Business Life Cycle and Opportunities

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Questions and Answers

Match the stages of the business life cycle to their correct order.

1 = Existence 2 = Survival of the fittest 3 = Success 4 = Take-off 5 = Maturity

What three characteristics help identify a business opportunity?

Price, quality, and service.

Which two documents summarize the business plan of a company?

Pitch Deck and Lean Canvas.

Match each stage of the business life cycle to its corresponding definition.

Maturity = The business is separate from the owner with responsibilities delegated to staff. Success = Company is stable and profitable. Take-off = Expansion strategies are implemented, and investment is balanced with potential. Survival of the fittest = Focus shifts to revenue, expenses, and growth. Cashflow is the major issue. Existence = The business introduces itself to the market and attempts to catch the attention of potential customers. Signup and view all the answers

In which business life cycle stage is Mike, the owner of a doggy daycare and grooming business, currently in?

Take-off. Signup and view all the answers

An executive summary should briefly explain everything in a business plan in _____ pages.

two. Signup and view all the answers

What are two advantages to selling digital products?

Not needing physical storage, inventory, or additional employees; delivery is instantaneous and inexpensive. Signup and view all the answers

In which business life cycle stage is Dylan, who owns a small grocery store facing low business and profits?

Pivot or persist. Signup and view all the answers

Which is a characteristic of a business opportunity?

The seller is required to help the buyer find an ideal location for the business. Signup and view all the answers

Factors that aid in determining whether or not a business opportunity is viable include market size, _________, manage of cash flow, management skillsets, and passion.

relationships. Signup and view all the answers

Arrange the stages of a business life cycle in order.

1 = Existence 2 = Survival 3 = Success 4 = Take-off 5 = Resource maturity 6 = Pivot or persist 7 = Exit plan Signup and view all the answers

In what order should the steps of the design thinking process be taken?

<ol> <li>Empathize; 2. Define; 3. Ideate; 4. Prototype; 5. Test.</li> </ol> Signup and view all the answers

Match the characteristic with its definition.

Self Reliance = Trusting one's self, one's goals, and one's progress. Forward-thinking mentality = Thinking about and planning for the future. Opportunity recognition = The way one approaches new ideas and ventures. Initiative = Turning one's ideas into action or bringing in new ideas to generate more or better business. Resiliency = Adapting to change, loss, and disappointment. Grit = Tackling goals with courage and perseverance, even when it is challenging. Risk tolerance = The amount of loss one is willing to take when making investment decisions. Growth Mindset = Believing that one can accomplish anything if one works hard. Signup and view all the answers

Match the characteristic with its definition.

Critical thinking = Solving problems in the best way by considering a variety of potential solutions to the problem. Creativity and innovation = Bringing new and unconventional ideas to the table and finding creative and new solutions to the way things are done. Collaboration = Working with others towards a common goal. Problem-solving = Coming up with solutions to solve a problem. Personal agency = Working toward achieving a goal without someone directing and ensuring it is being done. Ethical practices = Decision-making based on morals and doing the right thing. Social responsibilities = Preventing and removing any corruption and unethical behavior that could harm a business, the community, or the environment. Signup and view all the answers

Study Notes

Business Life Cycle Stages

Stages in order: Existence, Survival of the Fittest, Success, Take-off, Maturity
Existence: Introduction phase; focus on gaining market attention.
Survival of the Fittest: Emphasis on revenue management, expenses, and market growth.
Success: Business is stable and profitable.
Take-off: Implementation of expansion strategies.
Maturity: Established business with delegated responsibilities, significant market share.

Identifying Business Opportunities

Key characteristics: Price, quality, and service identify viable business prospects.
A business opportunity should provide necessary support for buyers, including location assistance.

Business Plan Summaries

Essential documents: Pitch Deck and Lean Canvas encapsulate the business plan.
Executive summary should summarize the business plan in two pages.

Digital Products Advantages

Not requiring physical storage or inventory.
Instantaneous and cost-effective delivery methods.

Business Life Cycle Challenges

Mike, an owner of a doggy daycare in the Take-off stage, seeks financing for growth.
Dylan, running a struggling grocery store, is in the Pivot or Persist stage, addressing low profits.

Assessing Viability of Business Opportunities

Determining factors include: Market size, relationships, management competency, cash flow management, and passion.

Design Thinking Process

Steps in order: Empathize, Define, Ideate, Prototype, Test to foster innovation.

Characteristics for Entrepreneurship

Self-Reliance: Confidence in one's abilities and goals.
Forward-Thinking: Planning for future opportunities.
Initiative: Transforming ideas into actionable steps.
Resiliency: Ability to adapt to challenges.
Grit: Persistence in face of obstacles.
Risk Tolerance: Comfort level with potential investment losses.

Collaborative Skills

Critical Thinking: Evaluating various solutions to problems.
Creativity and Innovation: Generating unique and effective ideas.
Collaboration: Teamwork towards shared objectives.
Problem-Solving: Crafting effective solutions for challenges.
Personal Agency: Independent goal achievement without external direction.
Ethical Practices: Moral decision-making in business operations.
Social Responsibilities: Ethical behavior to protect businesses and communities from harm.

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Description

Explore the stages of the business life cycle from existence to maturity. This quiz also covers identifying viable business opportunities and the essentials of crafting a business plan. Learn how digital products can provide advantages in today's market.