Steps of the Design Thinking Process in order
Empathize, Define, Ideate, Prototype, Test
Correct order for product quality control process
Set standards, establish method, review results, refine
True or false- A lean canvas is a one-page idea of the company
True
Hair salon and Target, which is a service based business?
Hair salon
True or false- when deciding on business types, a franchise provides ongoing support from the franchising company.
True
True or False- Business plans are written documents to attract investors.
True
An employee who will get paid for each unit they complete gets what type of compensation?
Piece work
An employee who will get paid extra when they work overtime get what type of compensation?
Hourly
What might be a fixed cost for a food truck, Insurance or to-go boxes?
Insurance
True or false- It is generally more expensive to start a company using a franchise
True
An opportunity in a SWOT analysis from this list: improving economy or low overhead costs
improving economy
If you need a better social media presence for your marketing you could do what?
Create profiles on different platforms, create an online community, use brand influencers
An employee who gets pay after making a sale receives what type of compensation?
commission
Between the two which would be a threat in a SWOT Analysis: lack of expertise or rising cost of product parts
rising cost of product parts
True or false- A pitch deck is a written document with goals and objectives of a company.
False
Characteristics of the entrepreneurial mindset include: (name at least 3)
Creativity, adaptability, determination, empathy
Between the two which would be a weakness in a SWOT Analysis: lack of expertise or rising cost of product parts
Lack of expertise
What might be a variable cost for a food truck? Insurance or to-go boxes?
To-go boxes
What 4 things make up a company mix? Clue- 4 words beginning with P
Pricing, product, place, promotion
What might be direct competition for a bakery and a donut shop? Ice cream shop or coffee shop?
Ice Cream shop
Verizon store and grocery store, which is product-based?
Grocery store
True or False- When deciding on a company type a personal business opportunity requires you to go through more extensive training than a franchise.
False
A strength in a SWOT analysis from this list: improving economy or low overhead costs
Low overhead costs
An employee who gets a set amount of pay gets what type of compensation?
Salary