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process of 1)recognizing a business opportunity, 2) using market research to determine if there is a market for a product or service, and 3) gathering the resources needed to go into business.
a written description of a business venture that describes all aspects of the business
A business plan is used by
1) potential investors to see if they want to invest in the business, 2) top management involved in the start-up of a new business, and 3) the entrepreneur to keep focused on the goals of the business
The company description section of a business plan
helps investors understand 1) the size of the business, 2) the scope of the business, and 3) the type of the business
unlike people who run corporations or partnerships, these people do not have to consult with others before making a decision
Characteristics of successful entrepreneurs
1) persistent, 2) goal-oriented, 3) creative, 4) risk-taking, 5) action-oriented, 6) independent, 7) self-confident, 8) responsible, 9) inquisitive, 10) restless, 11) self-demanding, 12) enthusiastic
Rewards for entrepreneurship
1) being the boss, 2) doing what you enjoy, 3) having the opportunity to be creative, 4) building an enterprise, 5) developing your own schedule
Challenges of entrepreneurship
1) getting funds to start the business, 2) being fully responsible for the business, 3) feeling alone and insecure about making the right decisions, 4) working long hours, 5) facing uncertain income levels; risking loss of the investment if the business fails
Questions to be included in checklist before starting a venture
1) What will I produce? 2) Who are my main competitors? 3) Why is my product or service needed? 4) How much will my product or service cost to produce? 5) How many people will I need to run the business? 6) What physical facilities will I need? 7) What licenses, permits, or other legal documents do I need? 8) How much money will I need to get started?
Contingency plan portion of business plan
This looks at likely risks to the business ( such as lower-than-expected sales and emergencies) and then suggests a way to minimize the risk
Before starting a business
one needs to do market research to see if there is a demand for a product or service
executive summary of business plan
should be no more than 2 pages in length and include important information from each section of the plan
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