business ch5
Many classic entrepreneurs are _____ who start small and plan to keep their business small.
micropreneurs
Company overview
mission statement, company summary, company history, main people, location or locations
Which of the following is a reason why small business thrives in the United States?
rapidly changing technology
Vision and mission statement
state the principles and goals of the business
What should a well-written business plan contain?
executive summary or company overview; a marketing plan; a vision and mission statement; a management plan
International trade specialists that buy goods at a discount from small businesses and resell them abroad are called
export trading companies
ambitious
having a strong desire for success or achievement
The Small Business Administration (SBA):
helps people start and manage small businesses
Before you start your own small business, consider the following checklist
- Identify your reasons - Self-analysis - Personal skills and experience - Finding a niche - Conduct market research - Plan your start-up: write a business plan - Finances: how to fund your business
financial plan
A set of goals for spending, saving, and investing the money you receive.
What is a characteristic of the entrepreneurial personality?
Ambitious
•Product and service plan
Describes the product or service you want to offer.
Micropreneurs
Entrepreneurs willing to accept the risk of starting and managing a business that remains small, lets them do the work they want to do, and offers a balanced lifestyle.
•Appendix of supporting documents
Resumes, contracts, layouts, promotional materials, etc.
Executive Summary
a brief overview of the entire marketing plan
What is the first step in starting your own business?
a self-analysis
Marketing Plan
a written document that acts as a guidebook of marketing activities for the marketing manager
Operating plan
designed for a 1-year period defines how you conduct your business based on the action plan identifies clear targets such as revenue, cash flow, and market share
Management plan
divides a company into different departments run by different managers
Multipreneurs
entrepreneurs who start a series of companies
Are minorities interested in becoming entrepreneurs?
yes