Podcast
Questions and Answers
Which characteristic presents a potential disadvantage for corporations compared to other business structures?
Which characteristic presents a potential disadvantage for corporations compared to other business structures?
- Limited liability of stockholders for corporate debts.
- Activities limited by the articles of incorporation and corporate by-laws. (correct)
- Practically unlimited life.
- Wider source of capital.
A new business owner is deciding on the optimal business structure. If they prioritize attracting a wide range of investors and limiting personal liability, which structure is most suitable?
A new business owner is deciding on the optimal business structure. If they prioritize attracting a wide range of investors and limiting personal liability, which structure is most suitable?
- Corporation (correct)
- Partnership
- Sole Proprietorship
- Cooperative
A business owner wants to ensure their personal assets are protected from business debts. Which business structure achieves this separation of personal and business liabilities most effectively?
A business owner wants to ensure their personal assets are protected from business debts. Which business structure achieves this separation of personal and business liabilities most effectively?
- General Partnership
- Corporation (correct)
- Limited Partnership
- Sole Proprietorship
Which of the following scenarios best illustrates the concept of 'flexibility of operations' as a benefit of limited capital?
Which of the following scenarios best illustrates the concept of 'flexibility of operations' as a benefit of limited capital?
After registering a business name and determining the business type, what is generally the next critical legal step in the Philippines?
After registering a business name and determining the business type, what is generally the next critical legal step in the Philippines?
Which strategy would LEAST likely benefit a local entrepreneur aiming to leverage globalization for business growth?
Which strategy would LEAST likely benefit a local entrepreneur aiming to leverage globalization for business growth?
A company is considering expanding into a new international market but is concerned about potential financial risks. Which factor should they MOST carefully monitor?
A company is considering expanding into a new international market but is concerned about potential financial risks. Which factor should they MOST carefully monitor?
Which of the following presents a potential challenge to a business attempting to operate in a foreign country?
Which of the following presents a potential challenge to a business attempting to operate in a foreign country?
A business owner is considering expanding their operations internationally. Which of the following factors would be LEAST likely to drive this decision?
A business owner is considering expanding their operations internationally. Which of the following factors would be LEAST likely to drive this decision?
Which of the following is a key characteristic of a sole proprietorship?
Which of the following is a key characteristic of a sole proprietorship?
In a partnership, what is a significant disadvantage that each partner typically faces?
In a partnership, what is a significant disadvantage that each partner typically faces?
Which form of business organization is MOST likely to continue operating uninterrupted even if one of its owners leaves or dies?
Which form of business organization is MOST likely to continue operating uninterrupted even if one of its owners leaves or dies?
A small tech startup anticipates needing significant capital investment in the next few years. Which form of business organization would be MOST advantageous for them?
A small tech startup anticipates needing significant capital investment in the next few years. Which form of business organization would be MOST advantageous for them?
An entrepreneur aims to establish a tech startup that offers personalized learning experiences using AI. Which of the following approaches to sourcing product ideas would be most effective in identifying unmet needs and creating innovative solutions?
An entrepreneur aims to establish a tech startup that offers personalized learning experiences using AI. Which of the following approaches to sourcing product ideas would be most effective in identifying unmet needs and creating innovative solutions?
A local bakery wants to expand its product line. Which strategy best utilizes available community resources while catering to local tastes?
A local bakery wants to expand its product line. Which strategy best utilizes available community resources while catering to local tastes?
A construction firm is considering expanding its services. Considering environmental analysis, which approach demonstrates the best strategic alignment with current market trends?
A construction firm is considering expanding its services. Considering environmental analysis, which approach demonstrates the best strategic alignment with current market trends?
An entrepreneur with extensive experience in software development identifies a market gap for affordable cybersecurity solutions for small businesses. Which approach to starting a business best leverages their skills and the identified opportunity?
An entrepreneur with extensive experience in software development identifies a market gap for affordable cybersecurity solutions for small businesses. Which approach to starting a business best leverages their skills and the identified opportunity?
A small clothing boutique in Jamaica identifies that many tourists are interested in purchasing locally made crafts and souvenirs. Which of the following strategies best leverages this global opportunity?
A small clothing boutique in Jamaica identifies that many tourists are interested in purchasing locally made crafts and souvenirs. Which of the following strategies best leverages this global opportunity?
A company that manufactures organic snacks decides to expand globally. Which of the following methods involves selling their products directly to consumers in another country?
A company that manufactures organic snacks decides to expand globally. Which of the following methods involves selling their products directly to consumers in another country?
An architecture firm is considering offering new services. Which approach best combines creative problem-solving with addressing community needs identified through problem inventory analysis?
An architecture firm is considering offering new services. Which approach best combines creative problem-solving with addressing community needs identified through problem inventory analysis?
A recent graduate with a degree in environmental science wants to start a business that addresses local environmental issues. Which approach best integrates their education and community needs?
A recent graduate with a degree in environmental science wants to start a business that addresses local environmental issues. Which approach best integrates their education and community needs?
Flashcards
Business Idea
Business Idea
A business concept that can generate profits when transformed into a product or service.
Start-up
Start-up
Creating a new business from scratch.
Sources of Product Ideas
Sources of Product Ideas
Ideas can come from hobbies, suggestions, education, work experience, research, and problem-solving.
Improvements on Existing Products
Improvements on Existing Products
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Spotting Local Opportunities
Spotting Local Opportunities
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Four Ways to Start a Business
Four Ways to Start a Business
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Strategy
Strategy
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Globalization
Globalization
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Corporation
Corporation
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Corporation Activity Limitations
Corporation Activity Limitations
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Limited Liability
Limited Liability
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Business Registration
Business Registration
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Corporate Bank Account
Corporate Bank Account
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International Agreement
International Agreement
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Franchising
Franchising
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Networking Abroad
Networking Abroad
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Sole Proprietorship
Sole Proprietorship
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Partnership
Partnership
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Easy Business Formation
Easy Business Formation
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Limited Capital Source
Limited Capital Source
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Study Notes
- Business idea: a business concept resulting in profits when turned into a tangible product or service.
- Start-ups involve creating new businesses from scratch or providing product improvements.
Sources of Product Ideas
- Chance happenings can inspire new products.
- Personal interests or hobbies can be sources of ideas.
- Advice may come from friends and relatives.
- Family businesses can spark new ideas.
- Suggestions from various sources can be valuable.
- Education and courses can provide insights.
- Prior work experience can lead to innovations.
- Research and development efforts can generate new products.
- Creative problem-solving can yield innovative ideas.
- Focus group discussions can provide valuable feedback.
- Brainstorming sessions can generate a wide range of ideas.
- Problem inventory analysis can identify areas for improvement.
- Changing a product's presentation can also make it seem new.
- Hobbies of people provide insights into potential products.
- Knowing available materials in the community can inspire ideas.
- Personal interests and know-how drive product development.
Ways of Going into Business
- Starting a new business from scratch is an option.
- Buying an existing business can provide a head start.
- Taking over a family business ensures continuity.
- Buying a franchise allows using an established brand.
- Strategy involves analyzing the environment for business decisions.
Global Opportunities
- Globalization involves expanding business operations internationally.
- Exporting means selling products to another country.
- Partnership involves collaborating with a foreign company.
- Franchising allows local entrepreneurs to use a foreign company's name.
- Branch opening is an expansion for established businesses.
- Entrepreneurs can connect with foreign buyers through government agencies, friends, the Internet, trade fairs and travel.
Challenges to Globalization:
- Regional Trade Alliances
- Currency Fluctuation
- Political Climate
- Tariffs or Taxes
- Laws
- Peace and order
- Fortuities Events
- Language Barrier
What drives businessmen to seek markets abroad?
- Cutting Costs
- Competition
- Availability of Resources
- Market Growth
Forms of Business Organizations
- Sole proprietorship: one individual owns all assets and is easy to operate.
- Partnership: an association of two or more persons as co-owners for profit.
- Corporation: at least five individuals treated as a unit by laws, more permanent in nature.
Advantages and Disadvantages of Business Organizations
Sole Proprietorship:
- Advantages: Easy to form, fast decisions, flexible operations, suited to small businesses.
- Disadvantages: Limited capital, life dependent on the owner, limited management.
Partnership:
- Advantages: Easy to form, suited to professions, some tax exemptions, flexible operations.
- Disadvantages: Unlimited liability, limited term, limited capital.
Corporation:
- Advantages: Legal entity, unlimited life, limited stockholder liability, wider capital source.
- Disadvantages: Activities limited by laws, potential abuse by officers, subject to government requirements.
Legal obligations registering a business
- Determine your business type and the industry you want to operate in
- Register the business name.
- Apply for permits, licenses, and clearances like a Barangay Clearance, Mayor's or Municipal Permit.
- Register with the Securities and Exchange Commission (SEC) or Department of Trade and Industry (DTI).
- Apply with the Bureau of Internal Revenue (BIR) to print receipts and invoices.
- Open a corporate bank account.
- Choose an office or store location if the business is not online.
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Description
Explore product ideation for startups, covering chance encounters, personal interests, and advice from various sources. Learn how family businesses, education, and work experience can spark innovative concepts. Discover the role of research, problem-solving, focus groups, and brainstorming in generating product ideas.
