Study guide for exam 2
Study guide for exam 2 MGMT 310
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This 8 page Study Guide was uploaded by kaitlynv on Sunday October 25, 2015. The Study Guide belongs to MGMT 310 at Iowa State University taught by Andreea Kiss in Summer 2015. Since its upload, it has received 33 views. For similar materials see Entrepreneurship and Innovation in Business, management at Iowa State University.
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Date Created: 10/25/15
MGMT 310 Kiss Exam 2 Ch 6 7 12 8 10 CHAPTER 6 DEVELOPING AN EFFECTIVE BUSINESS MODEL LEARNING OBJECTIVES Describe a business model Explain business model innovation Discuss the importance of having a clearly articulated business model Discuss the concept of the value chain Identify a business model s two potential fatal aws Identify a business model s four major components Explain the meaning of the term business concept blind spot Define core competency and describe its importance Explain the concept of supply chain management 0 Explain the concept of fulfillment and support quotF SX NQP PP PE 1 Business Models A The Importance and Diversity of Business Models 1 Importance of Business Models 2 Diversity of Business Models B How Business Models Emerge C Potential Fatal Flaws of Business Models 11 Components of an Effective Business Model A Core Strategy 1 Mission Statement 2 ProductMarket Scope 3 Basis for Differentiation B Strategic Resources 1 Core Competencies 2 Strategic Assets Chapter 1 Introduction to Entrepreneurship C Partnership Network 1 Suppliers 2 Other Key Relationships D Customer Interface 1 Target Market 2 Fulfillment and Support 3 Pricing Structure CHAPTER 7 PREPARING A PROPER ETHICAL AND LEGAL FOUNDATION LEARNING OBJECTIVES p x 9 9 ng 10 I Describe how to create a strong ethical culture in an entrepreneurial venture Explain the importance of leading by example in terms of establishing a strong ethical culture in a firm Explain the importance of having a code of conduct and an ethics training program Explain the criteria important to selecting an attorney for a new firm Discuss the importance of a founder s agreement Provide several suggestions for how entrepreneurial firms can avoid litigation Discuss the importance of nondisclosure and noncompete agreements Provide an overview of the business licenses and business permits that a startup must obtain before it starts conducting business Discuss the differences among sole proprietorships partnerships corporations and limited liability companies Explain why most fastgrowth entrepreneurial ventures organize as corporations or limited liability companies rather than sole proprietorships or partnerships Initial Ethical and Legal Issues Facing a New Firm A Establishing a Strong Ethical Culture for a Firm 1 Lead by Example 2 Establish a Code of Conduct MGMT 310 Kiss II III 3 Implement an Ethics Training Program B Choosing an Attorney for a Firm C Drafting a Founders Agreement D Avoiding Legal Disputes 1 Meet All Contractual Obligations 2 Avoid Undercapitalization 3 Get Everything in Writing 4 Set Standards Obtaining Business Licenses and Permits Business Licenses Business Permits Choosing a Form of Business Ownership Sole Proprietorships Partnerships 1 General Partnerships 2 Limited Partnerships Corporations 1 C Corporation 2 Subchapter S Corporation Limited Liability Companies CHAPTER 12 Exam 2 Ch 6 7 12 8 10 Chapter 1 Introduction to Entrepreneurship THE IMPORTANCE OF INTELLECTUAL PROPERTY LEARNING OBJECTIVES p x 9 H990 ng II III Define the term intellectual property and describe its importance Discuss the four major forms of intellectual property patents trademarks copyrights and trade secrets Specify the rules of thumb for determining Whether a particular piece of intellectual property is worth the time and expense of protecting Describe the sixstep process for obtaining a patent Identify the four types of trademarks Identify the types of material that are eligible for copyright protection Discuss the legal environment that facilitates trade secret protection Identify the most common types of trade secret disputes Describe some of the physical measures that firms take to protect their secrets Explain the two primary reasons for conducting an intellectual property audit The Importance of Intellectual Property Determining What Intellectual Property to Legally Protect B The Four Key Forms of Intellectual Property Patents Types of Patents B Who Can Apply for a Patent C The Process of Obtaining a Patent Patent Infringement Trademarks The Four Types of Trademarks B What Is Protected Under Trademark Law C Exclusions from Trademark Protection The Process of Obtaining a Trademark MGMT 310 Kiss IV B C VI A B Exam 2 Ch 6 7 12 8 10 Copyrights What Is Protected by a Copyright Exclusions from Copyright Protection How to Obtain a Copyright Copyright Infringement Copyrights and the Internet Trade Secrets What Qualifies for Trade Secret Protection Trade Secret Disputes Trade Secret Protection Methods Conducting an Intellectual Property Audit Why Conduct an Intellectual Property Audit The Process of Conducting an Intellectual Property Audit CHAPTER 8 ASSESSING A NEW VENTURE S FINANCIAL STRENGTH AND VIABILITY LEARNING OBJECTIVES NQP PPPE Explain the two functions of the financial management of a firm Identify the four main financial objectives of entrepreneurial ventures Explain the difference between historical and pro forma financial statements Explain the purpose of an income statement Explain the purpose of a balance sheet Explain the purpose of a statement of cash ows Discuss how financial ratios are used to analyze and interpret a firm s financial statements Chapter 1 Introduction to Entrepreneurship 8 Discuss the role of forecasts in projecting a firm s future income and expenses 9 Explain What a completely new firm bases its forecasts on 10 Explain What is meant by the term percent of sales method I Introduction to Financial Management A Financial Objectives of a Firm 1 Profitability 2 Liquidity 3 Efficiency 4 Stability B The Process of Financial Management 11 Financial Statements and Forecasts A Historical Financial Statements 1 Income Statement 2 Balance Sheet 3 Statement of Cash Flows 4 Ratio Analysis 5 Comparing a Firm s Financial Results to Industry Norms B Forecasts 1 Sales Forecast 2 Forecast of Cost of Sales and Other Items 111 Pro Forma Financial Statements A Pro Forma Income Statement B Pro Forma Balance Sheet MGMT 310 Kiss Exam 2 Ch 6 7 12 8 10 C Pro Forma Statement of Cash Flows D Ratio Analysis CHAPTER 10 GETTING FUNDING OR FINANCING LEARNING OBJECTIVES Explain Why most entrepreneurial ventures need to raise money at some point during their early life 2 Identify the three sources of personal financing available to entrepreneurs 3 Provide examples of how entrepreneurs bootstrap to raise money or cut costs 4 Identify the three steps involved in properly preparing to raise debt or equity financing 5 Discuss the difference between equity funding and debt financing 6 Explain the role of an elevator speech in attracting financing for an entrepreneurial venture 7 Describe the difference between a business angel and a venture capitalist 8 Explain Why an initial public offering IPO is an important milestone in an entrepreneurial venture 9 Discuss the SBA Guaranteed Loan Program 10 Explain the advantages of leasing for an entrepreneurial venture CHAPTER OUTLINE The Importance of Getting Financing or Funding A Why Most Ventures Need Funding Chanter 1 Introduction to Entrepreneurship II III IV Sources of Personal Financing Preparing to Raise Debt or Equity Financing Sources of Equity Funding Business Angels Venture Capital Initial Public Offering Sources of Debt Financing Commercial Banks SBA Guaranteed Loans Other Sources of Debt Financing Creative Sources of Financing and Funding Leasing SBIR and STTR Grant Programs Other Grant Programs Strategic Partners
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