Entrepreneurship

Mission Statement – Expresses the specific aspireations of a company, the major goal
Brain drain – Exode des cerveaux
Critical path chart – Chart that demonstrates how the activities necessary to start the firm fit together and build on each other. This chart allows you to understand which activities can occur concurrently and which must already be in place before the next activity can occur.
during which stage of the product life cycle is business likely to try to stabilize a product's price – maturity
Corporation – Which type of business ownership has double taxation?
Main Body of Business Plan (5 sections) – Current Business Position
press release – A written statement to inform media of an event or product.
Branding: to keep in mind when developing a business brand – • If naming firm after oneself, make sure to add descritpgive word to name so consumers know what firm does. Ex; Smith company-> Smith plumbing company.
• Keep In mind how potential future owners of company will handle owning a firm that is not their name. Consider possibility of having bad reputation added to name if new owners ruin company.
• Appropriateness of name
• Be careful of infringing on trademarks
• Use something that describes your firm/ product and is easy to remember.
• Don't go overboard w/ creative spellings. Ex: "Myk's Otto Groj"
• Beware of selecting a name that is too narrow to allow your firm to grow
Sole proprietorship – legally defined type of business ownership in which a single individual owns the business,
collects all profit from it, and has unlimited liability for its debt.
simplest and least expensive option for business ownership.
ADA – americans with disabilities act
Dividends – The portion of a firm's profits that the firm pays out each period to its shareholders
What group has the highest self-employment rate? – Koreans
Branding: to keep in mind when developing a business brand – • If naming firm after oneself, make sure to add descritpgive word to name so consumers know what firm does. Ex; Smith company-> Smith plumbing company.
• Keep In mind how potential future owners of company will handle owning a firm that is not their name. Consider possibility of having bad reputation added to name if new owners ruin company.
• Appropriateness of name
• Be careful of infringing on trademarks
• Use something that describes your firm/ product and is easy to remember.
• Don't go overboard w/ creative spellings. Ex: “Myk's Otto Groj”
• Beware of selecting a name that is too narrow to allow your firm to grow
Product life cycle – Introduction, Growth, Maturity, Decline
Maturity stage – price competition starts to rise, and manufacturers find ways to cut costs or introduce new features to keep or gain market share

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