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Entrepreneurship in Tourism and Hospitality > Handout 7 > Flashcards

Handout 7 Flashcards

1
Q

exemplifies the entrepreneur’s way of thinking systematically for every aspect related to its venture. This includes analyzing the business’s present and future, focusing on the
internal factors such as whom the people to employ or work with, where to get resources, the possible sources of funds, and the likes

A

Internal reason

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2
Q

exemplifies the qualities of the business that will appeal to its consumer. This will help an entrepreneur plan accordingly, answering the questions such as what kind of market the business will serve, the current demands of the people, who are the possible competitors, among others.

A

External reason

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3
Q

Since there is a direction to follow, businesses with a business plan have coordinated ways and organizations that promote beneficial actions that lead to more market and profit gains, making them see a great future.

A

More companies stay in business

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4
Q

This will help to analyze one’s business. This will let an entrepreneur determine why customers do not go after the product or service and the things competitors offer to make them better.

A

An entrepreneur is more certain of what to do

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5
Q

Since business planning is knowing the operations of the venture to be put up, it can determine if the existing resources are enough. This will also
help an entrepreneur provide enough resources by finding skilled-people beneficial to work with

A

An entrepreneur can provide resources better

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6
Q

A business plan includes even the financial capability of a business to keep running in a span of a year or two. This is a relevant factor of a business plan as this will present how a business must forecast its sales and expenses or costs.

A

An entrepreneur can understand and manage his finances well

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7
Q

Everyone related to the venture needs to know about the business plan; thus, the people are drawn together in the same direction and become united.

A

Everyone is aware of the plan

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8
Q

This is the kind of business plan that presents only 10 to 15 pages, usually used by first-timers or pioneers.

A

Summary business plan

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9
Q

This is the kind of business plan usually used for investor’s opinion. They are usually composed of 25 to 35 pages explaining further details regarding the companies’ operations and plans. This one is like their blueprint

A

Full business plan

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10
Q

This is the kind of business plan prepared for existing businesses for
internal purposes. This kind handles 40 to 100 pages that include many details regarding the venture and serves as a guide to operational managers

A

Operational business plan

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11
Q

A business plan must be feasible in the sense that everything that will be
written will be based on the availability of the resources needed to push through with the business.

A

It must be realistic

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12
Q

As entrepreneurship is defined to exist to produce products or services of value and enough to support the market’s need. It is important for a business plan that its objective or goals were anchored in producing something that will help people and the community they belong to.

A

It must be based on felt needs

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13
Q

A business plan must adapt to any possible changes responding to the
consumers changing preferences. It must withstand the adjustments of the policies and economic conditions that can be changed in no time.

A

It must be flexible

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14
Q

In the Philippines, resources are not always available. An entrepreneur needs to have a business plan to reach few markets at first, operated by simple management and existing technologies.

A

It must start with simple projects

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15
Q

This will serve as your title page. This includes the name, address, and contact details of the company. This also includes the month and year it was established. The name of
the one who prepared it and the number of copies prepared should also be mentioned.

A

Cover sheet

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16
Q

This explains the purpose of the business, the management, and the
strengths of the company. This section summarizes the objectives and the purpose of why a company wants to be successful.

A

Executive summary

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17
Q

This includes the details of the page references or the outline of the topics in the business plan

A

Table of contents

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18
Q

This is the summary description of the business. This will explain the broad overview of the business – the origin, the date, and the purpose of the company’s formation.

A

The organizational plan

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19
Q

explaining both short- and long-term goals

A

Mission of the company

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20
Q

its distinction to other companies and uniqueness to the industry

A

Business model

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21
Q

its distinction to other companies and uniqueness to the industry

A

Business model

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22
Q

related companies or parenting
company

A

Strategic relationships

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23
Q

Strengths, Weaknesses, Opportunities,
and Threats – both internal and external) of the
company.

A

SWOT analysis

24
Q

This contains the description of
the product the entrepreneur either manufacture or sell, depending on what business they are proposing.

A

Products or services

25
Q

This section addresses the
copyrights, trademarks, and patents with supporting
documents of registration.

A

Intellectual property

26
Q

This will showcase the desired, planned, or current location along with the costings, legal agreements, and utility forecasts.

A

Location

27
Q

This will describe the advantage of the structure composed of owners and corporate officers describing strengths.

A

Legal structure

28
Q

This includes the people who manage
or will manage the business,their responsibilities and
abilities, and even salaries.

A

Management

29
Q

This will give details regarding the number
of employees needed, the necessary qualifications, working hours and salaries. This will also include any possible project that will highlight the need for future employees.

A

Personnel

30
Q

This will discuss the set-up for
periodic financial statement analysis and the person-in-charge. This also includes the need for a legal lawyer
just if there will be a need for anything that can or will go wrong.

A

Accounting and legal

31
Q

This section will discuss the insurance a
company will implement, its cost, and the people
covered by it.

A

Insurance

32
Q

This section will discuss the company’s security regarding inventory control and theft of information – online or offline.

A

Security

33
Q

This section of the business plan
will describe all the marketing strategies the company will
use, including their market analysis.

A

Marketing plan

34
Q

This is the
summary of the objectives of the marketing plan. This includes
the general information of how the business plans to conduct its
analysis and strategy.

A

overview and goals of your marketing strategy

35
Q

This will explain the target market,
competitors, market trends, and research regarding the
product a company will either manufacture or produce or
the services that they will provide.

A

Market analysis

36
Q

This is the general description of sales
and distribution methods,packaging, pricing, branding, and
database marketing. This will also define the sales strategies,
incentives or promotions, advertising strategies, public
relations, and networking.

A

Marketing strategy

37
Q

This will give details about the
customer service activities and expected outcomes of
achieving excellence through the lenses of the consumers.

A

Customer service

38
Q

This will define the in-house responsibilities and out-sourced functions like how
advertising, its network, public relations, and marketing firms
will be conducted.

A

Implementation of marketing strategy

39
Q

This will be the method a company will be using after a quarter evaluation.

A

Assessment of marketing effectiveness

40
Q

This section of the business plan exemplifies the quantitative details of marketing plans.
This will showcase the past if it is already existing, current
for the present financial reports, and future finances projected
for the company.

A

Financial documents

41
Q

This part is only needed if the company is seeking funding.This will highlight the reason for
applying for financial and the amount the company is in
need.

A

Summary of financial needs

42
Q

with the summary of
financial needs, this part is only needed if the company is
seeking funding. This will need the details regarding the process of dispersal of the loan fund with supporting data.

A

Loan fund dispersal statement

43
Q

This part describes
the business plan details regarding money, the cash inflow and
outflow in each time frame, and how it is used for internal
planning.

A

Pro-forma cash flow statement (budget)

44
Q

This is only applicable to
companies that were already established. This serves to
foresee pro forma cash flow for the next three (3) years
depending on the 1st year’s revenue and expenses, along with
the possible economic andindustry changes in the following
year.

A

Three-year income projection

45
Q

This is the presentation of the
foreseen assets, liabilities, and net worth of the company at the
end of the next fiscal year.

A

Projected balance sheet

46
Q

the equal matching of expenses to its sales and service volume. This
section can be presented by total revenue offsetting exactly or equally the expenses or presenting the total production units in
which the income and the cost match.

A

Break-even analysis

47
Q

This section presents the documents as a backup for the main parts of the
business plan.

A

Supporting documents

48
Q

This part includes all the resumes
of the people who are facilitating or will facilitate the
venture.

A

Personal resumes

49
Q

This part includes the
company owner’s assets andliabilities. If the entrepreneur
is just starting, this must be included under the financial
section

A

owner’s financial statements

50
Q

This part includes all the related credits from
any suppliers, wholesalers, credit bureaus, and banks.

A

Credit reports

51
Q

This
part includes all the agreements related to the company
leasing or mortgage.

A

Copies of leases, mortgages, purchase agreements, etc.

52
Q

This part includes the recommendations from business or personal references for
being reputable and reliable.

A

Letters of References

53
Q

This part includes all the business contracts duly
signed and completed and even those currently processed.

A

Contracts

54
Q

This includes all legal papers, including legal structure, proprietary rights, insurance papers,
partnership agreements, and even those shipping-related
papers.

A

other legal documents

55
Q

This includes those documents
that are not exemplified in the main
body. Examples are those location plans and demographics,
competition, and cost analysis.

A

Miscellaneous documents

Entrepreneurship in Tourism and Hospitality (8 decks)

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