Define startup. What are the three types of Startup Ideas? List and describe common sources of startup ideas (the professor will focus on the most prominent) How can entrepreneurs use innovative thinking to generate business ideas? (The professor will focus on the most important)

We use _______________________ analysis and __________________________ analysis to assess or screen new business ideas. Outside-in (External) analysis should focus on three areas: General Environment: Industry Environment: Competitive Environment: Inside-out (Internal) analysis should focus on: Resources: Core Competencies and Competitive Advantage: Explain how we integrate the internal and external analysis: Define the Entrepreneur's Opportunity "Sweet Spot

Identify and describe the five factors that are used to screen new business ideas: What is feasibility analysis? Why is it important to find a fatal flaw? Reflection: Write a paragraph that describes the three most important things you learned from this topic.

Chapter 4 - Franchises and Buyouts Define the following franchising terminology: Franchise Franchisor Franchisee Product/trade name franchising Business format franchising Franchise contract Describe franchising's effect on the US economy. List and describe the advantages/pros of franchising: List and describe the disadvantages/cons of franchising:

List and describe the four types of costs associated with franchising: How should we evaluate a franchise opportunity? Why would we want to buy an existing business? What is due diligence? Reflection: Write a paragraph that describes the three most important things you learned from this topic.

Chapter 6 - The Business Plan What is a business plan? What key elements should be part of every business plan? Who are the users of a business plan? Explain how a business plan is useful to each. Describe the balance between planning and executing.

Are there situations where a business plan may not be helpful? If so, what are they? What is the difference between a short plan and a comprehensive plan? What is a business model? Why is it important to have a model identified? List and describe the key elements of a business model: Is it a good idea to write the business plan with a unique format? Explain. List and describe the purpose of the main sections of the business plan:

What are the six important pieces of advice for writing a business plan? Reflection: Write a paragraph that describes the three most important things you learned from this topic.