Entrepreneurship Flashcards
Innovation opportunities stem from
Demographic changes
Gaps between what is and what could or should be
Market and industry changes
New knowledge/new concepts
What should a budget consider:
income labor taxes operational expenses allocation
Income
which is a problem because every payer source pays you differently
estimate the charges to be billed and the number of client visits needed to meet projected expenses
Labor
plan for expenses including an income for yourself and other staff
Taxes
estimate taxes, benefits, insurances, and other staff-related expenses
Operational expenses
estimate other expenses such as rent, phone, utilities, and consultant services
Allocation
distribute the resources to meet expenses using the estimated income
Women in private practice have experienced difficulties getting their business started, such as
Entry into local business organizations Family commitments Limited mentoring opportunities/few female role models Limited networking opportunities Little business knowledge Making contacts with referral sources Securing financing Family related career interruptions
Marketing Plan
what is the opportunity we are considering. How can we get our idea out to the public so we can sell our idea
Operations Plan
Where, with who, and with what equipment and space are we considering for our business
Financial Plan
How in the world are we going to pay for this idea
What is the last pat of the marketing process?
selling
What is the most important outcome measure of the success of marketing efforts?
making sales
5 step selling encounter:
opening explore and confirm client needs present solutions respond to objections closing
Opening
Establish a working relationship
