The overall purpose of a business plan is to...
Identify all actions required up to the point when the firm opens its doors.
Researching the Market
Most important in developing a business plan.
Sustained competitive advantage
A cost saving manufactoring proccess that competitors can't imitate.
People who start businesses.
how to spend your resources to achieve the goals
Establishing strategy and tactics necessary to achieve the mission of the organization.
Concentrating on things one does well
Economy of scale
Relationship between cost and production
Personal financial resources
Most common source of funds for entrepreneurs
Sale of stocks
Not a method used by entrepreneurs to finance their new business
Cash flow problems
One of the four factors contributing to the failure rate of small businesses.
Buying an existing business
Historical records answer questions about cash flow problems (Mike's Place)
Starting a business from scratch
May not be able to negotiate favorable credit terms with suppliers (Danielle's Art Gallery =P)
Buying a franchise
Obtains ongoing access to advice from experts (Micky D's)
A desirable characteristic of the industry being considered is...
The new company will sell a newly patented invention that is not yet well known but is expected to dominate the market.
Size of initial capital investment
The reason service businesses are the fastest growing segment of all small business enterprises.
Provision of capital to large businesses
Not generally considered to be a role performed by small businesses
Abby and her dad have created a product. They operate a business that makes and sells their product to large companies. This is a small company that has contributed to the economy with its...
Inavation and importance to a big company
Engage in self analysis
The first step for the entrepreneur in planning his or her business
Why are small businesses generally more effective than large companies in specialty retailing?
The dollar size of the specialty market is too small for large companies.
What is an example of identifying a new niche in an established market?
Developing a meat product that looks and tastes like ham but has a shelf life of twenty years. (Spam =O)
Federal Trade Commision (FTC)
Not a source of management advice for an entrepreneur.
Systematic collection and recording of info about jobs in the organization
When looking to hire a new employee once the firm has developed a pool of applicants the next step is...
Screening job applicants
The typical first step in the hiring process is to have prospective employees...
Complete a job application
The Equal Pay Act
Men and women who do equal work must receive equal pay
The ranking of coworkers by their supieror
Not an objective measure of performance appraisal
Final and often most difficult part of performance appraisal
Providing feedback to the employee in a face to face meeting.