Req For Potential Business Flashcards
Passion
Successful bus own = passionate and committed
Entrep live out passion for business in:
- how they treat staff
-How they talk to to target market
-Time spent on business
Target market defiintion
Def : ppl who buy ur product and the product meets their needs
Target market
Access to who ur targ market is
How big it is
Where they live
How often theyll buy your product
Does it meet their needs
Product / service
How is urs different - competitive adv
Best product - meets needs of target snd theyll pay price thats offered
Competitive adv
U must have smth special that ur competition doesnt have
Adding value to existing product is another way if succ business idea
Price
Customers happy to pay price
Selling price covers cost price and expenses and makes profit
Capacity snd capabilities
Workout how many prod u can make and sell in a week & ask urself if u can sell that no. Easilly in a week
Testing business idea
Test in ppl who fit target market
Ask for feedback
Location, enviro, economy
Area of prof will be sold
Convience, safety, secruity, accessibility all contribute to succ business
Buy/sell prod thats enviro safe
Disposable income : Eniugh that business wil flourish
Economic downturn : business will suffer
Capital and start up costs
Capital used ti start business and run until it reaches break even point then bus can start to make profit
Form idea and specifics
Match skills w idea
Be specific abt prod ull be making
Ensure standardized product
Advantages of business plan
Helps arrange though in logical order
Serves as guide
Identify strength and weakness
Avoids emotional decisions
