Term
| What is the role of the importance of the entrepreneur to the team? and visversa? |
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Definition
grow beyond self employment (do more with others than alone)
Entrepenurship is a team sport |
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Term
| Myers Briggs Personality Test |
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Definition
measures psychological preferences in how people perceive the world and make decisions.
(Human resource departments use this to help identify jobs where people would be most comfortable and effective) |
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Term
| When every you market/advertise/anything who is the focus? |
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Definition
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Term
| What will raise your probability of financial estimates? |
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Definition
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Term
| What is the 1st part and the last part of the Buisness plan? |
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Definition
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Term
| What to do after rough draft of Execuative summary? |
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Definition
| Break it up into sections, go through it,and tweek it |
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Term
| What is the best way to Price your product? |
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Definition
Market Reseach
(Go into the Market) |
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Term
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Definition
A way of bringing products to market so that they can be purchased by consumers.
Direct- Sold Straight to customer
Indirect- Sold to retailer |
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Term
| Types of sales channeling |
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Definition
Exclusive: 1 store has the rights to sell a product (Luxury products)
Intensive: Sold everywhere, multiple channels (Ex:POP sold in stores, vending machines etc.)
Selective: Selling to specialty stores, but not main stream retailers. (Geographic distribution) |
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Term
| When presenting idea/product you must |
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Definition
| understand EVERYTHING around the product and must me PASSIONATE |
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Term
| Operating Expense vs. Capital Expense |
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Definition
Operating expense- ongoing expenses (repairs, refills, restocking)
Capital Expense- Purchasing something that will benefit you in the future (New Machinary, new technology) |
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Term
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Definition
| Assets = Liabilities + Owners Equity |
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Term
| Proforma Financial Statement estimates what? |
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Definition
| Revenue, Profit and cash flows of company |
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Term
| Nike Swoosh is an example of what? |
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Definition
Tradmark
(It differentiates the product from other products) |
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Term
| How did Coca Cola protect its recipe? |
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Definition
| TRADE SECRETS (protects property) |
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Term
There are many ways to product or trademark in public audience
Example? |
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Definition
| Exibition (public evidence it is yours) |
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Term
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Definition
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Term
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Definition
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Term
| 1 reason to produce income statement is too.. |
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Definition
Compare to competators.
-see differences-->Take quick actions |
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Term
| In business there is ALWAYS.. |
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Definition
COMPETITION
Direct- Coke vs pepsi
Indirect- movie vs ice cream |
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Term
| What is the best way to build a budget or forecast? |
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Definition
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Term
| Must have on feasibility report |
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Definition
| CATCH POINTS (Subheadings) |
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Term
| When projecting cash flows you must understand |
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Definition
| The difference between Cash sale and Credit sales (Accounts Receivable) |
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Term
| #32 What is the standard term for most business plans? |
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Definition
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Term
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Definition
Creations or ideas you created
(Ex: Patents, Trade secrets, Trademarks, and copyrights) |
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Term
| Trademarks, patents, etc. can be.. |
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Definition
equally important to different companies
(Ex: Coke recipe and Nike swoosh) |
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Term
| Most important asset in a company is.. |
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Definition
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Term
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Definition
| The excess amount of cash a company generates in a year after covering operations and beginning purchases |
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Term
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Definition
Investors, customes, suppliers, employees and creditors.
All must understand importance of the company, and have a positive impact. |
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Term
| 2 Basic things to becoming a successful entrepreneur |
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Definition
1. Opportunity recognition
2. Execution of opportunity |
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Term
| All stake holders will be a reader of |
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Definition
| The Business Plan and Feasibility Study |
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Term
| 3 Primary Financial Statements |
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Definition
1. Balance Sheet (assets, liabilities,equity)
2. Income statement (Revenue)
3. Statement of Cash flows (Cash only) |
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Term
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Definition
| Surround yourself with good people |
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Term
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Definition
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Term
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Definition
Operational: Internal use (80+ pages)
Formal: External use (25-40 pages)
Expanded Executive summary: Intrested stake holders (7-10 pages) |
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Term
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Definition
| Information gathered from already published sources like an industry association study or census reports. Require less time and money then primary data. |
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Term
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Definition
| Information marketers collect specifically for a particular purpose through focus groups, surveys or experiments. |
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