Business Final Flashcards
Components of a Profitable Business
- tell the world
- Fill a need
- Be profitable
Covey’s 7 Habits
- Be proactive
- Start with end in mind
- Put first things first
- Think win-win
- Understand before being understood
- Synergize
- Sharpen the saw
Business Plan Components
- Cover Sheet
- Table of Contents
- Executive summary/purpose statement
- Description of business
- Financial Section
Types of research
- Primary Research
- Directly getting information - Secondary Research
- Reading already conducted research - New-Eyes Research
- Watch TC in natural habitat
Environmental Trends
- Socio-Cultural
- Economic
- Technological
- People
- International
- Competition
Trends for Small Business
- Globalization
- Technological
- Splintering Mass Market
- Boomers
Market Segmentation
Break market down as much as possible. Gaps = opportunities. Multiple Gaps = New TC
Life-Cycle Stages
- Embryo
- Growth
- Maturity
- Decline
Goal vs. Objective
Goal = Desired result (broad)
Objective = Measurable steps to achieve goal (SMART)
Specific Measurable Action Realistic Time
Sole-Proprietorship
1 person
- Flexible paperwork
- Losses deducted from income
- Owner can be help liable
- Revenue taxed as personal
- Restrictions to raising capital
Partnership
2+ people (General + Limited)
- Easy Startup
- Few Legal Requirements
- Shared risk
- Limited taxes
- Partners personally liable
- Difficulty in decision making
Corporation
Owners + Business = Separate
- Limited liability
- Tax advantages
- Fewer tax right-offs
- Incr. start-up costs
- Incr. paperwork
Cooperative
Owners = Users
- Limited Liability
- Easy to get capital
- Owners are motivated
- Difficulty agreement
- Difficulty external financing
- Management conflicts
Patent
Invention
Copyright
Creative work
