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50 Cards in this Set
- Front
- Back
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Name one of the top 5 strategies for success when running a business. |
- Focus on details - Keep yourself organized - Build strong networks - Work hard and smart - Don’t just show up, be present |
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True or False One of the top 5 strategies for success when running a business is, "Don't just show up, be a gift" |
False |
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True or False A Sole Proprietor has unlimited liability. |
True |
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What is the third most common form of business ownership? |
Corporation |
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A business will legally end when the sole proprietor ______ . |
dies |
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When people can buy into the company as a shareholder it is called __________ financing. |
equity |
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What does LLP stand for? |
Limited Liability Partnership (LLP) |
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Give an example of a type of firm that is a LLP. |
typically self governed firms eg. accounting firms, law firms |
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Provide a disadvantage of a Corporation. |
- double taxation is more costly - costly setup done with a lawyer - at least one person has 100% responsibility |
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The wholesaler can be the intermediary step between the manufacturer and another wholesaler during the ___________ process. |
distribution |
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E-commerce would be an example of what type of business? |
retail |
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True or False A retailer only buys from a wholesaler, who is typically the intermediary between manufacturing and the final sale space. |
False |
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When running a business it is important to weave a __ __ __ ? |
MAT |
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Services sell skills, labour, intangibles or _________ . |
expertise |
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What are the 2 main reasons why a company was started? |
Someone was really inspired to change the world or really frustrated and want to fill the void. |
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When defining the value proposition, you want to remove the ______ points in your business to improve your product or service. |
pain |
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Positioning is formed in the mine of the ___________ . |
consumers |
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True or False It is advised to add numbers to the name of your company to stay trendy. |
False |
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What does MAT stand for? |
Milestones, Assumptions, Tasks (MAT) |
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Presented in lecture, a TedTalk was showed where Seth Godin called the groups of people we lead as _________ . |
tribes |
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What was the name of the perfect target customer for Diana's business? |
Natalie |
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Lululemon have both a male and female muse. Their names are ________ and ________ . |
Ocean and Duke |
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Written in your contract, you see your landlord has added section where he would receive a certain percentage of what you earn. What is this called when leasing a site? |
Percentage of Sales |
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How is basic rent calculated?
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dollar per square foot per year |
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Businesses that service the same customers but provide different service or product are called _____________ businesses.
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complimentary |
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True or False
If your product is one where people shop around and browse before buying, you would want to be close to your competitors. |
True |
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Complimentary businesses allow the opportunity to have _________ marketing. |
cross |
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A __________ competitor provides the same product and service as you. |
direct |
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Amazon would be a _________ competitor of Chapters. |
direct |
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Provide an example of an indirect customer to Chapters. |
the Library, BMV books, Loblaws |
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At the beginning of every year, GCM Printing House holds employee evaluations where raises are announced. Sally did not receive a raise this year and felt like she has been under appreciated. To compensate, Sally starts using print materials for her own personal projects. What type thief is it? |
pilfering |
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Transparent auditing procedures can be implemented to prevent ______________ . |
embezzlement |
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Terence was walking home from school and decided to stop at the convenience store for a snack. When he got there, he noticed the same dog was tied up outside the store at lunch, almost 4hrs ago! Terence notices the dog staring at people food. When he goes into the store he grabs a bag of chips for himself but doesn't have enough to buy anything else. So he decides to put beef jerky sticks in his pocket for the dog. What type of thief is this? |
shoplifting |
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Industrial design provides ____ yrs of protection. |
10yrs |
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True or False A trademark is automatically protected but can be registered for extra worldwide protection. |
False |
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What type of protection of intellectual property does Disney have? |
copyright |
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"cipo.gc.ca"is the website to find out more information of Canadian ________ . |
laws |
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A ________ business is a company that continues to put in effort to be environmentally sustainable. |
green |
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How long does a patent protect your intellectual property? |
20 yrs |
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When looking to protect your intellectual property you can not protect an _____ but can protect the _________of executing it. |
can not protect an idea but can protect the process of executing it |
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When a company has fewer than ___ (#) employees it is called a mirco-‐enterprise. |
5 |
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_____% of plan is working out the plans. |
90 |
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True or False 2/3 of micro-enterprises don’t make it to 5years |
True |
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What is the difference between marketing research and market research? |
Market research is assembling info about the group of potential customers that your business is targeting. Marketing research is a broader scope including everything that has to do with getting your brand together. |
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True or False When looking for a permanent location as a manufacturer, the general rule is to be as close to your customer as possible. |
False want to be close to your supplier |
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Statistics Canada, trade journals, competitor information and business publications are all examples of __________ research methods. |
market |
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Market research answers the question, "How much ________ business is there in this _________?" |
How much industry business is there in this location? |
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True or False Sale forecasting answers the question, "How much business will my firm get?" |
True |
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True or False Burglaries is a type of thief where one breaks and enters a business after hours. |
True |
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True or False The general rule regarding visibility is that when customers can see into the store, they are more likely to stop but keep browsing other stores. |
False more likely to walk in |
