100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
Entrepreneurship and Small Business Certification Exam Questions and Answers 100% Verified!! CA$15.96   Add to cart
Quickly navigate to
Preview
  2.  
  3. Entrepreneurship And Small Business Certification
  4.  
  5. Entrepreneurship and Small Business Certification

Exam (elaborations)

Entrepreneurship and Small Business Certification Exam Questions and Answers 100% Verified!!
 116 views  2 purchases
  • Course
  • Entrepreneurship and Small Business Certification
  • Institution
  • Entrepreneurship And Small Business Certification

Elements of the Design Thinking Process - ANSWER-Stage 1: Emphasize- Research Your Users' Needs Stage 2: Define- State Your Users' Needs and Problems Stage 3: Ideate- Challenge Assumptions and Create Ideas Stage 4: Prototype- Start to Create Solutions Stage 5: Test- Try Your Solutions Out Di...

[Show more]

Preview 2 out of 10  pages

Document information

  • November 6, 2023
  • 10
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers

Subjects

  • entrepreneurship and small business certification
  • entrepreneurship and small stuvia
  • elements of the design thinking process answer s
  • difference between small businesses and entreprene

Written for

  • Entrepreneurship and Small Business Certification
  • Entrepreneurship and Small Business Certification

Seller

avatar-seller
papersmaster01

Reviews received

Content preview

Entrepreneurship and Small Business Certification Exam 2023-2024 Questions and Answers 100% Verified!!
Elements of the Design Thinking Process - ANSWER-Stage 1: Emphasize- Research Your Users' Needs
Stage 2: Define- State Your Users' Needs and Problems
Stage 3: Ideate- Challenge Assumptions and Create Ideas
Stage 4: Prototype- Start to Create Solutions
Stage 5: Test- Try Your Solutions Out
Difference between small businesses and entrepreneurs? - ANSWER-Small businesses
are not always interested in taking on new business opportunities.
Entrepreneurs set up a business with the aim to make a profit.
Compensation Types - ANSWER-1. Piece work- compensation on a per-unit basis. EX: an employer can choose to pay mechanics a fixed rate for each vehicle they repair instead of paying an hourly rate.
2. Salary- employee receives a set amount of pay each month without overtime compensation for extra hours worked.
3. Hourly- Employees most affected by minimum wage laws are compensated hourly.
4. Commission- An employee who is paid a percentage of a sale.
5. Equity- Non-cash compensations offered to employees in place of or in addition to a lower salary.
Types of Sales Channel - ANSWER-1. Business-to-Business (B2B): a transaction or business conducted between one business and another, such as a wholesaler and retailer. Transactions tend to happen in the supply chain, where one company will purchase raw materials from another to be used in the manufacturing process. 2. Business-to-Consumer (B2C): process of businesses selling products/services directly to consumers, with no middle person.
Typically refers to online retailers who sell products/services to consumers through the Internet.
Online B2C became a threat to traditional retailers, who profited from adding a markup to the price. 3. Retail: sell items or services to customers. They typically sell items in-store or may be
sold online.
4. Wholesale: the act of buying goods in bulk from a manufacturer at a discounted price and selling to a retailer for a higher price, for them to repackage and in turn resell in smaller quantities at an even higher price to consumers.
Acquisition Costs - ANSWER-These costs include shipping, sales taxes, and customs fees, as well as the costs of site preparation, installation, and testing. When acquiring property, acquisition costs can include surveying, closing fees, and paying off liens.
Angel Investor - ANSWER-a wealthy private investor who provides capital for a business start-up for a stake in the business in return.
Asset - ANSWER-A tangible item a business owns. They can generate revenue or be converted into cash. They can be physical items, such as machinery, or intangible, such
as intellectual property.
Balance Sheet - ANSWER-A financial statement used for evaluating the performance of
a business. It compares ASSETS to LIABILITIES plus owner's EQUITY on a specific date.
EX:
Equipment- Long term assets
Bank loans- Current liabilities
Inventory- Current assets
Mortgage payments- Long term liabilities
Bootstrapping - ANSWER-A TYPE OF FUNDING. A business owner that uses their own
money to fund their business.
Break-Even Point - ANSWER-The point where a business's revenue matches its expenses over a given period. AKA there is no loss or gain for your small business; you've reached the level of production at which the costs of production equals the revenues for a product.
Break-Even Point = Fixed Cost / (selling price per unit - variable cost per unit)
Budget - ANSWER-The amount of money a business plans on spending during a given period.
Burn Rate - ANSWER-A calculation used to measure a business's monthly cash flow. AKA the amount of $ your business needs in a certain period (usually a month) to cover all expenses. In other words, burn rate tells you how quickly your business "burns through" capital. This calculation helps business owners understand how long they can continue to operate at this rate before running out of money.

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller papersmaster01. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for CA$15.96. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

75632 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
CA$15.96  2x  sold
  • (0)
  Add to cart