Exam (elaborations)
Training Business Notes.(ESB TEST B)
Training Business Notes.(ESB TEST B)
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Training Business Notes.(ESB TEST B)Mike owns a doggy day care. The business is economically healthy and wants to grow
the business money wise. What business life cycle stage is he in. - ANS-Take off.
What is the difference between small businesses and entrepreneurship? - ANS-Small
business owner aren't always interested in taking on new business opportunities.
What is the greatest risk to being an entrepreneur? - ANS-Financial instability.
Trademark - ANS-Protects brand names and logos used on goods and services.
Copyright - ANS-Protects original work, such as art, writing, or music.
Trade Secrets - ANS-Confidential info which may be sold or licensed.
Ronda owns a food truck where she is know for her hot sauce. Which property law best
protects her recipe from being stolen or replicated. - ANS-Trade secrets.
Discuss what customer problem the product or services solve. - ANS-Problem
Brief overview of a business that talks about the company's mission and the value
provided to its customers. - ANS-Vision and value proposition
Highlights key teams members' skills, expertise, and experience and how the qualities
work together to contribute to the management and growth of the company. -
ANS-Teams
Talk about the traction that a company has gained, such as crowdfunding. -
ANS-Milestones
Discuss how a business works, how it makes money, and talks about some of the
marketing strategies. - ANS-Business model.
Discuss what the competitions is doing and how a company could improve upon what
the competition is doing w/out being disrespectful toward the competing companies. -
ANS-Competition
, Specify how the investors' money will be used and why the funds are necessary to grow
the company while using data to back up the stated information. - ANS-Ask
Kelley bought a rug at her local home decor store. What type o transaction is this? -
ANS-Business-to-consumer(B2C)
An executive summary should briefly explain in a business plan in____ pages. -
ANS-Two
It is becoming more and more common to sell products and services_______. -
ANS-Online
Empathize - ANS-Research your uses' needs.
Define - ANS-State your users' needs and problems
Ideate - ANS-Challenging assumptions and create ideas
Prototype - ANS-Create solutions
Test - ANS-Try your solutions
By default, owners of equity in a business are founders, partners, and shareholders.
Although it is possible that employees, contractors, and other stakeholders might buy
equity or be awarded equity in business it is not default. - ANS-IDK what to tell you
Companies take risk of employees sharing trade secrets. Which two documents do
many companies have their employees sing to help reduce this risk. -
ANS-Confidentiality agreement and Non-disclosure agreement
(NDA)
A rancher is trying to sell his land and hears there's a development for a ski resort that
was approved on land adjacent to his property. What business opportunity does the
rancher see? - ANS-Increase in land value. The ski resort next to the ranchers land
increases demand for housing and businesses to support the new resort. This increases
the value of the land.
What needs to happen before one can use someone else's patent? - ANS-Must obtain
ownership.
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