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246 Terms
BL - Describe methods used to protect intellectual property
Intellectual property is creative work created by you. Ways to protect your intellectual property include: copyrights
BL - Describe legal issues affecting businesses
Disgruntled employees
BL - Identify the basic torts relating to business enterprises
Business torts are civil wrongs committed by or against an organization
BL - Describe the nature of legally binding contracts
a contract is an agreement between 2 or more parties. And if you sign a contract to are expected to follow the things listed in the contract
BL - Explain the nature of human resources regulations
The nature of human resources regulations is to provide a safeguard for employees so they are getting rights and the treatment they deserve.
BL - Explain the nature of workplace regulations
Assure safety and health of employees. Provide funds to eliminate workplace dangers and reward safety practices.
BL- Explain types of business ownership
Sole proprietorship: only one person owns the business. Unlimited liability Partnership: two or more persons and they divide the profits among themselves
BL - Select form of business ownership
Sole proprietorship
BL - Explain the nature of tax regulations on business
The nature of tax regulations
BL - Explain the nature of businesses' reporting requirements
The nature of businesses' reporting requirements are to make sure that investors and regulators can evaluate a company's financial performance and business operations. Additionally
BL - Develop strategies for legal/government compliance
Establish
CO - Prepare complex written reports
gather relevant data
CO- Write proposals
Title page
Cover letter
Table of Contents
Executive Summary
Proposal
Services/Technology/Solution
About Us
Pricing
Terms and Conditions
Agreement/Contract
visuals
quantitative data
digital age presentation
remember brand
FOLLOW UP after
CR - Explain management's role in customer relations
Lead and motivate the team to ensure they're giving the best customer service possible
CR - Identify company's brand promise
market to the right people
EC - Identify the impact of small business/entrepreneurship on market economies
Small businesses in the economy has consistently shown that the creation of new businesses drives economic prosperity. It increases the competition of emerging sectors
EC - Explain the concept of private enterprise
Private enterprises are businesses carried on for profit and not owned by government
the system discourages public ownership of business
same as free enterprise
EC - Identify factors affecting a business's profit
Sales changes
EC - Determine factors affecting business risk
Internal factors: employees
EC - Explain the concept of competition
Competition is the rivalry between companies selling similar products and services. It motivates companies to increase sales volume by utilizing the four components of marketing mix
EC- Determine the relationship between government and business
In a planned economy or market economy
EC - Describe the nature of taxes
The nature of taxes is to benefit the society and to be used as an instrument of attaining certain social objectives. Governments use taxes to either speed or slow economic growth
EC- Describe the concept of economies of scale
reduced costs per unit that arise from increased total output of a product.
EI - Exhibit cultural sensitivity
respect differences
EI - Leverage personality types in business situations
Introverts: prefer to have time to think about their ideas
EI - Adapt management style to the personality type of others
Know the strengths and weaknesses
EI - "Sell" ideas to others
Persuasive language
EI - Persuade others
Persuasive language
EI - Demonstrate negotiation skills
I want this
EI - Encourage team building
Clear expectations
EI - Explain the concept of leadership
The concept of leadership is to establish goals
EI - Determine personal vision
Personal vision is determined through goals
EI - Demonstrate adaptability
Adaptability is the ability to change with market or industry trends
EI - Develop an achievement orientation
Achievement orientation refers to how an individual interprets and reacts to tasks
EI - Enlist others in working toward a shared vision
Set the goal
EI - Act as a role model to fulfill the organization's standards/values
Be a role model
EI - Recognize/Reward others for their efforts and contributions
Make it personal
EI - Determine stakeholder expectations
Identify the stakeholders
EI - Establish strategic relationships with others
A strategic relationship is a relationship between two commercial enterprises
EI - Share best practices with key individuals and groups
Best practices are practices determined to be an effective and practicable for business operations
EI - Leverage business relationships
keep selling clients
EN - Describe the nature of entrepreneurship
Entrepreneurship is the development of a business from the ground up
EN - Explain the role requirements of entrepreneurs and owners
Entrepreneurs and owners should be good leaders and well-versed in business
EN - Describe small-business opportunities in international trade
Small businesses can use the globalization offered by the Internet to reach a wider audience to market and sell to.
EN - Explain the need for entrepreneurial discovery
The need for entrepreneurship discovery goes along with innovation. Entrepreneurship discovery increases the market competition
EN - Discuss entrepreneurial discovery processes
The process for entrepreneurial discovery is a learning process
EN - Assess global trends and opportunities for business ventures
This is when you look at day to day economic activity and see where there is opportunity or trends set by businessmen people. in the roleplay
EN - Determine opportunities for venture creation
Understand the opportunity space around an idea
EN - Assess opportunities for venture creation
SWOT analysis
EN - Generate venture ideas
innovation
EN - Determine feasibility of venture ideas
TMMD analysis: Time
EN - Describe entrepreneurial planning considerations
Identify a real opportunity
EN - Explain tools used by entrepreneurs for venture planning
PEST analysis
EN - Assess start-up requirements
Legal structure
EN - Assess risks associated with venture
Market timing risk
EN - Describe external resources useful to entrepreneurs during concept development
Small business administration
EN - Assess the need to use external resources for concept development
Solipsism - we cannot be
EN - Describe strategies to protect intellectual property
IPR's or intellectual property rights - direct to WIPO or CIPO Externally: -File patents - utility/material
EN - Use components of business plan to define venture idea
(PMMOOFIG. a. product/service plan b. management team f. marketing plan d. operational plane. organizational plan g. financial plan c. industry/market analysis h. growth plan
Connect with the identified demand in the case - then creative specific objectives and tactical steps to each one
EN - Describe processes used to acquire adequate financial resources for venture creation/start-up
Networking
EN - Select sources to finance venture creation/start-up
sources to finance venture creation/start-upChoose one:
Personal Investments - cash or collateral Patient capital - personal relations Venture capital - partners and investors Crowdfunding - ya know Business incubators - eg working with Google Grants and subsidies - (govt gives
EN - Explain factors to consider in determining a venture's human-resources needs
Identify specific timely growths - for management and venture team
Production - human labour and specific workers Management - entrepreneurs and continual overseers and owners Communications - or market
EN - Explain considerations in making the decision to hire staff
Review the position - what eligibilities
physical skills and experience
EN - Describe considerations in selecting capital resources
Def - a good material good to produce others
Productivity
Affordability
Ease of access
Sustainability What is right for our situation
EN - Identify capital resources needed for the venture
Do the thing - (material goods)
Def - goods made and used to produce other goods and services. Examples include buildings
EN - Assess the costs/benefits associated with resources
Do the thing - id
EN - Use external resources to supplement entrepreneur's expertise
Production facilities
EN - Explain the complexity of business operations
the condition of having several interdependent and interconnected stakeholders
EN - Evaluate risk-taking opportunities
Do the thing
EN - Explain the need for business systems and procedures
Emotional relationships - everyone is playing on preset and equal grounds Productivity - everyone has a baseline
EN - Describe the use of operating procedures
A standard operating procedure
EN - Explain methods/processes for organizing workflow
Identifying the ultimate outcome
Steps 2.Tasks and documents involved
Time and order
Specialization
EN - Develop and/or provide product/service
Make the thing.
Def - A material good
EN - Use creative problem-solving in business activities/decisions
Do the thing - identify
EN - Explain the impact of resource productivity on venture success
If resource productivity is high then higher chance for success
EN - Create processes for ongoing opportunity recognition
Benchmark - asses competition and good practices. External Help - Outsourcing. Specialization - Economics Venture team.
EN - Develop plan to invest resources into improving current products or creating new ones
Follow those and make an operations plan What productions are earning us the least per capita? Reuse those
EN - Adapt to changes in business environment
Do the thing - Def - Internal vs. external environment ID what has changed How can we adapt to it
EN - Explain the need for continuation planning
plans measures and arrangements
EN - Describe methods of venture harvesting
Harvesting is the final phase in the entrepreneurial value creation process
EN - Evaluate options for continued venture involvement
Do the thing
Mindset
EN - Develop exit strategies
Merger acquisition - merge company to another company (or being bought by a larger company)
IPO - allow shareholders to take control
FI - Obtain insurance coverage
do it
FI - Explain the concept of accounting
The concept of accounting is to understand the business finances
FI - Explain the nature of balance sheets
The nature of balance sheets are to clearly lay out the statement of assets
FI - Describe the nature of income statements
An income statement is a financial statement that reports a company's financial performance over a specific accounting period
FI - Prepare cash flow statements
Cash flow resulting from operating activities
FI - Explain the purposes and importance of obtaining business credit
The purpose of obtaining business credit is to secure lines of credit
FI - Analyze critical banking relationships
Relationship banking is a strategy used by banks to strengthen customer loyalty and provide a single point of service for a range of different products and services.
FI - Make critical decisions regarding acceptance of bank cards
Do the thing
bank cards are plastic cards issued by banks enabling customers to withdraw money at an automated teller machine. Anything from an ATM card to a debit card
FI - Determine financing needed for business operations
do the thing
angel investors
loans
FI - Identify risks associated with obtaining business credit
personal liability
FI - Explain sources of financial assistance
sources of financial assistance include crowdfunding
FI - Explain loan evaluation criteria used by lending institutions
minimum credit score of 640-750
FI - Complete loan application package
Personal/joint financial statement
FI - Describe the nature of cost/benefit analysis
The nature of cost/analysis is the process of analyzing the costs of a decision versus the benefits that would be derived