Entrepreneurs are willing to take on new opportunities and unknown _________________ to grow their businesses rapidly. [Entrepreneurship and Small Business]

Tangible items that require pick-up or delivery are ____________________ products. [Classify Types of Businesses]

When a _________________ purchases an item from a business, it is a business-to-consumer transaction.

__________________________ are for-profit corporations with limited liability.

__________________________ are ideal for international businesses.

The __________________________ oversees daily operational and administrative functions. [Business Roles and Responsibilities]

A __________________________ votes on the management of a company. [Business Roles and Responsibilities]

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

Businesses can compensate employees for work they produce when being paid by ____________________. [Business Compensation Structures]

__________________________ in addition to a lower salary. [Business Compensation Structures]

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

The owner may decide to sell their ownership in the company during the _________________ stage. [Business Life Cycle Stages]

The five elements of the design thinking process are: empathize, define, ideate, ______________________, and test.

__________________________ allows one to see and experience a customer's perspective.

The design team creates multiple inexpensive versions of a product, known as _____________________________. [The Design Thinking Process]

One benefit of a franchise is:

Label the items as either a product or a service. Use P for product and S for service.
a. Muffins: _______

Label the items as either a product or a service. Use P for product and S for service. b. AC repairs: _______

Label the items as either a product or a service. Use P for product and S for service. c. Toilet paper: _______

Label the items as either a product or a service. Use P for product and S for service.
d. Jewelry: _______

Label the items as either a product or a service. Use P for product and S for service. e. Web designs: _______

Label the items as either a product or a service. Use P for product and S for service. f. Couch: _______

Label the items as either a product or a service. Use P for product and S for service. g. Guitar lessons: _______

List the correct order of the business life cycle stages:

Michael owns a small but profitable tech company. He has been approached by a larger company that wants to purchase his business. In which business life cycle stage is Michael?

Bill just started a new graphic design business. He is advertising online and trying to gain customers. He just finished working with his first client. In which business life cycle stage is Bill?

In which business life cycle stage is Stephanie?

List the correct order of the design thinking process.

During which stage of the design thinking process will the design team create multiple inexpensive product versions?

During which stage of the design thinking process is a problem statement formed?

Which stage of the design thinking process involves learning about customers' challenges?

1. ________________ is the amount of loss one is willing to take when making an investment decision.

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. [Characteristics of a Business Opportunity]

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 ________________ long.

9. The ________________ summary creates the first impression of a business plan.

10. The ________________ plan should specifically be directed to investors and lenders. [Key Components of a Business Plan]

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. [Key Components of a Pitch Deck]

A patent protects an ________________ from being copied.

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

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

16. 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?

While watching Domain 2 Lesson 1, fill in the missing words according to the information presented by the instructor. [References are found in the brackets.] 1. A target market identifies the ____________________________ to which a company markets its products and services.

While watching Domain 2 Lesson 1, fill in the missing words according to the information presented by the instructor. [References are found in the brackets.] 2. A value proposition is a statement that explains ________________ a customer should do business with a company.

While watching Domain 2 Lesson 1, fill in the missing words according to the information presented by the instructor. [References are found in the brackets.] 3. Primary data is more ________________ and reliable compared to secondary data. [Primary and Secondary Data]

While watching Domain 2 Lesson 1, fill in the missing words according to the information presented by the instructor. [References are found in the brackets.] 4. Secondary data often contains _________________________________________________?

While watching Domain 2 Lesson 1, fill in the missing words according to the information presented by the instructor. [References are found in the brackets.] 5. A(n) ________________ competitor is a business that sells similar products or services as another business. [Evaluate Competition]

While watching Domain 2 Lesson 1, fill in the missing words according to the information presented by the instructor. [References are found in the brackets.] 6. A(n) ________________ competitor is a business that sells different products or services but is similar enough to be competitive with another business. [Evaluate Competition]

While watching Domain 2 Lesson 1, fill in the missing words according to the information presented by the instructor. [References are found in the brackets.] 7. A SWOT analysis documents a company’s strengths, weaknesses, ____________________________, and threats. [SWOT Analysis]

Financial limitations would be an example of a ____________________________ in a SWOT analysis.

When creating a product or service, it is important to keep in mind the target market. A target market is a group of customers that will buy a product or service. A target market helps a business focus on the area they will see most of their sales. A target market also helps a business determine the price of products and services. When determining the price, keep in mind the target market and how much they are willing to pay. A value proposition states why a customer should do business with a company. It conveys the value of products and services to customers. When determining target markets, it is important to use trusted data sources to get accurate information. Primary data comes from first-hand accounts, such as interviews and surveys, and is more accurate and reliable. Secondary data, such as articles or academic journals, interprets primary data and often includes personal bias.

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?

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 each of the following businesses as either direct or indirect competition. a. Cheerleading gym

Ellie owns a tumbling gym. She compiled a list of nearby competitors. Classify each of the following businesses as either direct or indirect competition. b. Martial arts center

Ellie owns a tumbling gym. She compiled a list of nearby competitors. Classify each of the following businesses as either direct or indirect competition. c. Trampoline park

Ellie owns a tumbling gym. She compiled a list of nearby competitors. Classify each of the following businesses as either direct or indirect competition. d. Gymnast training center

Identify the SWOT analysis elements.

Identify the SWOT analysis elements.

Identify the SWOT analysis elements.

Identify the SWOT analysis elements.