Objective: Students will recall prior knowledge to prepare for the upcoming Final Exam.

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?

Niche

Also known as competitive advantage What does the Niche identify?

SWOT

What does SWOT stand for?

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

Four P’s of Marketing

Product Place Price

Price Ceiling vs. Price Floor

Promotion

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?

Debt vs. Equity Financing What is each one? How are the different?