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824: PT Management and Adminstration > Entrepreneurship > Flashcards

Entrepreneurship Flashcards

1
Q

Because small businesses don’t have deep pockets what 3 things do they have to do to succeed?

A
  1. Do things that large companies overlook
  2. Do things that larger companies are not interested in doing
  3. Be more responsive, contemporary, and react with speed that larger corporations cannot match
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2
Q

The innovation that is required for small businesses to succeed stems from what 4 things?

A
  • Demographic changes
  • Gaps between what is and what could or should be
  • Market and industry changes
  • New knowledge/new concepts
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3
Q

What are a few character traits of small business owners who are entrepreneurs?

A
  • independent thinkers
  • dare to be different
  • assume the risks of creating new services and products
  • take responsibility to achieve desired results through their own efforts
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4
Q

What are 3 desirable characteristics of PT entrepreneurs?

A
  • Commitment to adhering to professional ethical precepts and laws
  • Flexibility in order to be able to adapt to rapidly and ever changing health care delivery issues
  • Ability to manage multiple life roles
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5
Q

Somewhere between _-__% of APTA members have some level of private practice.

A

8-14

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6
Q

Business wise, the private practice owner requires knowledge of what 5 things?

A
  • Strategic planning
  • Marketing
  • Hiring
  • Managing people
  • Fiscal management
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7
Q

Financially small business owners have the potential to earn ___ as much than non-business owners

A

twice

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8
Q

What are the 5 things a budget should consider?

A
  • income
  • labor
  • taxes
  • operational expenses
  • allocation
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9
Q

What does allocation mean?

A

The process of distributing the resources to meet expenses using the estimated income

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10
Q

Why do income budgets tend to be frustrating?

A

The service provider may not know what the actual reimbursement will be until payment is received from a third-party payer

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11
Q

What is required in order to keep a steady cash flow?

A

frequent billing

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12
Q

Billing services can add a practice expense of _% or more of the amount collected by the biller

A

6

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13
Q

What are a few difficulties women may experience when attempting to start their own business?

A
  • Limited mentoring opportunities/few female role models
  • Limited networking opportunities
  • Little business knowledge
  • Making contacts with referral sources
  • Securing financing
  • Family related career interruptions
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14
Q

What are _ benefits a large organization has over a small private practice?

A
  • Easier access to financial resources and support services such as legal staff, training, and development personnel, marketing and technical expertise
  • they can offer employees competitive salaries, continuing ed resources, low cost health insurance, legal services, mortgage assistance, and other unique benfits
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15
Q

Referral for _____ is an issue concerning non-PT owned practices

A

profit

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16
Q

What is the problem with referral for profit?

A

It creates a potential conflict of interest, pitting referrers’ financial benefit against what is in the best interest of stakeholders.

17
Q

Before beginning your own privte practice it is important to get some private practice and business experience by doing what?

A
  • Working in a private practice first
  • Discussing private practice with owners of private practices and consultants
  • Reading professional journals and books from many fields
  • Consulting community business organizations
  • Fellowships
  • Attending meetings of national associations
  • Seeking advice from government sources
  • Taking continuing education courses or for-credit courses
  • Exploring Internet business resources
18
Q

What is the benefit of business planning before starting a practice?

A

It reduces tje risk of complications in the business start-up and operation stages

19
Q

What are the 3 key elements of a business plan?

A
  • market plan
  • operations plan
  • financial plan
20
Q

Describe the market plan

A

It is a clear definition of the opportunity under consideration.

What is the opportunity we are considering?
How can we get our idea out to the public so we can sell our idea?

21
Q

Describe the operations plan

A

It details who and how the business will be run.

Where, with whom, and with what equipment and space are we considering for our business?

22
Q

Describe the financial plan

A

It estimates financial need and revenue projections.

How in the world are we going to pay for this idea?

23
Q

What are the 7 major headings of a business plan?

A
  • Transmittal letter
  • Cover page
  • Executive summary
  • Table of contents
  • Business description
  • Financial information
  • Supporting documents
24
Q

What is the transmittal letter?

A

It explains why the plan is being sent (a loan) and what the recipient is expected to do with the plan (review and set up a meeting)

25
Q

Who is the transmittal letter addressed to?

A

a lender’s financial officer

26
Q

What does the cover page contain?

A
  • your business name
  • your name and contact information
  • the financial institution the plan is addressed to
27
Q

What does the executive summary contain?

A

Information in regards to the essential operations such as:

  • Description of the business and its uniqueness
  • Legal business structure
  • Goals
  • Timeline for plan implementation
  • Target market(s) and major competitors
  • Marketing strategy
  • Key manager(s) and their skills, experience, and education
  • Financial needs and how funds will be used
  • The financing payback timeline supported by earnings projections
28
Q

What are the 8 main subcomponents included in the business description?

A
  • Philosophy and mission
  • Industry analysis
  • Market analysis and target market(s)
  • Competitor analysis
  • Marketing plan and strategy
  • Summary of operations and location(s)
  • Organization structure
  • Long-term goals (vision)
29
Q

What are a few examples of some supporting documents?

A
  • Key contracts
  • Letters of reference
  • Photos, drawings of plans, equipment
  • Resumes of management personnel
30
Q

What are 3 types of sole proprietorships/partnerships?

A

1) LLC
2) S-Corporation
3) C-Corporation

31
Q

What is an LLC?

A

Limited Liability Company

It is a business structure that combines the pass-through taxation of a partnership or sole proprietorship with the limited liability of a corporation.

32
Q

What is a S-corporation?

A

Subchapter Corporation

It is a special form of corporation that allows the protection of limited liability but direct flow-through of profits and losses.

33
Q

How are S-corporations similar to LLCs?

A

They protect your personal assets and they are not taxed in themselves (pass through entities) but the shareholders are taxed off their income.

34
Q

How do S-corporations differ from LLCs?

A

They have more structure, can sell stock, and they provide liability to shareholders and corporate.

824: PT Management and Adminstration (13 decks)

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