Studied by 1 personBL - Describe methods used to protect intellectual property
Intellectual property is creative work created by you. Ways to protect your intellectual property include: copyrights,patent,trademark,trade secret, and licensing
BL - Describe legal issues affecting businesses
Disgruntled employees,discrimination, harassment, immigration audits, copy rights and patent issues
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, as well as all contribute resources Corporation: business organization that has separate legal personality from its owners. Often stocks and shareholders
BL - Select form of business ownership
Sole proprietorship, partnership, corporation
BL - 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
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, it's necessary to have access to these reports so the public can find discrepancies among reports and the company can have transparency
BL - Develop strategies for legal/government compliance
Establish, evaluate, study, authorize, train, involve, ensure
CO - Prepare complex written reports
gather relevant data, have intro, executive summary, include charts/graphs/tables, edit & revise
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, handle complaints and queries, and sort security issues
CR - Identify company's brand promise
market to the right people, attract the right employees, plan strategic direction, know the goals and go from there
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, inspires 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
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, material price changes, labor price changes, inventory method changes
EC - 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
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, 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.
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, avoid and overcome stereotypes, don't do bad stuff to people
EI - Leverage personality types in business situations
Introverts: prefer to have time to think about their 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.
EI - 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
EI - "Sell" ideas to others
Persuasive language, close the deal, marketing
EI - Persuade others
Persuasive language, close the deal, marketing, be personal
EI - Demonstrate negotiation skills
I want this, you want that, lets do this (mix of this and that), come to an agreement
EI - Encourage team building
Clear expectations, context, commitment, control, collaboration, communication, consequences, coordination, culture change
EI - 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
EI - Determine personal vision
Personal vision is determined through goals
EI - Demonstrate adaptability
Adaptability is the ability to change with market or industry trends, and adjust goals and visions off of market predictions.
EI - Develop an achievement orientation
Achievement orientation refers to how an individual interprets and reacts to tasks, resulting in different patterns of cognition, affect, and behavior. It refers to an individual's ability to set measurable self-improvement goals.
EI - Enlist others in working toward a shared vision
Set the goal, establish steps to work towards it, communicate and motivate
EI - Act as a role model to fulfill the organization's standards/values
Be a role model, follow standards/values
EI - 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.
EI - 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
EI - 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
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, talk on a regular basis, send them notes, ask for introductions, take the initiative
EN - 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
EN - Explain the role requirements of entrepreneurs and owners
Entrepreneurs and owners should be good leaders and well-versed in business, willing to take risks
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, inspires more innovation, leads to industrial progress, and increases jobs and production.
EN - Discuss entrepreneurial discovery processes
The process for entrepreneurial discovery is a learning process, it's a vision about opportunities in existing or emerging sectors
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, find an idea in an attractive and fast growing opportunity space
EN - Assess opportunities for venture creation
SWOT analysis, turn new idea/product into a business, look at competition
EN - Generate venture ideas
innovation, new ideas for a business
EN - Determine feasibility of venture ideas
TMMD analysis: Time, money, market, determination
EN - Describe entrepreneurial planning considerations
Identify a real opportunity, create a plan to address that opportunity, forecast, funding, marketing, feasibility
EN - Explain tools used by entrepreneurs for venture planning
PEST analysis, SWOT analysis, 7S model:strategy, structure, systems, style, shared values, staff and skills
EN - 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
EN - 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
EN - 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
EN - 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
EN - 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
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, Finding public sector contract possibilities, writing RFP's or request for proposals and eliciting bids and accepting and networking with potential investors.
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, no need to repay
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, 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?
EN - 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,
written materials, references, works apples, documentation
bring the veterans or females under American employment equity - dept of labour
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, machinery, tools and equipment. Capital resources help improve productivity
EN - Assess the costs/benefits associated with resources
Do the thing - id , human, natural, market, time, capitol
EN - Use external resources to supplement entrepreneur's expertise
Production facilities, manufacturers, anyone who can fill in for the entrepreneur's subjects lacking in expertise
EN - Explain the complexity of business operations
the condition of having several interdependent and interconnected stakeholders, information technology systems and organizational structures
stakeholders, infrastructures, and tech
EN - Evaluate risk-taking opportunities
Do the thing, provide a risque option, then explain surprising feasibility
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, 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
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, or immaterial service that can be offered and in trade made money off of
EN - Use creative problem-solving in business activities/decisions
Do the thing - identify, multiple solutions, diverse vote, detailed plan
emergency politics
enlighten judges
EN - 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
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, dividing of resource
for accidents, disruptions, resource failures/depletions, cyber attacks,- more efficiency
EN - 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.
EN - Evaluate options for continued venture involvement
Do the thing
Mindset, always keep all members remembering it as though we are a sparky startup
Officialized team
Weekly idea flow rituals
Follow and give your other directions with the case
EN - 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
FI - Obtain insurance coverage
do it, compare different insurances to get the best one
FI - 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
FI - 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
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, cash flow resulting from investing activities, cash flow resulting from financing activities, disclosure of non-cash financing activities
FI - 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
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, grants, crowdfunding, personal investment, stocks
FI - 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
FI - Explain sources of financial assistance
sources of financial assistance include crowdfunding, angel investors, bank loans, government grants, personal financing, stocks/shareholders
FI - 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%
FI - 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
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
FI - 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
FI - Develop company's/department's budget
set overall company goals
decide if management controls budget or finance department
budget should be completed/analyzed monthly
create objectives to track goals
develop strategies that direct company's resources to achieve goals
create action plans to implement strategies
forecast final projections for expenses/revenue based on goals, objectives, and strategies
FI - Forecast sales
Explanation should include the purposes/uses of sales forecasts and a description of how sales are projected.
just like budget, but based on goals, current sales, promotions, deals
FI - Calculate financial ratios
quick ratio= cash+ cashequivalents+ short-term investments+ current receivables/ current liabilities
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
Note
Flashcard