Gould Entrepreneurship Final Exam Review

Demand – An individuals need or desire for a product or service at a given price
5 things to consider when choosing a location – climate
demographics
competition
target market
transportation
What factors impact demand for a product/service? – Product is unique
As the price goes up the quantity demanded goes down
As price falls quantity demanded rises
inelastic – a change in prices has little or no effect on the quantity demanded
cash management – process of forecasting, collecting, disbursing, investing, and planning for the cash a company needs
Limited Liability Company – A company similiar to an S corportation but without the special eligibility requirements
Intrapreneurship – Practice of giving employees opportunities to be creative and try out new ideas within a company.
market trends – Shifting preferences in the market. Trends reflect changing opinions, habits, and ideas that can affect what types of products and services customers will buy.
consumer buying power – Cash and credit a consumer has available to spend.
Serial Entrepreneurs – Repeatedly start businesses and grow them to a sustainable size before striking out again.
A patent is a legal – monopoly
A limited liability company (LLC) – is not subject to the rules for a S corporation so it is simpler to operate.
financial plans – start up costs, short and long term financial needs, sources of financing, budgets and financial statements
A patent is a legal – monopoly
Elaboration – the stage during which the creative idea is put into a final form: The details are worked out and the idea is transformed into something of value.
Bootstrapping – refers to techniques for getting by on a few resources as possible and using other people's resources whenever feasible ex. begging, bartering
Confirmation Trap – To see what we believe and discard evidence to the contrary
Leaving a company for any reason – separation

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