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GRA 741

Terms in this set (43)

47% of business are
Owned by women
Gaps in the market means
Opportunity
Explain what an Employability Skills?
Only skills developed up until this point from jobs
Explain what an Entrepreneurial Skills?
Developed specifically by entrepreneurs
Give examples of an Entrepreneurial Skill
Financial Planning
People Management
List Legal Forms of Business
Sole Proprietorship
General Partnership
Corporations
Limited Partnership
Limited Liability Partnership
Workers Co-Operatives
How many people own and manage a Sole Proprietorship
One person
Explain a Sole Proprietorship
Cheapest, easiest and most common
Assets are owned by the business and owner
Taxed once
Owner has full liability
How many people own and manage a General Partnership?
Two or more
Explain Corporations
Government sees you as a separate identity
Shareholders own/operate the company
Less common
Which Legal Form of Business is similar to Limited Partnership?
Corporations
Explain Limited Partnership
Taxed once limited liability
One person has unlimited liability
Limited liability partners are quiet partners
Explain Limited Liability Partnership
All have limited liability b/c they have liability insurance
Which Legal Form of Business is similar to Limited Liability Partnership
General Partnership
Who is part of Limited Liability Partnership
Lawyers
Doctors
Explain Workers Co-Operatives
Employees run company
Employees have shares and votes
List the Business Types
Manufacturing
Wholesales
Retail
Service
How do you choose the Legal Form of Business?
Initial Cost
Liability
Tax Considerations
The number of investors and their financial circumstances
Why do you need a Business Plan?
Improves chances of survival
Helps when applying for loans
Helps things run smoothly
Is it okay to rewrite your Business Plan?
Yes
What should you remember when writing a Business Plan?
Keep it Specific and Simple
How do you find your Company's Vision?
What problem are you trying to solve?
Find something you love to do or care about
Why would someone work for you?
Why are you staring the business?
Positioning, What do you do?
Why the founders started the organization
Why customers should buy from your business
Why good people should work at it
What does MAT stand for?
Milestone
Assumptions
Tasks
Explain what M includes in MAT?
Prove your concept
Finish a prototype
Raise capital
Ship a testable version to customers
Achieve break even
Explain what A includes in MAT?
Product or services performance metrics
Market size
Gross Margin
Sales calls per salesperson
Conversion rate or prospects to customers
Length of sales
Explain what T includes in MAT?
Renting office space
Finding key vendors
Setting up accounting and payroll systems
Filing legal documents
Purchasing insurance policies
Explain Direct Competitors
Are identical to your business
What is an example of Direct Competitors
Starbucks and Tim Hortons
What is an example of Indirect Competitors
Doctors near a pharmacy
List the Market Potential information sources?
Statistics Canada
Industry Canada SME Benchmarking Tool
Government Ministries
Municipal Government
Canada Business
Business Publications
Trade Associations & Journals
Small Business Enterprise Centres
Relevant Annual Reports
What should you remember when doing a survey?
Prepare an introduction
Keep it short
Order questions
Pre-test you questionnaire
What are Guy Kawasaki's Tips?
The business plan itself is not nearly as important as the process that leads to the document
A good business plan is a detailed version of a pitch
Write your business plan as if you know exactly what the future holds, but react opportunistically when you encounter reality
What do you consider when looking at locations for you business?
Location
Site
Traffic
Visibility
Parking
Neighbouring Business
Working from Home
What should be included in the Lease?
Rent
Percentage of Sales
Who is responsible for maintenance
Lease renewal
Improvements
Who many employees does a Micro-enterprise have?
75
What is Market Research?
Finding out what people want in the market
What is Marketing Research?
Identify purchase cycle, price point and competitors
Sales forecasting is NOT
Predicting the future
How can you calculate Sales Forecast?
By unit
By industry numbers
By Hours of work or jobs
List the Security and Loss Prevention Action
Pilfering
Shoplifting
Embezzlement
Burglary
Robbery
Fraud
What is included in Intellectual Property?
Patent
Copyright
Trademark
Industrial Design
What is Pilfering?
Theft of small quantities by employees
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