| Small Business Facts | Things Entrepreneurs Say (>> Issue Spot) | Business Modeling | Ethics ( >>> Issue Spot) | Business Entities |
|---|---|---|---|---|
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What is 50%
Before the Pandemic, what proportion of new businesses survive after 5 years
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What is apply for trademark protection through the USPTO. (Bonus: and clarify difference between Copyrights and Trademarks)
"I want to protect my company name. Can you help me copyright it"
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What is Disneyland
This national company's value proposition is: "The Happiest Place on Earth"
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What is avoid practicing without a license (Bonus: note that students are working under staff licenses but NOT for this)
A friend says "GREAT that you're taking the Clinic -- MY new business could use some advice..."
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What are LLCs, Partnerships, and S Corporations
These entities can have "pass-through" taxation
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What is (1) Biggest creator of net new jobs, (2) Most of U.S. Exporters, others from the SBA FAQ
One way that small businesses contribute to the US Economy
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What is make sure the business has met requirements for having an intern (Bonus - name one requirement -e.g., educational program required)
"Oh nobody's paid here -- it's all interns"
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What is "Channels"
A Business Model Canvas cell that describes how the customer relationships will be created or maintained
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What is Client information and communications must be treated as confidential and can't be put to personal or commercial use by the client's attorney (Bonus: this also flags a potential conflict of interest - teammate may need to be walled off from client's case.
Your Clinic teammate says "I loved interviewing that last client -- he gave me so many ideas for a similar business I'm working on."
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What are Contributions, Distributions, and Decisionmaking (or Management)
The three key terms that LLC founders need to agree upon
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What is (1) Not protecting IP, (2) Making legal mistakes that will scare off investors, (3) Not being able to enforce agreements, others from the SBA FAQ
Three risks that entrepreneurs take when they can't afford an attorney
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What is make sure the corporation has actually formed and followed formalities (Bonus - name one formality, e.g., holding board meetings with minutes)
"I do everything - corporation CEO, President, Secretary, Treasurer. And I don't want to get sued."
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What is 9 (Bonus if can name at least 5 cells)
The number of different components in a Business Model Canvas
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What is Communication (Lack of)
This lawyer's ethical duty to a client generates the most number of formal ethics board complaints
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What are any three of: business-savvy courts, investors like DE because of legal predictability, filings are fast, laws are generally forgiving of leadership mistakes
Three reasons that entrepreneurs choose to incorporate in Delaware
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What is 36%
Approximate proportion of small businesses owned by women
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What is LLC's need to be registered with the State of California Secretary of State's office (Bonus -- it's Limited Liability COMPANY)
"Yep, my partner and I shook hands on it. We're officially a Limited Liability Corporation."
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What is the most important use of the Canvas is for internal planning. (Bonus: when you go for investors you'll use a written Business Plan, an iteration of a BMC addressed to a particular audience)
The entrepreneur says: "I don't need to do a Canvas -- I won't be going for investors this year."
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What are in any order: "Communication, Confidentiality, Candor, Competence, avoidance of Conflicts"
The 5 "C"s of the Clinic Acronym 5-C STUD describing attorney duties to clients
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What are any 4 of lack of formalities, commingling of funds, incomplete filings, violation of fiduciary duties, intentional acts, personal guarantees, criminal wrongdoing
What are 4 reasons that a corporate liability shield might be pierced
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What is 29% (within 5%)
Approximate proportion of small businesses owned by people of color
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What is under work for hire doctrine, employers have ownership of all of employee's inventions, unless made off hours, without company resources, and only the work is not in same industry (check)
"I'm a Google software engineer by day, but at night I'm building the next great gaming app."
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What is the "Assets" or "Resources" Cell. (Bonus: if Company MAKES IP it could go anywhere -- Value Prop, Activities, other cells)
This is where Intellectual Property usually goes in the Business Model Canvas
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What is the attorney owes a duty of confidentiality to the Entity, not to any individual member (Bonus: mention the importance of clarifying that for the founder)
After you leave a client meeting with a company's co-funders, one founder says "Hey, I've got a question - just between us, of course.."
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What is "Calgold.ca.gov"
Name of the state website where an entrepreneur can find out what permits are needed
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