ESB v.2 Domain 1 Entrepreneurship & Small Business Concepts 100% Pass

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ESB v.2 Domain 1 Entrepreneurship & Small Business Concepts 100% Pass B2B ✔✔A business-to-business (B2B) commercial transaction between businesses B2C ✔✔A business-to-consumer (B2C) transac... tion Brand recognition ✔✔The level of familiarity one has with a brand Business Opportunity ✔✔A situation an entrepreneur analyzes and evaluates to see if starting a sustainable, profitable business is feasible Business Plan ✔✔A document that addresses the concept, customers, and capital for a business C Corporation ✔✔A C corporation is a legal structure for a corporation in which the owners, or shareholders, are taxed separately from the entity. C corporations are also subject to corporate income taxation. The taxing of profits from the business is at both corporate and personal levels, creating a double taxation situation. CEO ✔✔The Chief Executive Officer (CEO) holds a leadership role within a business. The CEO oversees a business's operations and resources and makes the major decisions for the company. CFO ✔✔The Chief Financial Officer (CFO) holds a leadership role within a business. The CFO oversees a company's finances. Collaboration ✔✔The action of working with one or more people toward a common goal. Commission ✔✔A fee paid to an employee for completing a task. Compensation ✔✔A monetary amount given to employees in return for their work. Confidentiality Agreement ✔✔A signed agreement stating that an entity will not disclose information agreed upon by all parties in an arrangement. Contract ✔✔An agreement between an employee and a company outlining obligations and terms of employment. COO ✔✔The Chief Operating Officer (COO) holds a leadership role within a business. The COO is responsible for overseeing the day-to-day administrative and operational functions of a business. Copyright ✔✔A form of protection individuals can implement to protect their intellectual property. Copyright is designated for print, music, film, and various other forms of creative licenses. Critical Thinking ✔✔Using one's mind to solve a problem in the best way by considering various potential solutions to the problem. Customer ✔✔An individual or business that purchases goods and services from a business. Employee ✔✔An individual hired by a company and compensated for their work. Entrepreneur ✔✔An individual who aspires to start and run a successful business. Willing to explore new opportunities and unknown risks. Equity ✔✔Non-cash compensations offered to employees in place of or in addition to a lower salary. Ethical Practices ✔✔Standards of professional conduct professionals should uphold. Forward-Thinking Mentality ✔✔Thinking about and planning for the future. Founder ✔✔The person that developed or created a company or organization. Franchise ✔✔A business that takes its name and characteristics from an existing business chain. Grit ✔✔The characteristic of being able to tackle goals with courage and perseverance. Growth Mindset ✔✔Believing that one can accomplish anything with hard work. Hourly Pay ✔✔A payment amount provided to employees for the number of hours they worked. Initiative ✔✔A characteristic in which an individual acts to turn ideas into action. Innovation ✔✔A new idea, product, or method. Intellectual Property ✔✔A creative work or invention to which an individual has been given rights. Investor ✔✔A person or entity willing to provide monetary funds to a business with the hopes of earning a return on their money. Lean Canvas ✔✔A one-page document discussing key information commonly seen in a business plan. LLC ✔✔A limited liability company (LLC) is a business with pass-through taxation where owners pay taxes on the company's profit and losses through their personal taxes. MVP ✔✔A minimum viable product (MVP) is an inexpensive preliminary product to test the product idea. Nonprofit ✔✔A type of business that has no owner and does not pay federal US taxes. Opportunity Recognition ✔✔The way one approaches new ideas and ventures in their life. Owner ✔✔The individuals that own the business. Partners ✔✔Two or more individuals that share a business's financial responsibility. Patent ✔✔A legal method used to protect an invention for a limited time. Personal Agency ✔✔One's ability to act to work toward achieving a goal. Piece Work ✔✔A type of compensation provided for the amount of work produced. Pitch Deck ✔✔A presentation given to potential investors to provide a brief overview of the business plan to earn another meeting. Problem-Solving ✔✔The process of coming up with solutions to solve a problem. Product ✔✔A tangible item. Resiliency ✔✔One's ability to adapt to change, loss, and disappointment. Risk ✔✔The possibility of something negative happening. In the context of a small business, the possibility of a loss of time and money. Risk Tolerance ✔✔The level of willingness to lose time and money when starting a business. Royalty Fees ✔✔Fees paid for the use of a brand name or image. S Corporation ✔✔A type of business structure with a special tax advantage that allows the company to pass its income, losses, deductions, and credits through its shareholders. Salary ✔✔A fixed payment amount provided to a full-time employee. Self-Reliance ✔✔Trusting one's self, goals, and progress. Service ✔✔An intangible service or skill that is performed. Small Business ✔✔A corporation, partnership, or sole proprietorship that is privately owned by one individual or a small group of people. They commonly have fewer employees and revenue than larger-sized businesses. U.S. SBA "small business" ✔✔$35.5 Million or less in sales and 1,500 or less employees Sole Proprietorship ✔✔A type of business structure with a single owner. The business is not shielded from any amount of liability. Stakeholder ✔✔An individual with an interest in a business. Stockholder ✔✔An individual that owns at least one share in a corporation's stock. Trade Secret ✔✔A practice used by businesses to protect a practice, process, or formula from being shared with other competitors. Trademark ✔✔A practice used to protect brand names, logos, and business names. Value Proposition ✔✔A promise of value that a company makes about their product or service that makes it attractive to customers. E-commerce ✔✔selling items over the internet Tax Exemption Certificate ✔✔Certificate used in a B2B transaction stating that the buyer is reselling the goods and that is why the purchase is tax exempt Design Thinking ✔✔A learning process focused on customers and their needs. Used to develop user-friendly products. Network Marketing ✔✔Network marketers recruit other marketers who work under them to create a distributor network. They get a portion of the sales commission by the distributors who work in their downline. [Show More]

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