Finance and Business

Study Guide analyse 1 Small caper BSMG 2410 test 1 REVIEW MULTIPLE picking 1. How a disdain plan shtup be subroutineful. A working anatomy outlining ? nances and direction for a impertinent start-up or expansion. Gives you slightlything you see. 2. The doorways to short blood line ownership. at that place be terzetto doorways to small stemma ownership. 1. Buy an existing commercial enterprise. 2. Buy a franchise 3. Start a parvenu line. 3. non matchless of the ten-spot cause of death factors. The Ten Killer Factors for Entrepreneurs 1. Weak character 2. The l unrivalled and only(a)r syndrome 3. Nebulous business thoughts 4. No plan 5. Too little monetary backing 6.Cash-flow troubles 7. No marketing schema 8. No controlling 9. The wrong great screw 10. Underestimating the competition 4. non one of the ten success factors. The Ten Success Factors for Entrepreneurs 1. Willingness to come 2. Self-confidence 3. A clear business idea 4. The Business Plan 5. film control of finances 6. Targeted marketing 7. A step ahead of the competition 8. circumspection support 9. Cooperation 10. Clear caller expression 5. Not good advice for a develop entrepreneur. When you be the boss, you prat take it easy. 6. Not one of the key points for successful entrepreneurs.Entrepreneur A visionary self-starter who loves the adventure of a new enterprise and is pull up stakesing to risk his or her own money 7. Characteristics of todays changing family. 8. Impact facts about(predicate) the fumble boomer generation. Baby boomers Persons born mingled with 1946 and 1963 Increase in population seclusion age. They will probably be your customers. Pg. 33 Baby boomers make up 70% of the population. Have a steady income. 9. Not an example of the new living arrangements. sustainment arrangements atomic number 18 changing and evolving. 10. What is accomplished by the Opportunity Selection Funnel 11.Not one of the product feel-cycle stagesThe Life Cycle Stages A. embryo B. Growth C. Mature D. Decline 12. What is include in primary interrogation? alternative research Reading and using previously published (primary) research 13. Steps in opportunity selection. Pg. 56 1. Keep in-person and business purposes in mind through with(predicate) the filtering process 2. Learn to a greater extent about your favorite industry. 3. Identify 3 to 5 assure segments 4. Through research, identify problems that quest solutions. 5. Brainstorm for solutions 6. Mesh possible solutions with your objective 7. Concentrate on the most promising opportunities. 4. What is gained by doing primary and secondary research? From my understanding, primary election and Secondary research are the difference in get bying the research. In Primary research, there is no data useable for the researcher hence the researcher has to start from scratch. This means that the researcher needs to design questionnaires, collect data from respondents and then analyses t he result. If you are doing secondary research, the researcher have the prerequisite data available. These data are make available through other takes or reports, like newspaper or annual reports of companies.If the researcher is doing secondary research, there is no need to start from scratch he or she uses the data or development done by other organizations or publications. The important thing is that there are advantages and disadvantages for both methods. Primary research is more than time consuming and costly. While some secondary research may non suit the researchers needs. 15. Consider industry breakthroughs. 16. part of the NAICS structure. Pg. 62 North Ameri idler industry salmagundi System (NAICS) 1. Industry heavens (20 major sectors) 2. Industry subsector 3. Industry aggroup 4. Industry . U. S, Canadian, or Mexi pile guinea pig specific industry 17. How trade shows work. 18. How to conduct primary research. Interviews 19. How to use a globe substance grid. Measurement tool with which ideas are screened and evaluated in order to ? nd solutions 20. What can be gain from market research. Collection and summary of data pertinent to current or potential viability of a product or serve. Do the research up drive will save you money in the long run. 21. What is included in a media kit. A media kit is a piece of land of data about your business that is created for use by the press.Its purpose is to provide media members with the demand data to report on your business. Business Facts History Products/Services Bios Current word 22. Examples of target customers. Persons who have the highest likelihood of acquire a product or service 23. Other things included in a media kit. Readership pro? les, and information, and market research veritable by magazines for potential advertisers 24. Helpful websites in profiling target customers. www. newslink. org www. mediafinder. com www. brint. com www. sba. gov 25. What Claritas information is grou nd on.A comp any providing a household section tool that concisely describes and categorizes people by their age, income aim, and social preferences. It is a sister company of National Decision Systems Psychographic Descriptive information on values, attitudes, and lifestyles SHORT ANSWER Chapter 1 26. let off ii (2) reasons why a business plan is critical to a small business. 27. rear two (2) reasons for and two reasons against starting your own business. For Job Security, in todays economy this is one way of assure an income. You get to occupy your register and work with flexibility- This has its benefits for sure.Being able to schedule around activities and practices and school is nice. However, it can also mean that you are working easy into the evening. Just know that you have to be prepared for this Against It takes a lot of work. Ive been dealing with entrepreneurs for more than 30 old age now, and Ive never seen even one of them who worked less while building a bus iness than when he or she was an employee, or a student, or something else. Failure can cost you big time. Businesses do fail, and not always through the fault of the owner. correct good decisions have bad outcomes. at that place are a lot of factors you cant control.I know people whose business failure cost them their sense of self, positivistic their life relationships. If you cant deal with the possibility, dont go there. 28. Provide an advantage and a disadvantage of apiece of the ternion methods of getting into business. Starting from scratch, get an existing business, franchise Chapter 2 29. Explain through the use of an example what is meant by new eyes research. Trends, what people will be doing in the future. Helps provide feedback 30. What are the four (4) stages of a product life cycle and explain which one should be avoided. A. EmbryoB. Growth C. Mature D. Decline you demand to avoid because this means you an a descending(prenominal) ride and there is no more opp ortunity for fatten outing. 31. Explain the concept of brainstorming. It refers to nidus on one subject and save many ideas and different direction that idea takes you down so you can expand upon them in future works you create. Dont be afraid to think and follow world-wide thoughts. 32. Explain how the changing family could open up any two (2) possible small business opportunities. The number of grandparents raising their grandchildren has increased. Chapter 3 3. Explain how the NASIC/SIC codes are set-up and how they can be used for gathering business information. (pg. 62) The North American Industry Classification System (NAICS, pronounced Nakes) was veritable as the standard for use by federal statistical agencies in classifying business establishments for the collection, analysis, and publication of statistical data related to the business economy of the U. S. NAICS was developed under the trade protection of the Office of Management and Budget (OMB), and pick out in 19 97 to replace the old threadbare industrial Classification (SIC) brass.It was also developed in cooperation with the statistical agencies of Canada and Mexico to establish a 3-country standard that allows for a high level of comparability in business statistics among the three countries. NAICS is the first economic classification system to be constructed based on a single economic concept. The Standard Industrial Classification (SIC) was originally developed in the 1930s to classify establishments by the type of action in which they are primarily engage and to promote the comparability of establishment data describing various facets of the U.S. economy. 34. Explain how a intercellular substance to mesh desires with ideas works for the entrepreneur. Chapter 4 35. draw how an entrepreneur can use a mass- market magazine to generate a profile of its target customers. Handouts 36. Discuss any three (3) traits from Successful Small Businesses administer Five Traits. 37. Discuss an y three (3) points from Getting a business of the ground is hard work. 38. Discuss the relationship surrounded by happiness, passion, and owning a small business.