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Worksheetsesb review
Total questions: 42
Worksheet time: 27mins
Business Life Cycle Changes
The first stage is
existence
survival
success
take-off
Business Life Cycle Changes
The second stage is ____________ where income and customers begin to grow
existence
survival
success
take-off
Business Life Cycle Changes
The third stage is _____________, when a business is economically healthy
existence
survival
success
take-off
Business Life Cycle Changes
The 4th stage is __________, where an owner decides whether to continue growing the business or to sell the business
existence
survival
success
take-off
Business Life Cycle Changes
The 5th stage is __________, where the owner can separate financially and operationally from a business.
exit plan stage
resource maturity
Pivot or persist
take-off
Business Life Cycle Changes
The 6th stage is __________, where an owner decides if they will continue to grow the business into a large company.
exit plan stage
resource maturity
Pivot or persist
take-off
any type of employment in which a worker is paid a fixed piece rate for each unit
(a)
Step One: empathize
Research User Needs
State Your Users' Needs and Problems
Create Solutions
Try Your Solutions
Challenge Assumptions and Create Ideas
Step Two: define
Research User Needs
State Your Users' Needs and Problems
Create Solutions
Try Your Solutions
Challenge Assumptions and Create Ideas
Step Three: ideate
Research User Needs
State Your Users' Needs and Problems
Create Solutions
Try Your Solutions
Challenge Assumptions and Create Ideas
Step Four: protoype
Research User Needs
State Your Users' Needs and Problems
Create Solutions
Try Your Solutions
Challenge Assumptions and Create Ideas
Business Plan
used to get investor buy-in
highly visual
highly text-based
10-20 slides
used to initially get attention of the investor
pitch deck
used to get investor buy-in
highly visual
highly text-based
10-20 slides
used to initially get attention of the investor
What is required to have a trade secret
information has economic value that's not widely known
others can not legally obtain the information
subject to reasonable efforts to maintain secrey
must be a service
CC
Identifies it is a Creative Commons license
Credit must be given to creditor
Adaptations must be shared under the same terms
Only noncommercial uses of the work are permitted
No derivatives or adaptations of the work are permitted
BY
Identifies it is a Creative Commons license
Credit must be given to creditor
Adaptations must be shared under the same terms
Only noncommercial uses of the work are permitted
No derivatives or adaptations of the work are permitted
SA
Identifies it is a Creative Commons license
Credit must be given to creditor
Adaptations must be shared under the same terms
Only noncommercial uses of the work are permitted
No derivatives or adaptations of the work are permitted
Most effective way to gather reactions from people who were at an event
survey
direct observations
focus groups
personal interview
Retail
Selling products directly to end customers for a profit, either in-store, online, mail-order, or by phone.
Selling products in bulk to various outlets or retailers for onward sale.
When a brand or manufacturer sells direct to consumers and the end users of their products, as opposed to selling to them solely through retailers.
Businesses that sell to other businesses who are the intended end user of the product.
Wholesale
Selling products directly to end customers for a profit, either in-store, online, mail-order, or by phone.
Selling products in bulk to various outlets or retailers for onward sale.
When a brand or manufacturer sells direct to consumers and the end users of their products, as opposed to selling to them solely through retailers.
Businesses that sell to other businesses who are the intended end user of the product.
B2C
Selling products directly to end customers for a profit, either in-store, online, mail-order, or by phone.
Selling products in bulk to various outlets or retailers for onward sale.
When a brand or manufacturer sells direct to consumers and the end users of their products, as opposed to selling to them solely through retailers.
Businesses that sell to other businesses who are the intended end user of the product.
Market/Fit hypothesis
Product/market fit exists when you have the right solution to a problem worth solving
A fit exists when people need your product rather than just seeing a potential benefit of using it.
When users love your product so much they tell other people to use it.
A rapid growth hypothesis ensures market/fit.
Product/market fit can be predicated with direct-to-customer sales.
should be included when calculating start up cost
Permits, licenses, and incorporation fees
Utilities
Rent
Business cards
benefits of equity funding
Can be used to raise working capital.
Investors do not get paid if the business does not make a profit.
Loan payments are predictable; they do not change with the fortunes of the business.
Loan payments can be set up so they match seasonal sales of the business.
Requires borrowing money
debt financing
equity fudning
Requires selling a portion of the company
debt financing
equity fudning
Places no additional burden on a company
debt financing
equity fudning
which three characteristics help identify as business opportunity.
quality
price
branding
service
marketing
Has been opened to manufacturers because of digital tools.
B2B
D2C
Wholesale
Distribution
What should be included when calculating start-up costs.
business cards
permits and licenses
incorporation fees
rent
payroll
what defines a small business
fewer than 1,500 employees
less than 35 million dollars in revenue
non-profit
between 500 and 1000 employees
factors used to evaluate fair use copyright
Amount of the work copied.
Obtained from a subscription website
If it is for use by a teacher or student.
Purpose of your use.
Effect of your use on the potential market of the work copied.
economy pricing
Prices that targeting customers looking to save as much money as possible
Pair several products together and selling them for less money than each would be individually
Setting prices low until after a reliable customer base is established, then raising prices
Setting high prices when a product is introduced and then gradually lowering the price
High quality products marketed to high-income individuals
bundle pricing
Prices that targeting customers looking to save as much money as possible
Pair several products together and selling them for less money than each would be individually
Setting prices low until after a reliable customer base is established, then raising prices
Setting high prices when a product is introduced and then gradually lowering the price
High quality products marketed to high-income individuals
market penetration
Prices that targeting customers looking to save as much money as possible
Pair several products together and selling them for less money than each would be individually
Setting prices low until after a reliable customer base is established, then raising prices
Setting high prices when a product is introduced and then gradually lowering the price
High quality products marketed to high-income individuals
price skimming
Prices that targeting customers looking to save as much money as possible
Pair several products together and selling them for less money than each would be individually
Setting prices low until after a reliable customer base is established, then raising prices
Setting high prices when a product is introduced and then gradually lowering the price
High quality products marketed to high-income individuals
What is TRUE about SWOT analysis
threats are easiest to mitigate
acting on weaknesses is NEEDED to grow a business
opportunities are NOT actionable
strengths should be implemented
which of these tools is most useful w/ customer service support sales strategies?
(a)
ensures all customer interactions occur in the same place
(a)
what are 3 things you need to consider regarding the mass delivery of your service.
Creating an effective demonstration of your service for potential customers.
Finding a source of materials to support your service.
Training employees with the knowledge to consistently deliver the service.
Establishing quality control measures and accountability.
Developing the product website and social media campaign.
ROI
(a)
operating income
(a)
