Exam (elaborations)
GMETRIX ESB V.2 final review (1)
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- Macro Hammock
GMETRIX ESB V.2 final review (1)
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GMETRIX ESB V.2 final reviewWhat is entrepreneurship? - ANS-Setting up a business with the aim to make a profit
Examples of B2B - ANS-1) Wholesale flooring distributor
2) Purchases requiring a tax exemption certificate
Examples of B2C - ANS-1) Chain of local grocery stores
2) Motorcycle repair shop
S-Corps - ANS-* Offers many of the same benefits as a C Corporation, but better for smaller
businesses
* 100 shareholders maximum allowed. All must be U.S citizens or residents
* Shareholders are not personally responsible for business liabilities
* Taxed once-only the shareholders pay on profits received. A separate tax return is required for
the business
C-corps - ANS-* Best if the company plans to someday sell stock to the public; can issue shares
to founders, employees, and investors.
* Unlimited owners (aka "shareholders") allowed
* Shareholders are not personally responsible for business liabilities.
* Taxed twice-business pays at the corporate level, and shareholders pay on income received. A
separate tax return is required for the business
Sole Proprietorship - ANS-* Best if you need an easy set-up. You may still need a DBA or
business licenses to operate legally, but no other paperwork is
* One owner maximum
* The owner is personally responsible for business liabilities. No personal liability protection.
* Taxed once- you pay on profits in your personal tax return. Separate tax return not needed.
Limited Liability Company (LLC) - ANS-* Popular choice for business concerned about liability
protection.
* Unlimited owners (aka "members") allowed. No shareholders. LLCs cannot go public.
* Members are not personally responsible for business liabilities.
* An LLC can choose how to be taxed
Who are the default owners of equity in a business? - ANS-Founders, partners, and
shareholders
What is Piecework? - ANS-
What are the stages of the Business life cycle? - ANS-1) Existence
, 2) Survival of the fittest
3) Success
4) Takeoff
5) Maturity
What are the elements of the design thinking process? - ANS-Empathize: Research your users'
needs
Define: State your users' needs and problems
Ideate: Challenge assumptions and create ideas
Prototype: Create solutions
Test: Try your solutions
Successful entrepreneurs have mindsets that typically possess which three characteristics? -
ANS-Responsible, adaptable, tenacious
Which is one of the greatest benefits of being an entrepreneur? - ANS-Schedule control
What are some characteristics of a business opportunity? - ANS-Price, quality, selection,
location, service
Which two documents summarize the business plan of a company? - ANS-Lean canvas, pitch
deck
What is a lean canvas? - ANS-A single-page business summary template created by Ash
Maurya
What is a pitch deck? - ANS-A slide presentation for potential investors that summarizes of the
key items of a business
What is a business plan? - ANS-Multi-page document describing and detailing a business
What are the components of a business plan? - ANS-* 10-100 pages
* Highly text-based
* Used to get investor buy-in
What are the components of a pitch deck? - ANS-* 10-20 slides
* Highly visual
* Used to get investors attention
What is a balance sheet? - ANS-a summary of business assets (what the business owns) and
liabilities (what the business owes). It shows 'owner's equity'
What is a marketing plan? - ANS-An operational document that outlines a company's
advertising strategy to generate leads and reach its target market.
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