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Bus Entrepreneur

Ch 1-6 Test questions

QuestionAnswer
Entrepreneur origins 17th Century French word, present day meaning someone who undertook any project that entailed risk, military, legal, political. Became know as someone who started new business
capitalism aka free market system individuals and companies competing for economic gains, private property ownership and wealth, free market determines the price
profit A sign that the entrepreneur is adding value with their resources or product. Business must make a profit to stay in business.
Entrepreneur benefits: Independence, Satisfaction, Financial reward, Self-Esteem, Contribution to Society
Schumpeter's definition of way entrepreneur's find business opportunities: Use new tech to produce new product, Use exist tech to produce new product, use exist tech to produce old product in new way, Find a new source of resource, Develop new market for exist product
Business-format franchising form in which a franchisee secures the product and trade-name benefits but also the operating, quality assurance, accounting marketing methods and support to the franchisor.
Franchise advantages: Increased prob of success, franchise track record, assistance in training and financing assistance, purchasing power, advertising and promo support, operating guidelines and management assistance
Franchise legal governed by state and fed laws and regulations. FDD Fran Disclosure Doc: Overview/background, fees/costs, territory, fin performance, data, fin statements, termination/renewal
Benefits of buying and existing business: Quicker, easy start up, Reduced risk, Bargain Potential, Your knowledge can add benefit - study up to learn ahead of time
Common undisclosed reasons to sell a business Lack of cash flow, unprofitable, staff issues, zoning or traffic changes, new competition, desire to start new business diff location, pend or active litigation
Why more capital needed to purchase business versus starting one: Previous owner built up customer base, created product, hired employees, lot of work already done for you, they want compensation for the work.
Buying a business drawbacks; Buying someone else's problems and not a good fit for your interests.
Nonfinancial variables of buying an existing business Employee turnover, co. sturcture, products & service offered, inventory records, customer lists, litigation in process, material changes
Business plan definition A document that throughly explains a business idea and how it will be carried out. Operation guide and key to raising capital
Business plan purpose: Saves time and money upfront, lays outs mission, vision, desciption, marketing, managment, financials, funding and exit strategy
Marketing Strategy: four key factors: PRODUCT- meets the need, PRICING - affordable for customer & profitable for business, PROMOTION - how and where to advertise & PLACE - where will you sell product
Elevator Pitch 15-30 second presentation that conveys in an engaging way what business you are proposing and why the listener should be interested
Four type of businesses Manu, Wholesale, Retail, & Service
Competitive Strategy - sustainable - out perform competition 1. Can attract more customers by quality or special service. 2. Can you supply your product at a lower price than other businesses
Profit of One The amount of gross profit that is earned on each unit of the product or service a business sells
gross profit price minus cost of goods sold
tangible product item you can physically touch, retail stores
intangible product service type businesses, accountant, banker
Marketing the development and use of strategies for getting a product or service to customers and generating interest in it.
Market segment methods Geographic, Demographic, Psychographic (mind set liberal vs cons), Behavioral (buying patters)
market saturation life cycle of product is reaching the end, product no longer in high demand
Product Life Cycle (PLC) Introduction, Growth, Maturity and Decline
Mind Share (Business / Marketing) the level of awareness in the minds of consumers that a particular product commands
Created by: wendyk444