5,000 new customers. Her company spent $30,000 in marketing costs and $15,000 in sales costs. What was Sarah’s CAC?

Generally, it is more cost-effective to keep current customers than to acquire new customers. Keeping customers coming back and purchasing more products or services is key to customer retention. To find the customer retention rate:

• Subtract the number of new customers acquired during a period from the number of customers at the end of that period

• Divide that number by the number of customers at the start of the period

• Multiply that number by 100

Steve owns a food truck. He wants to figure his retention rate for September. What is Steve’s retention rate for September? Round to the nearest whole number.

a. Customers at the end of September: 130

b. Customers at the beginning of September: 120

c. New customers in September: 20

d. Customer retention rate: ____%

Which element of a marketing plan outlines how products or services will be sold and delivered to customers?

Which element utilizes a SWOT analysis?

Which element outlines marketing costs?