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twst > Small business > Flashcards

Small business Flashcards

0
Q

Decision to start business:

A

Genius factor games
Out of necessity when lose of job
Fufilled a dream

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1
Q

Small Business

A

One that employs fewer than 100 ppl in a manufacturing industry and fewer than 50 employees in a non-manufacturing indutry

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2
Q

6 attributed of success found in small business

A 
Staying close to the customer
Autonomy of entrepreurship
Productivity through ppl
Hands on value driven
Simple form-lean staff
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3
Q

Small Business can provide:

A 
Jobs
Innovation
High productivity
Flexibility
Higher proportion of Canadian ownership
Contribution to society
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4
Q

Advantages of small business ownership

A 
More personal contact with people
Independence
Skill development
Potential financial rewards
Challenge
Enjoyment
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5
Q

Disadvantages of small business

A 
Risk
Stress
Need for many abilities
Limited financial rewards
People conflicts
Time demands
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6
Q

Characteristics of successful entrepreneurs:

A 
Achievement Orientation
Risk taking
Independence, self confidence, self assurance
Innovative as
Strong verbal and numerical skills
Selling skills
Problem- solving Abilities
Strategic planning
Perserverance
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7
Q

Small business successors:

A

Alertness to change
Ability to attract and hold competent employees
Staying close to customer
Thoroughness w/ operating details
Ability to obtain needed capital
Effectiveness handling of govt laws rules and regulations

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8
Q

Common failures for a small business

A 
Poor or non- existing managment info system
Poor controls on management expense
Overrealiance on few customers
Lack of finacial skill
Company is over leveraged
Poor cash flow management
Company management doesn't ask or help
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9
Q

Entrepreneurs are:

Managers are:

A

Entrepreneurs are creative, independent and idea-oriented

Managers are problem solving, working with others and develop strategies

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10
Q

Non- quantities assessment of business oppurtunities:

A 
Goals
Content of work
Lifestyle
Capabilities
Experience
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11
Q

Non quantative factors of small business:

A

Income
Fit with stem goal
Fit with strategy

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12
Q

Right aspect of the business

A

Natural advantages
Competitive advantages
Sales of operation

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13
Q

Advantages of starting a business from scratch:

A

Owner can choose the type of business and market
Owner can select the equipment
Owner can hire the staff and managers

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14
Q

Disadvantages of starting business from scratch:

A

Uncertainty of demand
Foreseen problems
Extra time required to establish business

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15
Q

Legal structures

A

Sole proprietorship:( business owned by single individual)

Advantages: simple inexpensive
Offer individual control over operations
Fewer forms and reports to fill out
Some tax advantage

16
Q

Disadvantages of some propriotorship:

A

Unlimited liability
Often difficult to obtain financing
Personal tax rate higher than corp rates

17
Q

Partnership(includes 2 or more partnership)

Advantages:

A

Simple and inexpensive to start
Pooling of financial and skill resources
Tax advantages

18
Q

Disadvantages or partnership

A

Unlimited liability
Death of partner may terminate business
Greater possibility of disagreements

19
Q

Advantages of corportion:

A

Continuity of business exist even if owner does
Easier to raise funds
Commercial credibility
Liability insurance may be less expensive

20
Q

Disadvantages corp:

A

Cost more to establish
Greater reporting requirements
Less flexibility
Losses cannot be deducted from personal income
Lender of ten require personal guarantees

21
Q

Advantages of purchasing a business:

A 
Reduction of risk
Reduction of time and set up expenses
Reduction of competition
Capitalization of business strengths
Possible assistance from previous owner
Easier planning
22
Q

Disadvantages of purchasing business

A

Physical facilities(equipment may be old)
Personnel - (unmotivated employees)
Inventory (hard to sell)
Accounts receivable (accounts may be uncollectable)
Financial condition
Decision about price
Negotiating price

23
Q

Conditions of the assets

A 
Liquid assets
Accounts receivable
Inventory
Building and equipment
System and processes
Real estate
Goodwill
24
Q

3 general approaches to valuing business

A

Use the asset value to determine the price

25
Q

2:

A

Earning of the business

26
Q

3:

A

Contribution of assets and earnings

27
Q

Franchising:

A

A system for selectively distributing goods or service through outlets owned by franchise

28
Q

Manufacturing franchise:

A

Producer of a product grants a dealer the right to sell the product

29
Q

Wholesaler franchiser

A

Involves a company

30
Q

Advantages of franchising:

A

Proven market for the product or service

31
Q

Advantages of franchising con’t:

A

Services the franchisor may provide

32
Q

Steps to become a franchisor

A

1: establish prototype

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