DECA - Entrepreneurship

Identify the basic torts relating to business enterprises

A tort is a wrongful act, whether intentional or unintentional, that results in injury to another party. Torts include assault, battery, fraud, slander, false imprisonment, and trespassing to private property. Business torts are civil wrongs committed by or against an organization. These involve harm done to a business's intangible assets, such as intellectual property or relationships with clients. Another type of tort is a breach of fiduciary duty. A fiduciary is a party who is charged with acting in the best interest of any party. If a fiduciary to a adversely to other party's best interest, a tort has occurred. Businesses that commit a tort can be taken to court and be sued.

Describe the nature of legally binding contracts

A contract is an agreement between 2 or more parties to do, or refrain from doing, some action. A contract must have 3 things: an offer, acceptance, and consideration. One party must make a clearly stated offer to another party. The offer must be accepted. Something of value must be promised in exchange for a specific action or non-action.

Describe methods used to protect intellectual property

Patents, trademarks, trade secrets, and copyrights

Describe legal issues affecting businesses

Disgruntled employees, discrimination/ harassment cases, immigration audits, copyright and patent issues, dissatisfied customers

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.

Explain the nature of workplace regulations

The nature of workplace regulations are to provide consistency in structure and guidelines of a company, and to make sure that each employee is protected, and the company is protected against lawsuits

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, as well as all contribute resources

Corporation: business organization that has separate legal personality from its owners. Often stocks and shareholders

Select form of business ownership

Sole proprietorship, partnership, corporation

Explain the nature of tax regulations on business

The nature of tax regulations, or treasury regulations, on business are to pick up where the tax laws leave off. There are several different types

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, it's necessary to have access to these reports so the public can find discrepancies among reports and the company can have transparency

Develop strategies for legal/government compliance

Establish, evaluate, study, authorize, train, involve, ensure

Prepare complex written reports

Ha good luck

Write proposals

Self-explanatory

Explain management's role in customer relations

Lead and motivate the team to ensure they're giving the best customer service possible, handle complaints and queries, and sort security issues

Identify a company's brand promise

market to the right people, attract the right employees, plan strategic direction, know the goals and go from there

Identify the impact of small business 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, inspres innovation. They are critical for economic growth and innovative capacity in many regions. Additionally, they add to job creation, economic growth and poverty reduction. Make sure to cite the entrepreneurship and regional development journal

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

Identify factors affecting a business's profit

Sales changes, material price changes, labour price changes, inventory method changes

Determine factors affecting business risk

Internal factors: employees, vendors, technological factors including information tech, physical equipment malfunctions, downtime and eventual obsolescence.

External factors: economy, natural causes, political factors

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

Determine the relationship between government and business

In a planned economy or market economy, government holds control of shaping the business activities of a country. In most developed countries they use a variation of Keynes's policies, allowing a large degree of private business while maintaining strict regulation of certain aspects of the economy through the government. Today's relationship between government and business is neither lassez faire, nor socialist, but rather a combination of both, creating a mixed economy.

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.

Describe the concept of economies of scale

Economies of scale refer to reduced costs per unit that arise from increased total output of a product.

Exhibit cultural sensitivity

Don't do any offensive stuff to ppl, self explanatory

Leverage personality types in business situations

Introverts: prefer to have time to think about thier ideas, they need solitude and time to recharge after socializing. They can run out of energy quickly when put in group situations for too long.

Extroverts: prefer to generate ideas in a group setting and feel most energized during back and forth communication. They easily become bored when they cannot actively participate in a conversation.

Sensing: facts and figures win out over ideas and theories. Intuitive: They like to figure out how things work, and figure out how things are interrelated, and like to think about the future.

Adapt management style to the personality type of others

Know the strengths and weaknesses, as well as needs and wants of each personality type in business

Sell ideas to others

Persuasive language, close the deal

Persuade others

same as sell ideas to others, be personal

Demonstrate negotiation skills

I want this, you want that, lets do thas (mix of this and that)

Encourage team building

Clear expectations, context, commitment, control, collaboration, communication, consequences, coordination, culture change

Explain the concept of leadership

The concept of leadership is to establish goals, values, and concepts that make up the organization's personality or how the organization is observed by both outsiders and insiders

Types of leadership: Authoritarian - strictly professional, direct supervision

Paternalistic - father figure, more personal

Democratic - social equality

Laissez Faire - workers have all power

Transactional - system of rewards/punishments

Transformational - leads change and initiative

Determine personal vision

Personal vision is determined through goals

Demonstrate adaptability

Adaptability is the ability to change with market or industry trends, and adjust goals and visions off of market predictions.

Develop an achievement orientation

Achievement orientation refers to how an individual interprets and reacts to tasks, resulting in different patterns of cognition, affect, and behaviour. It refers to an individual's ability to set measurable self-improvement goals.

Enlist others in working toward a shared vision

Set the goal, establish steps to work towards it, communicate and motivate

Act as a role model to fulfill the organization's standards

Just be a role model

Recognize/Reward others for their efforts and contributions

Make it personal, provide opportunities, magnify recognition, offer beyond the call of duty perks, motivate through financial incentives, facilitate peer-to-peer recognition.

Determine stakeholder expectations

Identify the stakeholders, identify the preferred mode of communication, keep stakeholders engaged throughout the process, accurately map expectations, classify the level of communication for each stakeholder, identify which stakeholders will be advocates, engage the stakeholders in decision making, make sure the manner in which the project is accomplished is positive even when negatives occur

Establish strategic relationships with others

A strategic relationship is a relationship between two commercial enterprises, usually formalized by one or more business contracts. They usually fall short of a legal partnership entity, agency, or corporate affiliate relationship

Share best practices with key individuals and groups

Best practices are practices determined to be an effective and practicable for business operations

Leverage business relationships

keep selling clients, talk on a regular basis, send them notes, ask for introductions, take the initiative

Describe the nature of entrepreneurship

Entrepreneurship is the development of a business from the ground up, including coming up with an idea and turning it into a profitable business

Explain the role requirements of entrepreneurs and owners

Entrepreneurs and owners should be good leaders and well-versed in business.

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.

Explain the need for entrepreneurial discovery

The need for entrepreneurship discovery goes along with innovation. Entrepreneurship discovery increases the market competition, inspires more innovation, leads to industrial progress, and increases jobs and production.

Discuss entrepreneurial discovery processes

The process for entrepreneurial discovery is a learning process, it's a vision about opportunities in existing or emerging sectors

Assess global trends and opportunities for business ventures

In the roleplay

Determine opportunities for venture creation

Understand the opportunity space around an idea, find an idea in an attractive and fast growing opportunity space

Assess opportunities for venture creation

SWOT analysis, Ansoff matrix, pricing matrix, boston matrix

Generate venture ideas

Boat cleaning, expert witness service, import/export service, solar energy, drones, personal concierge

Determine feasibility of venture ideas

TMMD analysis: Time, money, market, determination

Describe entrepreneurial planning considerations

Identify a real opportunity, create a plan to address that opportunity, forecast, funding, marketing, feasibility

Explain tools used by entrepreneurs for venture planning

PEST analysis, SWOT analysis, 7S model:strategy, structure, systems, style, shared values, staff and skills

Assess start up requirements

Legal structure, business plan, federal employer identification number, company bank account, lease or buy office space, obtain licenses and permits, hire employees, set up an accounting and record keeping system

Assess risks associated with venture

Market timing risk, market adoption risk, market size risk, execution risk, technology risk, business model risk, platform risk, venture leadership risk, financial risk, defensibility risk

Describe external resources useful to entrepreneurs during concept development

Small business administration, Due: online invoicing and digital payments platform, international franchise association, U.S Patent and Trademark office, VentureBeat

Research - indirect and direct

Indirect - looking at trends of similar products, reviews on where they went wrong or right, success by past comparison.

Direct - speaking to / questioning markets for their satisfactions in the past - correlate to case

Assess the need to use external resources for concept development

Solipsism - we cannot be, as a business, trapped within what we believe our own needs are,we can never understand fully the meaning, but we can attempt to curate a business model that as closely represents a fulfilling concept as possible

Describe strategies to protect intellectual property

IPR's or intellectual property rights - direct to WIPO or CIPO

Externally:

-File patents - utility/material, design/material, plant

-Trademarks - distinguishing design or logo

-Copyrights - original works of authorship

-Trade secrets - formula, process, algorithm

Internally:

-Non-disclosure agreements

-Educate all team members on confidential information

-Hire an attorney

Use components of business plan to define venture idea

(PMMOOFIG.

a. product/service plan

b. management team

f. marketing plan

d. operational plan

e. 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

Describe processes used to acquire adequate financial resources for venture creation/ startup

Networking, Finding public sector contract possibilities, writing RFP's or request for proposals and eliciting bids and accepting and networking with potential investors.

Select sources to finance venture creation/startup

sources to finance venture creation/start-up

Choose 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, no need to repay

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, people that we speak and gather information from or sell to

Partners - organizations or people that we work with

Affordability - Can we promise workers enough return on investment?

Readiness - can we get all hr where and when we are?

Explain considerations in making the decision to hire staff

Review the position - what eligibilities

- physical skills and experience,

- mindset and method of working with the team

- communication skills

- of course, written materials, references, works apples, documentation

- bring the veterans or females under Canadian employment equity - dept of labour

Describe considerations in selecting capital resourcecs

Def - a good material good to produce others

- Productivity

- Affordability

- Ease of access

- Sustainability

What is right for our situation

Identify capital resources needed for venture

Do the thing - (material goods)

Def - goods made and used to produce other goods and services. Examples include buildings, machinery, tools and equipment. Capital resources help improve productivity

Assess the costs/benefits associated with resources

Do the thing - id , human, natural, market, time, capitol

Use external resources to supplement entrepreneur's expertise

Production facilities, manufacturers, anyone who can fill in for the entrepreneur's subjects lacking in expertise

Explain the complexity of business operations

Def - the condition of having several interdependent and interconnected stakeholders, information technology systems and organizational structures

so.. stakeholders, infrastructures, and tech

Evaluate risk-taking opportunities

Do the thing, provide a risque option, then explain surprising feasibility

Explain the need for business systems and procedures

Emotional relationships - everyone is playing on preset and equal grounds

Productivity - everyone has a baseline

Describe the use of operating procedures

A standard operating procedure, or SOP, is a set of step-by-step instructions compiled by an organization to help workers carry out complex routine operations. They provide the baseline and make sure that all regulations are met

Explain methods/processes for organizing workflow

Identifying the ultimate outcome

1. Steps

2.Tasks and documents involved

3. Time and order

4. Specialization

Develop and or provide product/service

Make the thing.

Def - A material good, or immaterial service that can be offered and in trade made money off of

Use creative problem-solving in business activities and decisions

Do the thing - identify, multiple solutions, diverse vote, detailed plan

or

emergency politics

or

enlighten them good luck

Explain the impact of resource productivity on venture success

If resource productivity is high then higher chance for success, if low then lower chance for success: self explanatory

Create processes for ongoing opportunity recognition

Benchmark - asses competition and good practices.

External Help - Outsourcing.

Specialization - Economics Venture team.

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

Adapt to changes in business environment

Do the thing -

Def - Internal vs. external environment

ID what has changed

How can we adapt to it

Explain the need for continuation planning

(BCp's - plans measures and arrangements, id'ing of resources

- for accidents, distruptuons, resource failures/depletions, cyber attacks,

- more efficiency

Describe methods of venture harvesting

Harvesting is the final phase in the entrepreneurial value creation process, which includes building, growing, and harvesting. Harvesting is the process entrepreneurs and investors use to exit a business and liquidate their investment in a firm.

(see exit strategies)

Evaluate options for continued venture involvement

Do the thing

1. Mindset, always keep all members remembering it as though we are a sparky startup

2. Officialized team

3. Weekly idea flow rituals

Follow and give your other directions with the case

Develop exit strategies

Merger acquisition - merge company to another company (or being bought by a larger company)

IPO - allow shareholders to take control, while extracting the monetary worth of your company (both this and merger acquisition are better than liquidation- sells at higher cost)

Passing on/selling to select individuals

FULL liquidation of company - sell at depreciated face value

Obtain insurance coverage

Do it

Explain the concept of accounting

The concept of accounting is to understand the business finances, know the revenues and costs in order to properly address them

Explain the nature of balance sheets

The nature of balance sheets are to clearly lay out the statement of assets, liabilities, and capital of a business

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

Prepare cash flow statements

Cash flow resulting from operating activities, cash flow resulting from investing activities, cash flow resulting from financing activities, disclosure of non-cash financing activities

Explain the purposes and importance of obtaining business credit

The purpose of obtaining business credit is to secure lines of credit, lease equipment, finance a company vehicle, and obtain business loans and credit cards without putting personal credit at risk. It is important because it gives unique financial advantages in the market place

Analyze critical banking relationships

Do the thing

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

Determine financing needed for business operations

do the thing;

angel investors, loans, grants, crowdfunding, personal investment, stocks

Identify risks associated with obtaining business credit

personal liability, credit bureau reporting, CARD act protections are limited: risk-based repricing, still liable for employee cards, APRs are not low

APRs are interest rates

Explain sources of financial assistance

sources of financial assistance include crowdfunding, angel investors, bank loans, government grants, personal financing, stocks/shareholders

Explain loan evaluation criteria used by lending institutions

minimum credit score of 640-750, maximum debt:income of up to 45%, interest rate of 8.5-18.0%

Complete loan application package

Personal/joint financial statement, personal/household monthly living expenses form, business information and debt, signed and dated version of the original and final Form 1003

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

Determine relationships among total revenue, marginal revenue, output, and profit

Total revenue is total sales, marginal is what is the per unit sale so how much we make per unit or per additional sale, output is total production and profit is our green sales

Develop company's/department's budget

Do the thing

Forecast sales

Do the thing

Calculate financial ratios

quick ratio= cash+cashequivalents+short-term investments+ current receivables/ current liabilities

Current ratio/ working

capital ratio=current assets/current liabilities

Debt to equity ratio= total liabilities/total equity

Equity ratio: total equity/total assets

Debt ratio= total liabilities/total assets

Asset turnover ratio= net sales/ average total assets

Inventory ratio= COGS/average inventory

Gross margin ratio=gross margin/net sales

Profit margin ratio= net income/net sales

Return on assets ratio= net income/ average total assets

Return on capital employed= net operating profit/ employed capital

Return on equity= net income/ shareholder's equity

Price earnings Ratio= market value price per share/ earnings per share

Dividend payout ratio= total dividends/net income

Debt service coverage ratio= operating income/total debt service costs