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fse 301 asu

fse 301 asu

Description

School: Arizona State University
Department: Engineering and Tech
Course: Entrepreneur & Value Creation
Professor: Elie chmouni
Term: Spring 2016
Tags: Engineering, Entrepreneurship, Entrepreneurship class, startup, and Company
Cost: 50
Name: FSE 301, Final Exam study guide
Description: Study guide for the final exam.
Uploaded: 04/24/2016
15 Pages 12 Views 48 Unlocks
Reviews

Kyle Bernhard (Rating: )

I'm really struggling in class and this study guide was freaking crucial. Really needed help, and Dan delivered. Shoutout Dan, I won't forget!


iz_nahabedian (Rating: )


csantini10 (Rating: )


Eli Chmouni (Rating: )

Material contains copyright content: Hello I am Elie Chmouni and this content is copyrighted and protected by Arizona State University. Please remove this content immediately.


huangqian2015usa (Rating: )

good




What are the negatives of being an entrepreneur?



What are the negatives of being an entrepreneur

Answers: Not Structured

Not organized

Lack of financial stability


What company started the Antenna Balls?



We also discuss several other topics like mgf 1106 study guide

Shorter working hours

Choose the advantages of being an entrepreneur from the list below

Answers: Ability to think big

Financial stability

Do what you enjoy


What are the 6 steps in the market research process?



Freedom If you want to learn more check out aquifed

On average how many hours does a self employed person work every week

Answers: 20-30

30-40

40-50

50-60

60-70

No stop work, 24/7

Does not work. Like a boss

In this class, my goal is to make everyone an entrepreneur

Answers: True

False

Entrepreneurship does not have to be high risk

Answers: True

False

Research completed in 2009 determined that the average age of a successful  entrepreneur in high­growth industries such as computers, health care and aerospace is

Answers: 25 If you want to learn more check out the golgi complex is composed of about six flattened membranous sacs called

40 We also discuss several other topics like prenatal development can be divided in to three parts. which of the following statements about these three parts is not correct?

46

30

What company started the Antenna Balls?

Answers: Wal mart

Jack in the Box

Zappos

Honda

Who invested in the Green Fresh Patch pitch?

Answers: Kevin O'leary

Barbara Corcoran

Lori Greiner

Robert Herjavec

Mark Cuban If you want to learn more check out the art of public speaking final exam

Which of the following are good strategies for coming up with new ideas?

Answers: Search for a Better Way

Get Inspired by History

Head Into the Weird Places

Attack Practical Problems If you want to learn more check out ksu kronos

Let Your Subconscious Do the Work

All the above

Perhaps the greatest factor that determines whether or not an entrepreneur will be  successful isn't the business idea itself, but rather

Answe

rs:availability of a lot of funding to push the idea forward

lack of competition from the market

having great team member and co-founders

the entrepreneur's willingness to try (and keep trying) to turn the idea  into reality.

A good strategy/method to use is when trying to identify the problems of your startup

Answers: The CCC method

The 5 why method

The Triple S challenge

The Quinzy Problem Finder method

Understanding your customers should only be done in the intial stages. Once the customer  is identified then you stop doing market research.

Answers: True

False

Entrepreneurs's passion is a great indication of the quality of the idea

Answers: True

False

The market research process can be placed in 6 steps. Order them in the right flow.

Answers

1.

Identify the research purpose

2.

Collect data from the market

3.

Evaluate already collected data

4.

Analyse already collected and evaluated data

5.

Interepret the analysed data

6.

Disseminate the final product from market research to all decision makers in your  company

Which of the following is not a question you need to answer when doing market research?

Answer s:

Who are target customers for your company?

How often those customers will purchase specific products or services? How much they are willing to pay for that products and services to you? How much does it cost to run your marketing campaign?

What is the price of the specific product or services that your competitors offer  on the market?

Select the possible sources of information for market research

Answers: Current customers

Magazines and journals

Surveys

Internet

Order the following according to the 7 Steps to Launch your Idea

Answers

1.

Don’t keep it to yourself

2.

Seek the devil’s advocate

3.

Build a product that you would use

4.

Test your idea

5.

Start thinking about revenue models

6.

Create a landing page (connection point)

7.

Find your first clients and get out to market

Which of the following is not part of the product development stages?

Answers: Problem/Solution Fit

Product/Market Fit

Revenue Generation

Scale and Growth

A good example of product market fit given was:

Answers: Facebook

Instagram

Airbnb

Uber

The slide deck outline included 11 main categories. Which one is missing?

Elevator Pitch

Momentum, Traction, Expertise: Your key numbers

Market Opportunity: Define market size & your customer base

Problem & Current Solutions: What need do you fill? Other solutions ?????

Business Model: Key Revenue Streams

Market Approach & Strategy: How you grow your business

Team & Key Stakeholders (Investors, Advisors)

Financials

10. Competition

11. Investment: Your ‘Ask’ for funding, Basic use of funds

Selected Answer: Product and service (your solution)

What is a pitch deck for? Select all that apply

Answers

:To give enough information to grab their interest, but not too much as to  overwhelm them

To answer all possible questions, and close immediate investment

Give them enough to get excited about, but leave them wanting more To tell a story in a visual sense with at least 25 slides

When the Dollar Shave Club video was launched what happened

Answers: The website and servers crashed from extensive orders and demand Nothing really, it went undetected for 3 weeks

The video had to be re-editted because of an audio error

They hired a logistics person to manage the orders

Which of the following represent common deck mistakes?

Answers: Too many slides, too much information

False/silly assumptions you can’t back up or don’t have data on Creating a story

Belittling competitors

Which of the following represented a bad business pitch?

Answers: Dollar Shave Club

The Knowledge

Crowdfunder

Share the Air

Dollar Shave Club's CEO has background in comedy and theater Selected Answer: True

The Go Greek Yogurt pitch deck was great but what was missing?

Answers: Financial Projections

Overview of the team

Their distribution and strategy

Nothing was missing

Why was The Knowledge pitch a bad one?

Answers: The presenter did not know how to answer questions

The product he was presenting did not work during the demo

He talked too much about the financial projections

He made really bad assumptions

On your pitch deck, the goal of the Team slide is to

Answers: Highlight key team members and their prior positions, successes, domain  expertise

Demonstrate relevant experience

Show the size of your team

Which roles are the keys to success in your company/space?

Too many financial details for an investor deck is considered a deck mistake Selected Answer: True

How many legal business entities were discussed in the lecture? (excluding non-profits) Selected Answer: 5

After your form and publish your LLC you must obtain a number from the IRS. What is that  number called?

Selected Answer: EIN

What to Include in Your Operating Agreement?

the members' percentage interests in the LLC

the members' rights and responsibilities

the members' voting powers

how profits and losses will be allocated

description of the owner personal assets and liabilities

rules for holding meetings and taking votes

Choose all that apply regarding a Sole Proprietorships

Answers: Owner remains personally liable for lawsuits filed against the business. No state filing required to form a sole proprietorship.

Easy to form and operate.

Owner reports business profit and loss on their business tax return. What is a vesting schedule in an operating agreement?

Answer s:

Basically allow you to “trial” a hire or partnership without an immediate equity  committment.

Instead of each getting our shares % immediately, it gets given to us regularly  over some period

The process by which an employee accrues non-forfeitable rights over employer provided stock incentives or employer contributions made to the employee's  qualified retirement plan account or pension plan.

The owners of an LLC ordinarily make financial contributions of cash, property, or  services to the business to get it started. In return, each LLC member gets a  percentage of ownership in the assets of the LLC.

How much does it cost to file an expedited LLC Articles of Organization to the ACC? Selected Answer: $85

Which is true about an Operating Agreement

Answer s:

Every LLC is required to have an operating agreement

An LLC operating agreement expires at the end of the fiscal year and needs to be  renewed

An operating agreement allows you to structure your financial and working  relationships with your co-owners in a way that suits yourbusiness.

An operating agreement must be filed with the state to be valid

The benefits of an LLC include (choose all that apply)

Answers: Independent legal structures separate from their owners. Ability to issue stocks and accounts

Help separate your personal assets from your business debts.

Not required to hold annual meetings or record minutes.

What does LLC stand for?

Limited Liability Company

Which of the following represents the three big ideas about branding beyond beautiful.

Answers: Rise Above Commoditization

Develop a color pallette and design

Answer the one big question

Tell a great story

For the big idea #1: Ride Above Commoditization which of the following apply?

Answers: Define all audiences, investors, markets and media

Do not bore anyone into buying your product

Pick a color, graphic style, imagery

Differentiate your products and your communications

An example of design with good empathy is... (based on the lecture)

Answers: Dish Network DVR

Tivo Remote Control

Starbucks Cups

A brand is what you say it is, and what others feel, think, say about you. Selected Answer: False

Place these in the proper order

Answers

1.

Study

2.

Empathize

3.

Prototype

A great design is where user goals meet ...

Answers: Investor goals Business goals

Marketing goals

None of the above

When designing you should consider the following. Order from highest importance to lowest importance

Answers

1.

Functionality

2.

Intuitiveness

3.

Efficiency

4.

Comfort

5.

Delight

An example of downstream audience is...

Answers: End-user Investors

Suppliers

Financial Markets

An example of upstream audience members is...

Answers: Retailers

purchasers

Media

Retailers

Design is making things look pretty.

Selected Answer: False

What are the three main financial statements?

Answers: Balance Sheet

Break Even Sheet

Profit and Loss Statement

Cash Flow Statement

When you have an idea or prototype, you can raise money from...

Answers: SEED

IPO

Friends and Family

SERIES A

Which of the following show the correct process of financial management

Selected Answer: All below:

Preparation of historic and fincancial Statements

2. Preparation of Forcasts

3. Preparation of Pro Forma Financial Statements

4. Ongoing analysis of financial results

Which of the following is true?

Answers: Profit= Revenue - taxes

Revenue= Profit + Expenses

Expenses= Revenue + Profit

Profit= Expenses - Revenue

If the pre-money valuation of a company was $10 million and an investor is interested in  investing $3 million. How much dilution does the founder take after the round of funding if  he was 100% owner?

Selected Answer: 23%

Formula: $3 invest / (10 pre + 3 invest (aka post)) = 23% dilute

If the pre-money valuation of a company was $8 million and an investor is interested in  investing $1 million. How much equity would the investor own in the company after the  round of funding?

Selected Answer: 11.1%

Formula: 1 / (1 + 9) = 11.1% equity

When dealing with profit and loss (PNL) analysis which of the following is true?

Answers: Gross profit = Sales - Costs of Goods Sold

Net Profit = Sales - Expenses - Taxes

Gross Profit + Operating Expenses = Net Profit

EBT + EBIT = Gross Profit

Which of the following sequences is true in terms of the Primary Financial Objectives? Selected Answer: Profitability, Liquidity, Effeciency, Stability

A financial Statement is a written report that...

Answers: reflect past performance and are usually prepared on a quarterly and annual  basis.

describes a firm’s financial health

estimates the firm’s future income and expenses

creates an itemized forecasts of a company’s income, expenses, and capital

Which of the following represents some of your operational costs

Answers: Raw materials and equipment

Marketing and advertising costs

Taxes

Wages

Loan repayment

Premises (Rental or Mortgage)

Utility bills –gas, electric, telephone, postage etc

The "need to sell enough product to cover costs" represents

Answers: Financial projections

Break even point

Efficiency production

Net profit

What are the main goals of the financial sheets you send the investors?

Answers: Understanding how costs and sales relate to each other. Give an exact overview of how much money will be made over the next years. Provide a series of assumptions for your financial projections

Allow the investor to understand your exit strategy

When preparing a pitch deck make sure to include ...

Selected Answers: What problem are you trying to solve? What is the size of the market?

What is the market of your product?

What is your solution?

Who is your team?

What is special about your product?

What are the types of risks investors worry about?

Answers: Team

Price or cost

Distribution

Market

What is equity financing?

Answer s:

In exchange for money, investors recieve an interest rate based on their funding  level

It is equivalent to a convertible note but on the east coast

In exchange for money, share of the company are sold to investors.

In exchange for money, investors receive a conversion rate for the future value  of the company

If you need funding for your initial stage, you should be going after...

Answers: Angel investors

VC Firms

Friends and Family

Your teacher

When you are raising money you need to...

Answers: Raise enough money to get you to the milestones you need to hit Raise more money than you think you need to hit those milestones Avoid large dilution and ask for chunks of small money rounds Plan for about 2-3 rounds of upcoming funding

When talking to investors you are selling...

Answers: Your dream and vision

Your product

The pitch deck

The financial projections

When pitching an investor, remember to ...

Answers: Sell the dream

Listen to what they ask

Lead the conversation

Let them know why they are a perfect match for you

Have the slides from your pitch deck running in the background Have a lead investor

How much return are investors looking for?

Answers: 5x-7x

8x-10x

11x-12x

25x

What is the maturity date?

Answer s:

The date when the company has sold enough products to raise funding.

The date by which investors can force a company to convert their shares in the  company

The date by which investors can force a company to pay back debt if the  company is not aquired

The date by which the company is ready to raise another round of funding at a  higher valuation

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