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What is an entrepreneur responsible for?
An entrepreneur is responsible for their business success.
What does a 'green company' aim to do?
A 'green company' aims at protecting the environment.
What is a Dot-com company?
A company that runs most of its business from the Internet.
How do entrepreneurs typically work compared to employees?
Entrepreneurs typically work longer hours than employees.
What does a mentor do?
Gives guidance, suggestions for achieving goals, and tutoring.
What can profitable entrepreneurs do with their earnings?
Offer more products, invest in other businesses, or donate profits to benefit society.
What controls production and price in a market economic system?
Suppliers and consumers control production and price of goods.
What is the economic system of the United States?
Market.
When there are not enough goods to meet the demand, is there a surplus?
No.
What is the unit of sale for a company that manufactures T-shirts?
One T-shirt.
What activities take place within the global economy?
Importing and exporting.
What is the foreign exchange rate?
The value of one currency in relation to another currency.
What are potential obstacles for entrepreneurs in international trade?
Tariffs, cultural differences, and trade barriers.
What is exporting?
The business activity in which goods or services are sent from a country and sold to foreign consumers.
What type of business is auto repair?
Service.
What is an example of a business that requires licensing?
Daycare providers, engineers, doctors.
What type of business is McDonald's?
Franchise.
What kind of business sells goods directly to consumers on the Internet?
Retailing.
In a sole proprietorship, how many people are responsible for the business?
One.
What type of business ownership has double taxation?
C-Corporation.
What are some disadvantages of a general partnership?
Profit is split; partners share responsibility for business actions; disagreements on policies.
Which type of business is tied to the life span of its owners?
Limited Partnership.
What does limited liability mean for business owners?
They only risk the money specifically invested in the business.
How do cooperatives share their earnings?
As dividends.
What is a paper trail?
Written communication that can serve as legal backup.
What kind of documents can use a word-processing template?
Fax cover sheet, letter, and memo.
Why are cell phones not recommended for conference calls?
Because of clarity and communication issues.
What does active listening involve?
Focusing on the speaker and giving feedback.
What is the difference between a memo and a letter?
A memo is for internal communication; a letter is for external communication.
What should you do if you can't meet your commitment after a negotiation?
Accept responsibility and try to correct the issue.
What questions should you ask to clarify your negotiating goals?
What sacrifices are you willing to make? What if you can’t reach an agreement? What are your needs and wants?
Where can negotiations take place?
Over the phone, by instant messaging, or by e-mail.
What should you do if the other party cannot meet the agreed-on commitment?
Accommodate the other party if possible.
What is more important in a negotiation, needs or wants?
Needs.
What is a concession in a negotiation?
Something you're willing to give up.
What is a good planning strategy for negotiation?
Put your points in writing.
What protects a musical work when created?
Copyright.
What protects a device or process?
Patent.
What can legally protect a brand name?
Trademark.
What risk does a retailer run when receiving gifts from a supplier?
Conflict of interest.
When is transparency practiced in a business?
When employees know how their retirement fund is being invested.
What is a whistleblower?
Someone who reports alleged dishonest or illegal activities.
What is an example of social media?
A blog.
What is an ethical concern for entrepreneurs?
Confidentiality.
When must an inventor be compensated?
When a patented invention is used in a new product unless in public domain.
What exists when personal and professional obligations interfere with each other?
Conflict of interest.
What does copyright protect?
Works published on the Internet.
What measures the amount of carbon used by a person or business?
Carbon footprint.
What is greenwashing?
The practice of overstating commitment to environmental responsibility.
What does corporate social responsibility balance?
The good of society with profit and growth.
What is an example of sponsorship?
A company putting its logo on the uniforms of a sports team.
What is an Executive Summary?
A one- or two-page report describing the business plan's highlights.
What type of business plan focuses on mission and services?
Non-Profit.
What kind of agreement should a manufacturer sign when discussing a product idea?
Non-Disclosure.
What is a window of opportunity?
The time period for acting on a business opportunity before it is lost.
What is a business broker?
Someone licensed to sell businesses.
What does calculated risk involve?
Careful consideration of potential costs and benefits of an idea.
What is a SWOT analysis?
A strategic planning method.
What is the first step before performing market research?
Identify your target market.
What can a target market be based on?
Buying patterns; it can represent a limited customer base and include more than one market segment.
What needs to be researched to understand a particular market?
Individual consumers or businesses; the business environment; the competition.
What are psychographics?
Facts about consumers that relate to their beliefs, lifestyle, and personal preferences.
Who do potential customers in a market include?
People or businesses.
When should market research be done?
Before and after starting a new business.
What do demographics include?
Age, marital status, and education.
What information does secondary data include?
Information gathered by U.S. federal and state governments.
How do you analyze market research data?
Compare strengths and weaknesses; compare competitors’ characteristics; identify potential differentiators.
What do you want to know to determine your competitive advantage?
What competitors charge for products, what products they carry, and the type of customer service they offer.
What is a way to gather competitive intelligence?
Posing as a customer at a competitor's place of business.
What is bundling in pricing strategy?
Combining the price of several products into one price.
What is demand-based pricing?
A pricing strategy focusing on how much customers are willing to pay.
What is an exclusive type of distribution?
Giving an authorized dealer the sole rights to sell a product.
What does a marketing plan include?
Marketing goals and strategies for reaching them.
What does promotion refer to?
The process used to influence potential customers to buy a product.
What is a premium in marketing?
A free gift with a company's name printed on it.
What is a contest in marketing?
A form of publicity that creates excitement about a product.
What is direct mail?
A form of one-on-one communication.
