Objective: Students will recall prior knowledge to prepare for the upcoming Final Exam.
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Transcript of Objective: Students will recall prior knowledge to prepare for the upcoming Final Exam.
Textbooks
All students will textbooks out must turn them in to me before the end of the school year.
At this time I still have 5 textbooks that are missing so please bring them with you tomorrow to avoid a fine/hold being placed on your report card/transcipts.
Review Things to know/review before the final. Last Tuesday in the computer lab I gave
EVERYONE a worksheet with topics to familiarize yourself with for tomorrow’s final exam.
Today in class we will review some of these topics as a group.
The final will be 50 Multiple Choice, 10 Matching, and 4 Short Essay.
This Power Point will NOT be on my website, however all other notes/Power Points throughout the semester are available as a study guide.
What’s the Difference
Entrepreneur: an innovator of business enterprise who recognizes the opportunities to introduce a new product, a new process, or an improved organization, and raises the necessary money, assembles the factors of production, and organizes an operation to exploit the opportunity.
What is a Social Entrepreneur? What is an Intrapraneur?
Terminology
What are the Factors of Production? What is downsizing? What is outsourcing? What is research? What is planning?
Ways to Start a Business? What options are available to an
entrepreneur who would like to start their own business?
Advantages and Disadvantages What are the advantages and
disadvantages of starting your own business?
What are the advantages and disadvantages of buying and existing business?
What are the advantages and disadvantages of buying a Franchise?
Market Trends
What did we identify as current market trends?TechnologyInternational CommerceAging BoomersGrowing Youth MarketEthnic Diversity
Market Data
Demographics vs Psychographics Primary Data vs Secondary Data
What type of data does the questionnaire provide?
What can a questionnaire tell us?What can a well designed questionnaire
NOT do?
Business Plan What is it? Why is it important? Who will want to see it? Is it static or does it change? This is a long document as you’ve seen
it takes time to prepare, and it may take you a bit longer to get your business open, but ultimately to rewards outweigh the time.
Market Segmentation Geographic – regional variables: region,
climate, population, and population growth Demographic – age, gender, ethnicity,
education, occupation, income, family status
Psychographic – values, attitudes, and lifestyle
Behavioral – usage rate and patterns, price sensitivity, brand loyalty, and benefits sought
Branding
Branding is the most misunderstood concept in all of marketing, even among professionals.
Why? What is it? People get mistaken and think branding
is just about the logo or slogan, but branding is what your company stands for and also what it is known for.
Philanthropy
What is it? Why is it important? Donating your businesses’ time, money,
or products to help those less fortunate. This gives your brand a better social
image and helps the community
Financial Records What are the 3 main financial documents? What do they show? Balance Sheet
Assets, Liabilities, and Owners Equity Profit & Loss
Income and Expenses Cash Flow Statement
How much CASH is coming and going from your company
Who remembers what was the most widely used computer software for business financial records?
Banking
Can you combine business and personal all into one account?
What would be important to ask your personal banker when setting up the account?
What are merchant services?
6 C’s of Credit
What are the 6 C’s of Credit? Why are the important to a banker?CharacterCapabilityCapacityCollateralContextConditions
Home Based Business
What are the advantages? What are the disadvantages? What does the IRS require to claim the
home business deduction?Regular useExclusive business usePrincipal place of business
Intellectual Property What is a copyright?
Copyright is a legal protection provided to the “original works of authorship that are fixed in a tangible form of expression”
What is a trademark?This is a distinctive word, phrase logo, Internet
domain name, graphic symbol, or other devise used to identify the source of a product and distinguish the manufacturer or merchant’s products from others.
What is a patent?A patent grants rights to an invention to the inventor
for a period of up to 20 years from the date of filing the application.
Corporate Governance
Corporate Code of EthicsThe core values of a corporate
Corporate CredoShortens the Code of Ethics into a few general
provisions that form a creed. Statement of Values
Versus the Code of Ethics this identifies the minimum standard of acceptable conduct.
Whistleblowers PolicyOutlines when it is necessary to come forward
and report improprieties and who to report to.
Federal Sentencing Guidelines The Federal Government recommends…
Appointing individuals to serve as ethics or compliance officers
Developing corporate credos and codes of ethics that effectively communicate an organization's ethical standards and expectations to employees.
Designing ethics training programs for all employees Designing and implementing monitoring and auditing
systems Designing and implementing an effective system of
punishments and sanctions. These must be accompanied by investigative procedures that respect employee due process rights.
Business Ownership Types What are the four main legal structures?
Sole Prop, Partnership, LLC, Corporation (including S-Corp)
What are the advantages and disadvantages of each business type?