Obstacles that get in the way of starting a business

Product, Price, Promotion and Placement

Customers that you will focus on to sell your product

defines in a paragraph any entity's reason for existence

Three tools of a business plan

Communication, Management and Planning tools

Brick and Mortar Businesses

Businesses that have a physical building

term used to describe from where something derived its name

Features Advantages and Benefits

Advantage of buying a business

You have access to past records

Advantage of Starting from Scratch

You get to put your own creativity to work

Independent Innovator

People who invent products to sell

Businesses that take raw materials from the earth

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Entrepreneurship Review

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Review for Entrepreneurship

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Questions 19

Answers

1
Self-Employed
Working with a partner on an idea
Forming a team to create a business
Setting up a contract to sell another company products
Usually a DBA
2
Barriers to Entry
Profit structures
Tax codes
Obstacles that get in the way of starting a business
Doing foreign business
3
Marketing Plan
Advertising
Product, Price, Promotion and Placement
The 4 C's
Product, Profit, Price and Placement
4
Target Market
Customers that don't use your product
Consumers that are in your area
Customers that you will focus on to sell your product
Customers that may buy your product
5
Mission Statement
defines in a paragraph any entity's reason for existence
Foolish
Not used
Misleading
6
Service Business
Hair Salon
Buys goods in bulk and repackages
Toy manufacturer
Farmer
7
Location determination
High Profile
Do customers come to you
Cheap rent
Foot traffic
8
Three tools of a business plan
Money, Resources and Customers
Summary, Financials, Resources
Communication, Management and Planning tools
Executive Summary, Name and Logo
9
Brick and Mortar Businesses
Businesses that have a physical building
Businesses that offer catalogs only
Businesses that sell bricks
Businesses that are only online
10
Eponym
term used to describe from where something derived its name
Words that mean the same
Words that mean the opposite
A puzzle
11
FAB
Fun Any Body
Free Advertising Brochure
Features Advantages and Benefits
Features Attributes Bonuses
12
Advantage of buying a business
They are usually cheap
You have access to past records
Trustworthy suppliers
Do not require capital
13
Sole Proprietor
Toughest to start
Business owned by one person
Most expensive form to start
Least riskiest of all structures
14
Advantage of Starting from Scratch
Easy to get funding
You get to put your own creativity to work
Hard to get funding
Employees, suppliers and records
15
Independent Innovator
People who like to draw
People who buy and sell products
People who set many companies that are the same
People who invent products to sell
16
Corporation
Limited tax advantages
Riskier than a sole proprietor
Separate legal entity
No charter restrictions
17
Method to Analyze Competition
Company Research
Wilson's Five Forces
SWOT
SWAT
18
Advantage of Partnerships
Additional Personal Resources
Cheapest method to start
Limited liability
Stays afloat if a partner dies
19
Extractive Business
Businesses that buy and sell products
Businesses that take raw materials from the earth
Businesses that assembly components
Businesses that do things for others

Entrepreneurship Review Flashcards | StudBud