ENTREPRENEURSHIP AND
SMALL BUSINESS
CERTIFICATION EXAM 100%
SOLVED RATED A+ FOR
SUCCESS
, Elements of the Design Thinking Process - ANSWERSStage 1: Emphasize- Research
Your Users' Needs
Stage 2: Define- State Your Users' Needs and Problems
Stage 3: Ideate- Challenge Assumptions and Create Ideas
Stage 4: Prototype- Start to Create Solutions
Stage 5: Test- Try Your Solutions Out
Difference between small businesses and entrepreneurs? - ANSWERSSmall
businesses are not always interested in taking on new business opportunities.
Entrepreneurs set up a business with the aim to make a profit.
Compensation Types - ANSWERS1. Piece work- compensation on a per-unit basis. EX:
an employer can choose to pay mechanics a fixed rate for each vehicle they repair
instead of paying an hourly rate.
2. Salary- employee receives a set amount of pay each month without overtime
compensation for extra hours worked.
3. Hourly- Employees most affected by minimum wage laws are compensated hourly.
4. Commission- An employee who is paid a percentage of a sale.
5. Equity- Non-cash compensations offered to employees in place of or in addition to a
lower salary.
Types of Sales Channel - ANSWERS1. Business-to-Business (B2B): a transaction or
business conducted between one business and another, such as a wholesaler and
retailer. Transactions tend to happen in the supply chain, where one company will
purchase raw materials from another to be used in the manufacturing process.
2. Business-to-Consumer (B2C): process of businesses selling products/services
directly to consumers, with no middle person.
Typically refers to online retailers who sell products/services to consumers through the
Internet.
Online B2C became a threat to traditional retailers, who profited from adding a markup
to the price.
3. Retail: sell items or services to customers. They typically sell items in-store or may be
sold online.
SMALL BUSINESS
CERTIFICATION EXAM 100%
SOLVED RATED A+ FOR
SUCCESS
, Elements of the Design Thinking Process - ANSWERSStage 1: Emphasize- Research
Your Users' Needs
Stage 2: Define- State Your Users' Needs and Problems
Stage 3: Ideate- Challenge Assumptions and Create Ideas
Stage 4: Prototype- Start to Create Solutions
Stage 5: Test- Try Your Solutions Out
Difference between small businesses and entrepreneurs? - ANSWERSSmall
businesses are not always interested in taking on new business opportunities.
Entrepreneurs set up a business with the aim to make a profit.
Compensation Types - ANSWERS1. Piece work- compensation on a per-unit basis. EX:
an employer can choose to pay mechanics a fixed rate for each vehicle they repair
instead of paying an hourly rate.
2. Salary- employee receives a set amount of pay each month without overtime
compensation for extra hours worked.
3. Hourly- Employees most affected by minimum wage laws are compensated hourly.
4. Commission- An employee who is paid a percentage of a sale.
5. Equity- Non-cash compensations offered to employees in place of or in addition to a
lower salary.
Types of Sales Channel - ANSWERS1. Business-to-Business (B2B): a transaction or
business conducted between one business and another, such as a wholesaler and
retailer. Transactions tend to happen in the supply chain, where one company will
purchase raw materials from another to be used in the manufacturing process.
2. Business-to-Consumer (B2C): process of businesses selling products/services
directly to consumers, with no middle person.
Typically refers to online retailers who sell products/services to consumers through the
Internet.
Online B2C became a threat to traditional retailers, who profited from adding a markup
to the price.
3. Retail: sell items or services to customers. They typically sell items in-store or may be
sold online.
