Studied by 18 people
Week 5 - Week 10
List the 3 categories of knowledge in order from least protected/valuable to most protected/valuable
intellectual capital (tacit knowledge)
intellectual assets (explicit knowledge)
intellectual property (legal rights)
List the different forms of intellectual property from least to most protected
trade secrets
copyrights
trademarks
patents
What does DMCA stand for?
Digital milenium copyright act
_______________ ___________ is a critical factor in the decision to patent
economic life
Different types of patents
utility
plant
design
Who is included in the entrepreneurship network?
professional advisors
consultants
personal advisors
sales support
manufacturing support
governmental agencies
What are 4 reasons why startup teams fail?
putting formal hierarchical structure before it’s time
pretending there are sales from beta customers
suffocating under opportunity overload
believing that engineers can do marketing
5 factors significant in team composition
homophily
functionality
status expectations
network constraints
ecological constraints
What are 4 different startup resources?
people
physical assets
financial resources
intellectual resources
What are 4 different startup financial metrics?
customer acquisition costs (CAC)
average order size, time to reorder, and lifetime value per customer
revenues per salesperson and time to revenue for direct sales
contribution margin
4 different common pricing strategies (essay)
premium pricing
price skimming
demand-based pricing
captive product pricing
What are 4 different investor interests?
rate of growth
return on investment
degree of risk
protection
Rank the 5 proof of concepts from weakest to strongest
working prototype
letter of intent for beta test
final product
purchase order
customer sales
3 important aspects of the financial plan
time to positive cash flow
break-even and sales volume
capital requirements to launch the business
3 major components that make up the design of an entrepreneurial company
processes
people
culture
What is a trademark?
a symbol, logo, word, sound, color, design or other device that is used to identify a business or a product in commerce
What is dilution in relation to trademarks?
occurs when the value of the mark is substantially reduced through competition or through the likelihood of confusion from another mark
The deliberate copying of a mark is called what?
counterfeiting
What is a service mark?
a legally registered name or designation used in the manner of a trademark to distinguish an organization's services from those of its competitors
What are 4 reasons why founders want to be a solo entrepreneur?
they want total control of the startup effort
they have the resources they need to launch the venture
the startup is not expected to grow large enough to support more than one founder
the founder may want to avoid the difficulties associated with founding teams
What are 4 different professional advisors entrepreneurs rely on?
attorneys
accountants
bankers
insurance agents
What are the 3 different types of boards?
boards of directors
boards of advisors
the mentor board
What are 4 important startup resources?
people
physical assets
financial resources
intellectual resources
What are the steps for calculating startup capital requirements?
process map
value chain
timeline to launch
financial assumptions
key financial metrics
startup cash requirements
What are 4 different startup financial metrics?
gross margin
inventory turns
occupancy
qualified leads
What is the monthly burn rate?
represents how the startup uses its cash to cover its overhead before it generates a positive cash flow from operations
What are some benefits of achieving proof of concept with a prototype?
You develop a clear understanding of customer needs when you put the prototype in their hands and watch how they use it
Changes in the prototype can be made early in the process when changes are less costly
Doing a prototype reduces the risk of failure
What are some concerns of investors?
rate of growth
return on investment
degree of risk
protection
What is the primary interest of lenders?
the company’s margins and cash flow projections
The income statement is also known as what?
the profit and loss statement
The balance sheet is also known as what?
the statement of financial position
What are key success factors (KSFs)?
what the business has to do to be successful
What is the economic base of a region or community?
the major source of income for the area (industrial, agricultural, or service)
What is the trade area?
the region from which you expect to draw customers
What are informal networks?
social links that constitute the real power base in the organization
Interview questions should be designed to what?
reveal the individual’s personality and behavior
Note
Flashcard