DECA Entrepreneurship and Small
Business Management Cluster
Performance indicators fully solved
Describe methods used to protect intellectual property - correct answer ✔✔Copyrights, patents,
trademarks
Describe legal issues affecting businesses - correct answer ✔✔Disgruntled Employees,
Discrimination/Harassment Cases, Immigration Audits, Copyright and Patent Issues, Dissatisfied
Customers, etc.
Identify the basic torts relating to business enterprises. - correct answer ✔✔For business: Civil wrongs,
whether intentional or not, committed by or against an organization, including harm done to tangible
assets
Describe the nature of legally binding contracts - correct answer ✔✔A contract is an agreement between
2 or more parties to do, or refrain from doing, some action. A contract must have 3 things: an offer,
acceptance, and consideration. One party must make a clearly stated offer to another party. The offer
must be accepted. Something of value must be promised in exchange for a specific action or non-action.
Explain types of business ownership. - correct answer ✔✔Sole proprietorship, Partnerships, C
Corporations, Limited liability corporations, and S Corporations
Describe the nature of entrepreneurship - correct answer ✔✔Entrepreneurship is the development of a
business from the ground up, including coming up with an idea and turning it into a profitable business.
Explain role requirements of entrepreneurs - correct answer ✔✔3 roles
1) set overall vision while considering individual desires
2) researching and selling as it evolves
3)setting operational assessments to measure progress and determine other opportunities
, Describe small business opportunities in international trade - correct answer ✔✔Purpose: bigger
market, identify new ventures, larger customer base
Benefits: Increase sales, pay higher wages, employ more workers, increased productivity
Con: More staffing considerations to monitor foreign involvement
Explain the need for entrepreneurial discovery - correct answer ✔✔Required to spur innovation and
fulfill demands
Competition means businesses want to get ahead with new innovation
Discuss entrepreneurial discovery process - correct answer ✔✔Identifying opportunities to fulfill a
demand with a product/service by examining political(regulations), social, demographic, and
technological changes
Determine opportunities for venture creation - correct answer ✔✔Identify a need, look at rends,
conduct research, address issues
Assess global trends and opportunities for global ventures - correct answer ✔✔Considering all aspects of
a possible venture, with factors such as feasibility, predictions, and benefits and disadvantages
Generate venture ideas - correct answer ✔✔Come up with new opportunities for business which may
entail some risk
Determine feasibility of venture ideas - correct answer ✔✔Do a TMMD analysis(Time, money, the
market, and determination or passion)
Describe entrepreneurial planning considerations - correct answer ✔✔Funds, resources, labor, ie.
finance, resource, and human capital
Also differentiate between strategic and tactical planning
Explain tools used by entrepreneurs for venture planning - correct answer ✔✔SWOT, Market,
Competition, Environment, Sensitivity(how will one thing affect another) Analyses
Business Management Cluster
Performance indicators fully solved
Describe methods used to protect intellectual property - correct answer ✔✔Copyrights, patents,
trademarks
Describe legal issues affecting businesses - correct answer ✔✔Disgruntled Employees,
Discrimination/Harassment Cases, Immigration Audits, Copyright and Patent Issues, Dissatisfied
Customers, etc.
Identify the basic torts relating to business enterprises. - correct answer ✔✔For business: Civil wrongs,
whether intentional or not, committed by or against an organization, including harm done to tangible
assets
Describe the nature of legally binding contracts - correct answer ✔✔A contract is an agreement between
2 or more parties to do, or refrain from doing, some action. A contract must have 3 things: an offer,
acceptance, and consideration. One party must make a clearly stated offer to another party. The offer
must be accepted. Something of value must be promised in exchange for a specific action or non-action.
Explain types of business ownership. - correct answer ✔✔Sole proprietorship, Partnerships, C
Corporations, Limited liability corporations, and S Corporations
Describe the nature of entrepreneurship - correct answer ✔✔Entrepreneurship is the development of a
business from the ground up, including coming up with an idea and turning it into a profitable business.
Explain role requirements of entrepreneurs - correct answer ✔✔3 roles
1) set overall vision while considering individual desires
2) researching and selling as it evolves
3)setting operational assessments to measure progress and determine other opportunities
, Describe small business opportunities in international trade - correct answer ✔✔Purpose: bigger
market, identify new ventures, larger customer base
Benefits: Increase sales, pay higher wages, employ more workers, increased productivity
Con: More staffing considerations to monitor foreign involvement
Explain the need for entrepreneurial discovery - correct answer ✔✔Required to spur innovation and
fulfill demands
Competition means businesses want to get ahead with new innovation
Discuss entrepreneurial discovery process - correct answer ✔✔Identifying opportunities to fulfill a
demand with a product/service by examining political(regulations), social, demographic, and
technological changes
Determine opportunities for venture creation - correct answer ✔✔Identify a need, look at rends,
conduct research, address issues
Assess global trends and opportunities for global ventures - correct answer ✔✔Considering all aspects of
a possible venture, with factors such as feasibility, predictions, and benefits and disadvantages
Generate venture ideas - correct answer ✔✔Come up with new opportunities for business which may
entail some risk
Determine feasibility of venture ideas - correct answer ✔✔Do a TMMD analysis(Time, money, the
market, and determination or passion)
Describe entrepreneurial planning considerations - correct answer ✔✔Funds, resources, labor, ie.
finance, resource, and human capital
Also differentiate between strategic and tactical planning
Explain tools used by entrepreneurs for venture planning - correct answer ✔✔SWOT, Market,
Competition, Environment, Sensitivity(how will one thing affect another) Analyses
