ENT3003 Exam 1 Study Guide
i. Define entrepreneurship
ii. Explain the role of entrepreneurship in economic growth
Describe the evolution of entrepreneurship as a field of study since the
iv. Identify todays broad t
Chapter 15 Lecture NotesLeadership
What is the difference between a leader and a motivator? Leader and manager?
What gives someone the ability to lead?
Powermeasure of a persons potential to get others to do what he wants them to do, as
well as to avoid b
Chapter 19 Lecture Notes
Performance AppraisalProcess that involves determining and communicating to
employees how they are performing their jobs and establishing a plan for improvement.
These systems can be used to make decisions related to merit pay inc
PROOF OF CONCEPT: A NEW APPROACH
TO BUSINESS PLANS
1. Describe how to move from a feasible concept to a proof of
2. Identify stakeholder interests.
3. Explain the components of a compelling executive summary.
Analyzing Product/Service Design and
College of Business
1. Discuss the current trends in product/process design
2. Describe the product development cycle.
3. Compare the advantage
Exam 2 Study Guide Terms (Chapters 5-8)
Below are some key terms and concepts that you should review along with actually
reading the chapters, reviewing the PowerPoint slides and watching the videos.
Goals in market research
CHOOSING THE LEGAL FORM OF
1. Distinguish between sole proprietorships and partnerships.
2. Discuss the corporate form and its advantages and disadvantages.
3. Explain the limited liability company.
4. Define th
Entrepreneurship Exam 2 Study Guide
Revenue Streams the cash flow generates by the business model. It can be transaction revenue
(one-time payment) or recurring revenue (on-going payments). Examples:
Crime Ponsy, Brooklyn Bridge
1. Bob garner franchise scheme
2. High value of money 3 examples of scenarios (buying a car.)
3. Crime story behind enterprise
4. HMR onboarding of new people
5. Social ENT different from for-profit
6. EBV social E
Key Franchising Policies
Four Types of Policies
Appropriate rules toward ownership of franchised outlets
The right mechanisms to ensure that franchisees act in the best interest of the
The correct term for a franchise
Franchising Support and Assistance
Four Types of Support
o Different industries are going to require different training (some more intense
o After the first week, the numbers cut down (he went from 70 to 40-ish)
Three Key Issues
Will you offer multiunit franchising opportunities?
What kind of territory, if any, will you offer to franchisees?
Will you give franchisees the right to expand within their territories?
If you charge too much, they won't join.
Franchise fee is one time upfront fee. Average is $32,000. It can vary throughout
There are examples of the different fees on powerpoint slide
A variety of consideration influenc
The Disadvantages of Franchising
o Maximizing sales vs. maximizing profit
o Franchisors prefer high-volume, low margin strategies
o Franchisees prefer selling lower volumes and higher margins
o Disagreements over product mi
Advantages of franchising
Selecting and offering incentives to outlet operators than salaried employees
Obtaining human and financial resources for rapid firm growth
Lucrative business model, generating financial returns at relatively
Franchisor: company/organization that licenses you to use their name
Franchisee: signs agreement
Franchise Fee: one time, upfront fee
Royalty: ongoing, support payment. 4-8%.
The longer youre into the franchise, the less you need to depe
What Business Concepts Can Be Franchised?
Factors that make appropriate:
Valuable to sell
Transferable (system can be reduced to a set of rules that can be codified)
Large pool of potential franchisees
Valuable System to Sell