Lesson 43 - unit 9 Flashcards
What should the first step be in starting a business?
Prayer.
What is the main source of revenue for a company?
Profit from sales.
What it the E-Myth?
That just because someone is good at one aspect of business, he or she will be good in all areas of business.
What are some aspects of determining the market for a product or service?
- What do people want and need
- What is the demand?
- What niche needs to be filled?
- What is the current supply?
- Can you meet the demand?
- What is the level of competition?
What are some costs that a business has?
- Facilities
- Capital goods
- equipment
- labor
- cost of production
- materials
- technology
What are some ways a business can reach its costumers?
Advertising and recommendations from customers.
What is USP?
Unique Selling Point is what your product or service offers that can’t be found elsewhere.
What are some questions that someone starting a business must answer?
- What price will I charge?
- How will I adapt to changes?
- Will I hire people?
- How will I make a profit?
- How will I handle the unexpected?
- Do I have time?
- Do I have money?
- Can I handle financial loss?
What are some things that a business owner shouldn’t fear?
- Failure
- Change
- Needing help
- Learning
What are some key factors in the success or failure of a business?
- Management
- planning
- money
- location
- overexpansion
