Podcast
Questions and Answers
What are two advantages of selling digital products?
What are two advantages of selling digital products?
- Delivery is instantaneous and inexpensive. 2) Not needing physical storage, inventory or additional employees.
What type of transactions did Rose order?
What type of transactions did Rose order?
Physical
What is a disadvantage of S corporations?
What is a disadvantage of S corporations?
They have very strict qualification requirements.
In which business life cycle is Dylan?
In which business life cycle is Dylan?
What type of business opportunity is Joey a part of?
What type of business opportunity is Joey a part of?
Companies may want to use __________ materials based on tested processes.
Companies may want to use __________ materials based on tested processes.
What is a for-profit corporation with a lower tax rate?
What is a for-profit corporation with a lower tax rate?
What is the legal structure best for international businesses that taxes profits when earned?
What is the legal structure best for international businesses that taxes profits when earned?
What legal structure is ideal for a single owner seeking low risks?
What legal structure is ideal for a single owner seeking low risks?
What is easy to create but comes with unlimited liability?
What is easy to create but comes with unlimited liability?
What type of business structure involves shared financial banking?
What type of business structure involves shared financial banking?
What type of corporation has no ownership and pays no US federal taxes?
What type of corporation has no ownership and pays no US federal taxes?
What summarizes what one wants to accomplish with a business?
What summarizes what one wants to accomplish with a business?
What determines the size of a market and describes potential customers?
What determines the size of a market and describes potential customers?
What provides an overview of the employee and others in a business?
What provides an overview of the employee and others in a business?
What includes a budget and profit-loss projections to show investors?
What includes a budget and profit-loss projections to show investors?
What is payment for the hours an employee has worked?
What is payment for the hours an employee has worked?
What is a fixed payment amount for each pay period?
What is a fixed payment amount for each pay period?
What is a fee paid to an employee for completing a task?
What is a fee paid to an employee for completing a task?
What is compensation for the number of units an employee produces?
What is compensation for the number of units an employee produces?
What is non-cash compensation, including investment vehicles?
What is non-cash compensation, including investment vehicles?
What entails trusting one's self, goals, and progress?
What entails trusting one's self, goals, and progress?
What involves thinking about planning for the future?
What involves thinking about planning for the future?
What describes the way one approaches new ideas and ventures?
What describes the way one approaches new ideas and ventures?
What refers to turning one's ideas into action?
What refers to turning one's ideas into action?
What involves adapting to change, loss, and disappointment?
What involves adapting to change, loss, and disappointment?
What encompasses tackling goals with courage and perseverance?
What encompasses tackling goals with courage and perseverance?
What is the amount of loss one is willing to take in investment decisions?
What is the amount of loss one is willing to take in investment decisions?
What belief emphasizes that one can achieve anything with hard work?
What belief emphasizes that one can achieve anything with hard work?
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Study Notes
Digital Products
- Advantages include instantaneous and inexpensive delivery.
- No need for physical storage, inventory, or additional employees.
Transaction Types
- Rose's order of macaroons is categorized as a physical transaction.
S Corporations
- A significant disadvantage includes strict qualification requirements for establishment.
Business Life Cycle
- Dylan is in the "Pivot or Persist" stage, assessing whether to continue or change business strategy.
Franchise
- Joey's restaurant qualifies as a franchise due to high startup costs and selling licensed products.
Trade Secrets
- Companies prefer using tested processes, classified as trade secrets, for predictable outcomes.
S-Corporation
- A for-profit corporation that benefits from lower tax rates and avoids double taxation.
C-Corporation
- Profits are taxed when earned, and shareholders incur additional taxes on dividends. Preferred for international businesses.
Limited Liability Corporation (LLC)
- Allows owners to report profits or losses on personal tax returns, suitable for low-risk single owners.
Sole Proprietorship
- Easy to establish but entails unlimited personal liability for the owner.
Partnership
- Involves shared financial responsibilities within a business setting.
Non-Profit
- Operates without ownership and is exempt from US federal taxes.
Executive Summary
- Details business objectives, products/services, financial outlook, funding needs, goals, and achievements.
Marketing Plan
- Analyzes market size and describes potential customers to develop a tailored marketing strategy.
Organizational Structure
- Provides insight into employees and their roles within the business.
Financial Plan
- Comprises budget, profit/loss projections, cash flow statements, breakeven analysis, and capital requirements for investors.
Employee Compensation
- Hourly Pay: Payment for hours worked.
- Salary: Fixed payment amount for each pay period.
- Commission: Fee for task completion.
- Piece Work: Compensation based on the number of units produced.
Non-Cash Compensation
- Equity benefits include investment vehicles, ownership shares, and restricted stock options.
Personal Development Concepts
- Self Reliance: Trust in oneself, goals, and personal progress.
- Forward Thinking Mentality: Planning for future scenarios.
- Opportunity Recognition: Approach to new ideas and ventures.
- Initiative: Transforming ideas into actionable business strategies.
- Resiliency: Ability to adapt to changes and setbacks.
- Grit: Perseverance and courage in pursuing goals despite challenges.
- Risk Tolerance: Understanding the level of loss one can accept in investments.
- Growth Mindset: Belief in the power of effort to achieve goals.
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