Starting a Small Business
Where will we buy equipment
According to the segment, which of the following is NOT a question asked in the strategy and development process?
Market share
According to the segment, which of the following was NOT an issue in taking over a business?
Strategy and developmet
Addresses the questions: who will the business serve? What is the businesses vision and mission? What are the goals for the year? How is the brand going to be developed?
the process of locating and describing potential customers
Completed in the Market Analysis section of the business plan.
"To increase brand recognition" is an example of a
Goals
Adopts the chain-of-command methodology.
Hierarchical structure
a description of family
Management profiles do NOT include
Expansion capital
Money needed to expand for additional inventory, equipment, marketing cost, employees, etc. is known as which of the following?
Experience
One of the considerations to determine if you "have what it takes" to start a business.
selling the right product, at the right price, and the right place and time.
Services and products can meet the needs of a target market by
should be narrow, focused and manageable
Target Markets
Operations
The activities involved in the day-to-day running of a business to maintain productivity.
Learning based
This business structures work great for small businesses.
Use an experienced facilitator, conduct multiple focus group sessions, assign one member to be devil's advocate.
To prevent group think you should...
Do I have what it takes
What is the first and primary question you should ask yourself before starting a small business?
3 to 5 years
When conducting a market analysis, you should forecast the next __________.
Twelve-hour workdays six to seven days each week
When starting a new business, you should be prepared for which of the following?
Marketing and sales
Which section of the business plan discusses how owner(s) plan to enter the industry and grow the business?
Service and/or product line
Which section of the business plan should be the bulk of the plan?
Newtorking
Which type of market test engages the snowball effect?
Secretary of State
With what office do owner(s) register the businesses name?
Marketing
allows business resources to be used in the best way possible.
Learning Based Structure
allows functions to work together; they are not subordinate to each other
Mission
clear broad statement describing the purpose of the organization
Organizational Structure
clear managerial structure for each function of the business
Market Analysis
describes the current condition of the industry and forecasts where the industry is moving in the next three to five years
Target Market
describes who a business is providing services for
Goals
general statements of what needs to be achieved and accomplished to achieve the mission
Hierarchical Structure
organizational structure in which business functions are subordinate to the other
Survey
questionnaire asking various questions about people's interest in a product
Focus Groups
soliciting individuals to consume a product and provide proactive feedback
Objectives
specific, time-sensitive accomplishments used to measure the progress toward achieving goals and the mission statement
Groupthink
the mode of thinking that occurs when individuals desire to get along and avoid conflict.
Prototyping
the process of building a model that demonstrates the features of a proposed product, service, or system
Business Plan
written map for beginning and growing a business; includes a mission, business goals and objectives
