Entrepreneurship

legal structure – Discuss issues related to intellectual property, contracts, insurance, taxes, and regulations.
When is a plan needed? – At the very beginning.
When the new business is successful enough that it needs a growth plan and more money. (Some people call this mesanine level.)
A business that may be operating under a new name – Discontinuance
What is the success theater? – use the appearance of growth to make them seem successful
Price gauging – Pricing above the market when no alternative retailer is available.
Long term goals – A long-term goal is something you want to accomplish in the future. Long-term goals require time and planning. They are not something you can do this week or even this year
Difficulties for Startup to Mature – 1.) Political geography (lack of resources)
2.) Bought by American giants
3.) Competition for financing
4.) Global orientation – more likely to be acquired
5.) Entrepreneurial Talent is spread thin
6.) Transaction Costs – bureaucracy, customs, legal, asymmetric info
It is better to have a mediocre idea with a great founding team than a – great idea with a mediocre team
Long term goals – A long-term goal is something you want to accomplish in the future. Long-term goals require time and planning. They are not something you can do this week or even this year
Shares – A unit of ownership that stockholders can have. It entitles the holder to an equal claim of the profits and debts or losses of the company.
political stability – the degree to which a government is free from turmoil
Business planning is primarily used for raising capital – False
Disincentives – Negative rewards or punishment
Management Control for a C-Corporation – Board of directors appointed by shareholders
Revenue – The total amount of money made in a business over one year.
wealth – "anything of value," including the products produced and sold by business. How wealth is distributed simply means "who gets what."
How long is the executive summary?

What is included in an executive summary? – 2-3 pages

Clear concise description of the business
-Identifying unique features and property rights of the product/service
-Provide an overview of the market potential
-Demonstrate a strong management team
-Communicate financial potential

Brainstorming – Generate a large number of fresh ideas
Identifying new product opportunities usually requires a person to be: – aware.
Wants – A strong desire for material goods ( not required to live)

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