Term
| What size of buisness is considered a small buisness |
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Definition
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Term
What happens to entrepreneurs quality of life when they start up a buisness.
(5-6 days a week for 12 hours) |
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Definition
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Term
| Historical dead lines for survival rate of buisnesses |
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Definition
1 year: 81%
2 year: 65%
5 year:40%
10 year: 25% |
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Term
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Definition
Contacting client about something
*"turning over" |
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Term
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Definition
| Small Business Innovation Research |
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Term
| Can you learn the entrepreneurship process? |
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Definition
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Term
| New company, where do you go to raise money? |
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Definition
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Term
| Schumpeterian's Entrepreneurship Process Deffintion |
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Definition
| An entrepreneur is the person who destroys the existing economic order by introducing new products and services, by introducing new methods of production, by creating new forms of organization, or by exploiting new raw materials |
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Term
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Definition
| someone who perceives an opportunity and builds an organization to pursue that opportunity. |
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Term
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Definition
Started Waste managment
-Right place at right time
*Success comes from surrounding himself by the right people |
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Term
| 2 types of Start up capital are... |
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Definition
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Term
| Being thrifty in Buisness |
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Definition
| Use used equipment for cheaper |
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Term
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Definition
Founder of McDonalds
-57 years old |
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Term
| What is the average net profit margin for the US |
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Definition
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Term
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Definition
more cash than needed top sustain operations and purchase asserts to keep the company on its growth trajectory.
(Good) |
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Term
| Entrepreneurs and Small businesses should.. |
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Definition
*stay focused
-make sure company and products are meeting expectations |
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Term
| What year will 25% of the US be Hispanic? |
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Definition
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Term
| 3 Categories of customers |
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Definition
-(PTA) Primary target audience
-(STA) Secondary target audience
-(TTA) Tertiary target audience |
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Term
| (PTA) Primary target audience |
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Definition
During investigation stage main focus on PTA
-main audience that will purchase product |
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Term
| (STA) Secondary target audience |
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Definition
Crucial during growth time.
-Little attention during launch stage |
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Term
| (TTA) Tertiary target audience |
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Definition
Only concern when company is big
-no attention during investigation stage |
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Term
| Is a person or Buisness ever perfect? |
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Definition
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Term
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Definition
-No idea that would give significant lead over competitors.
-Operate "under the radar" |
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Term
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Definition
Change in price: Demand Does down
(Not flexible price)
Ex: Candy bar |
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Term
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Definition
Change in price: little or no drop in demand
(flexiable price people will still buy)
(Ex: Gas) |
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Term
| Does any entity have no revenue? |
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Definition
No. they use other words to represent revenue.
(Ex: Donations, Tithing) |
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Term
| How to increase Gross margin |
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Definition
1. Raise Revenue (Raise Price)
2. Lower COGS (Lower Production cost) |
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Term
| Downside of taking Business Global |
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Definition
-A lot harder to do business over seas
-Higher Risk (Political, Economic)
-Different Entities (Government, Mafia)
-Cost Money |
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Term
| How to Reduce Risk when having a Global |
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Definition
(Gradual Globals)
-Initial expantion, enter contries similar to your market
-Enter markets in stages, not all at once
-Use process that require lower cost and commitment (Exporting) |
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Term
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Definition
Allows business to handle key attributes of there products
-Responsibility of manufacturing given to a subcontractor |
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Term
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Definition
-Create a Brand
-Recognize your product globally
(Ex: Nike Swoosh) |
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Term
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Definition
-Product
-Price
-Place
-Promotion |
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Term
| Main Functions/Responsibilities of Marketing in a Company |
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Definition
| an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stake holders |
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Term
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Definition
non-traditional, grassroots, and captivating – that gain consumers’ attention and build awareness of the company.
(Word of Mouth or the Buzz) |
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Term
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Definition
effect of brand awareness and brand image on customer response to the brand.
(Can be positive or negative)
-People recognize brands
(Ex. Nike) |
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Term
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Definition
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Term
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Definition
Boston Area Denim Jean Store
-Saw operatically and took it
-Help from Family (Money and Work) |
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Term
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Definition
Sea Horse Power Company
Product- BigBelly
-Robust trash Compactor
Called customers to see what they like
-Had all employess have something on the line for the company
-all have "skin in the Company" |
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Term
| 3 Things that allowed the Internet to Grow |
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Definition
-Digital technology
-Information Technology
-Entrepreneruship |
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Term
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Definition
1. The Opportunity
2 The Lead Entrepreneur and Management team
3. The Resorces |
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Term
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Definition
Baby Boomers
Personal Computing
Obesity
Dual Income Households |
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Term
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Definition
-First into market
*Usually never the leader in the end |
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