Chapter 5 stuff Flashcards
Advantages to Entrepreneurship
Satisfactions from taking a risk and becoming a success
Showing expertise and skills
Working from home
Gaining profit
Disadvantages of n Entrepreneurship
Total responsibility for the business
long hours
financial risks
Advantages of small businesses
being the boss
opportunity to offer services large companies cannot offer ease of formation
Disadvantages of small businesses
effect of change
managerial skills needed
inadequate financial planning
Parts of a business plan
Summary company description products and services marketing plan legal plan management plan/operating plan Financial plan
Summary
3-page overview of plan
company description
Type of business you want to start
products and services
products and services you plan to sell
marketing plan
describe likely customers and competition
legal plan
how you will organize your company
management plan/operating plan
key personnel and their expertise and experience
Financial plan
financial needs and future costs
