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Crowdsourcing campaigns will cost the entrepreneur
time and resources
Direct distribution has some advantages over fulfillment centers, but the main advantage is:
Relationship with the customers
People who might have equity in a company
could be owner, stockholder, partner
A difference between wholesale and retail might be:
Wholesale is B2B and retail is B2C
The official in the company who manages daily operations
COO
The top employee in the company, who also reports to the board of directors
CEO
The person with the business who finds and invests resources to form the company
Founder
The person in a company who creates budgets and financial strategies is the:
CFO
The design thinking process in order
empathize, define, ideate, prototype, test
Steps for finding product/market fit
Idea, prototype, launch, traction, monetization, growth
Stages in business life cycle
existence, survival, success, take-off, resource maturity, pivot or persist, and exit plan
Correct order of the sales process is:
prospecting, preparation, approach, presentation, objection, closing, and follow-up
When you build a product how will you decide on performance criteria for the product?
Testing an interactive prototype
If you use a focus group, what stage of the development process are you in?
Product development
What information is on an income statement?
Revenue, expenses, profit
Why would a company choose a fulfillment center for distribution rather than a direct distribution channel?
Inventory control and lower cost
What are 3 characteristics of the entrepreneurial spirit?
Choose from- Self-reliance, flexible, forward-thinking, resilience, tolerate risks, growth mindsets, critical thinking creative, innovative, collaborative
For data that you collect, which type comes from journals or newsletters?
Secondary data
For data that you collect, which type comes from sources that used your product?
Primary data
What describes how a business idea solves customer's problems in a new and better way?
Value proposition
Disadvantage/disadvantages of debt financing?
Owners have to guarantee the debt and pay it back


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