gmetrix - Entrepreneurship & Small Business v.2 - U.S. Study Guide What is entrepreneurship? - Correct Answers ✅Setting up a business with the aim to make a profit In general, which two characteristics define a "small" business? - Correct Answers ✅Fewer than 1500 employees Less than $35.5 million in revenue You need to create a legal structure for your small business.You would like some of the benefits enjoyed by large corporations, but do not want to be taxed twice. You have four partners who will be shareholders. None of you plan to sell your ownership shares to the public, but do want to be protevted from business liabilities.Which legal structure should you set up for your business? - Correct Answers ✅S-Corporation Business life cycle - Correct Answers ✅Existence - Stage 1 Survival of the Fittest - Stage 2 Success - Stage 3 Take-off - Stage 4 Maturity - Stage 5 1 / 4
gmetrix - Entrepreneurship & Small Business v.2 - U.S. Study Guide Element of the Design Thinking Process - Correct Answers ✅Empathize - Research your users' needs Define - State your users' needs and problems Ideate - Challenge assumptions and create ideas Prototype - Create solutions Test - Try your solutions You need to create a legal structure for your small business.You have plans for it to grow and hope in the future to sell shares to the public. Your startup partners are citizens of Mexico and Japan. You do not want to be personally responsible for business liabilities.Which legal structure should you set up for your business? - Correct Answers ✅C-Corporation Business management roles - Correct Answers ✅CEO - The highest-ranking employee in the company; reports to the board of directors CFO - Creates budgets, analyzes financial data, and forecasts company profits CIO - Develops policies and structures to protect company data 2 / 4
gmetrix - Entrepreneurship & Small Business v.2 - U.S. Study Guide COO - Oversees the day-to-day administrative functions of a business; second in command You own a lawn care business. You have employees who work long hours labouring in good weather, often exceeding 40 hours per week. They also work short hours when the weather is bad, sometimes they can't work at all. You do all of the sales for your business.Which two types of the compensation would be appropriate for these landscape employees? - Correct Answers ✅Salary Hourly Stage of the Business Life Cycle - Correct Answers ✅Maturity - The business is separate from the owner with responsibilities delegated to staff. A business in this stage usually commands a considerable share of the market and may even be a household name Success - Company is stable and profitable Takeoff - Expansion strategies are implemented, and investmenet is balanced with potential 3 / 4
gmetrix - Entrepreneurship & Small Business v.2 - U.S. Study Guide Survival of the Fittest - Focus shifts to revenue, expeneses, and growth. Cashflow is the major issue Existence - The business introduces itself to the market and attempts to catch the attention of potential customers What is a Target Market? - Correct Answers ✅Customers to whom a company wants to sell its products and services.SWOT analysis (situational analysis) - Correct Answers ✅Large gallery of stock photos - Strengths Working alone, no skilled help - Weaknesses Increase in weddings expected as COVID restrictions ease - Opportunities COVID pandemic restrictions disallow large family gatherings
- Threats
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Pricing Strategies - Correct Answers ✅Economy Pricing - Prices that targeting customers looking to save as much money as possible