Midterm Exam Review Sheet 20th edition (1)

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Midterm Exam Review Sheet – 20 th edition Updated 11-14-22 SRH Lauralee Conklin Dr Turner Entrepreneurship GEB1112 1. The size of a small business according to the SBA - textbook definition (p. 4) Fewer than 500 employees 2. Reasons people become entrepreneurs or are enticed into an entrepreneurial lifestyle (pp. 15-18) Personal Fulfillment, personal satisfaction, independence, financial rewards 3. Social entrepreneur (pp. 48-49) is called the “Triple Bottom Line.” People, profits and the planet. 4. Definition of a startup (p. 56): A company in the first stages of operations. Startups are founded by one or more entrepreneurs who want to develop a product or service for which they believe there is demand. 5. Ideas for new startups (p. 62) Prior work exp., personal interest/hobby, chance happening, suggestions, education/courses/family business, friends/relatives, other. 6. Questions about competitors in a business plan (p. 70, ‘The Competitive Environment’ a study by William Sahlman) a) Who would be the venture's current competitor b) What unique resources do they control? c) What are their strengths and weaknesses d) How will they respond to the new ventures decision to enter the industry e) How can the new venturer respond? f) Who else might see and exploit this industry g) Are there ways to co-opt potential or actual competitors by forming alliences? 7. Investment costs of franchising (p. 98) a) Initial franchise fee b) Investment costs c) Royalty payments d) Advertising fees 8. Items covered in the new Franchise Disclosure Document - FDD (p. 102) a) Provision relating to termination and transfer of contract b) Rights to sell the franchise to the third party c) Control controlled by the franchiser through a franchise contract 9. What are the most important features of the franchise contract? (p. 102)

Midterm Exam Review Sheet – 20 th edition Updated 11-14-22 SRH Lauralee Conklin Dr Turner Entrepreneurship GEB1112 Both federal and state laws regulate the offer and sale of a franchise. 10. Important to remember when writing a business plan (p. 146) The business plan provides a framework for the entrepreneur and management team to focus on important issues and activities in executing the plan. 11. Components of a marketing plan. (p. 152) a) Methods of identifying and attracting customers b) Credit and pricing strategies c) The selling approach d) The type of sales force e) Distribution channels 12. Sections of the marketing plan (pp. 167-180 – which section is most detailed?) Marketing Strategy seems to be the most detailed, with Matching Value Proposition to customer segments running neck to neck. They both have excessive details. 13. Definition of Marketing Research (p.175) The systematic and objective identification, collection, analysis, dissemination and use of information to assist management in decision-making related to identifying and solving problems and opportunities in marketing. 14. Value propositions (p. 176) include various features that customers value and are willing to pay for. They should be: difficult to imitate so they can be a source of differentiation, satisfy financial and strategic firm objectives, and deliverable using the firm's supply chain capabilities. 15. Definition of a market (p. 173) A) A market must have buying units or customers. These units may be individuals or business entities. B) Customers in a market must have purchasing power. Those who lack money and or credit do not constitute a viable market because no transactions can occur. C) A market must contain buying units with unsatisfied needs. Customers for instance, will not buy unless they are motivated to do so-and motivation can occur only when a customer recognizes their unsatisfied needs.

Midterm Exam Review Sheet – 20 th edition Updated 11-14-22 SRH Lauralee Conklin Dr Turner Entrepreneurship GEB1112 16. Legal forms of organization (pp. 202-204) Sole Proprietorship, Partnership, Corporation 17. How a corporation is chartered. (p. 197) Corporate Charter; is a document filed with the Secretary of State or registrar to establish a company as a corporation. The corporate charter must detail the company's governance, structure, objectives, operations, and other major details. 18. Identify the different types of partnerships (pp. 199) General partnership (GP), limited partnership (LP) and limited liability partnership (LLP), and in some states, a limited liability limited partnership (LLLP) 19. Critical factor(s) in evaluating specific sites for a new retail business (p. 221) Customer accessibility, business environment, site availability and costs, resource availability, entrepreneur's personal preference 20. Know how customers are identified in the B2B model (p. 235) Business-to-business (B2B), consumer -to- business (C2B), business-to- consumer (B2C), consumer to consumer (C2C) 21. Describe a Business Incubator (pp. 221) A business incubator is a facility that rents space to businesses or to people wishing to start businesses. 22. Review the types of equipment involved with designing a facility (p.228) Is the business going to buy or lease equipment? Machines can include General-purpose equipment with minimal investment or special-purpose equipment. 23. Operating a home-based business (pp. 232-233) Relates to financial and family considerations such as getting a business up and running quickly and cheaply with little risk. To do something you love and get paid to do it. To be your boss & reap the rewards from your efforts To have the flexibility to spend more time with family & friends To save time and money wasted on commutes 24. Depreciation of assets (259)

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Midterm Exam Review Sheet – 20 th edition Updated 11-14-22 SRH Lauralee Conklin Dr Turner Entrepreneurship GEB1112 Most fixed assets are depreciable assets. They wear out and become obsolete over time. Each year the fixed assets are depreciated over their useful life. 25. Identifying the components of owner’s equity capital (p. 259) Owners equity equals the owner's investment plus Cumulative profits minus Cumulative dividends paid to owners. Cumulative profits minus cumulative dividends paid to owners are labeled as Earnings within the business.

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