DECA Entreprenuership Performance Indicators
EN - Use components of business plan to define venture idea
(PMMOOFIG. a. product/service plan b. management team f. marketing plan d. operational plane. organizational plan g. financial plan c. industry/market analysis h. growth plan Connect with the identified demand in the case - then creative specific objectives and tactical steps to each one
SM - Describe factors that influence management
- Changes in Executive Management - Transformations in Organizational Structure - Competition from Other Businesses - Social and Cultural Factors - Laws and Regulations - Technological Forces in Strategic Management
PM - Adjust idea to create functional product
- Changing plans and concepts to meet goals and standards - Functionality and profitability is most important - living in delusions is harmful for business - specify most important features to increase profit - Chart of features to price ratios
OP - Identify potential security issues
- Code Injection - Data Breach - Malware Infection (email phishing scam) - distributed denial of service attack (servers attacked, create traffic)
PM - Evaluate customer experience
- Customer satisfaction - Customer loyalty/retention/churn - Advocacy/reputation/brand - Quality/operations - Employee engagement
SM - Develop company goals/objectives
- Define Quantifiable Goals - Make your Goals Specific - Commit to your Goals - Make your Goals Public - Set a Deadline - Reward Yourself
FI - Discuss limitations of using financial statements to assess business performance
- Dependence on historical costs - Inflationary effects - Intangible assets not recorded - Based on specific time period - Not always comparable across companies - Subject to fraud - No discussion of non-financial issues - Not verified - No predictive value
CM - Explain the nature of channels of distribution
- How the produce gets into the hand of the customers (the path). - Everything that is produced; how the materials are made ect. - Essentially the life of the product- how its made and the path it takes Direct- selling something right from the producer to the consumer Indirect- selling something to a store that then gives out to the consumer - wholesalers, retailers (outlets), online channels - exclusive distribution, selective distribution, intensive distribution
MP - Select target market
- Look at your current customer base - Check out your competition - Analyze your product/service - Choose specific demographics to target - Consider the psychographics of your target - Evaluate your decision
PM - Explain the concept of product mix
- Product lines offered for sale by particular seller (product assortment) 1. Number of product lines offered 2. Number & types of products offered 3. Relevance to customers (like seasonal holiday offerings)
FI - Spot problems in/issues with financial statements
- Rising debt-to-equity ratio - Several years of revenue trending down - Large "other" expenses on the balance sheet - Unsteady cash flow - Rising accounts receivable or inventory in relation to sales - Rising outstanding share count - Consistently higher liabilities than assets - Decreasing gross profit margin
SM - Track performance of business plan
- Start small, easy and obvious. - Set a review schedule before you do the plan. - Be a leader. - Do a SWOT session. - Develop a small, easily tracked piece of a plan. - List your assumptions. - The first review meeting is critical. . Collaboration is critical.
SM - Select and apply metrics for measuring organizational success
- The break-even point. - Leads generated and leads converted. - Sales indicators. - Net income ratio/profit. - Customers (new, repeat and referrals) - Employee satisfaction. - Your satisfaction.
MP - Conduct market analysis
- Who are my potential customers? - What are their buying and shopping habits? - How many of them are there? - How much will they pay? - Who is my competition? - What have their challenges and successes been? include - Industry description and outlook - Target market - Competitive analysis - Projections - Regulations
OP - Establish policies and procedures to maintain physical security of the work environment
- access procedures (keys, badges) - security system (cameras) - monitoring (observe, walk around) - communication system for emergency situations
OP - Select vendors
- analyze biz requirements - vendor search - request for proposal + quotation - proposal evaluation/vendor selection - contract negotiation strategies
NF - Describe current business trends
- automation tech/AI/Robotics - remote work - cash-free biz - women in biz - social media marketing experts - gen z - freelancing - tech improving customer service - mobile apps - mobile payment system - eCommerce - Cloud - personalized experience/convenience
RM - Explain ways to assess risk
- company should allocate capital based on risk as determined by cost-benefit analysis - Identify all potential risks of loss - Estimate the likelihood of the loss occurring - Assign a dollar loss amount to the potential risk and calculate total loss to the business at fiscal year end - Decide if the business can withstand the loss and if the risk is worth taking - Devise a way to minimize or eliminate the risk.
PM - Create processes for ongoing opportunity recognition
- create plans and methods to be able to find the most profitable parts of the market - becoming the first in the company to do something, maximize profits and market to specific targets faster - have the marketing team find new people to market to, a niche but useful market - pie chart showing main business, recognize small aspects also
OP - Negotiate service and maintenance contracts
- cut out the extras - time it right - expand list of vendors - consider technology specialist/ software developers - no 100% upfront payments - define costs and deliverables - extend the term
MP - Develop customer profile
- detailed description of your target audience - factual information about their demographics, buying behaviors, customer service interactions - Everything you need to know about a group of customers is captured within this one description 1. Focus on the problem that your business is trying to resolve. 2. Review your customer journey map. 3. Dig into demographics. 4. Collect customer feedback. 5. Examine contextual details. 6. Understand your industry. 7. Build personas. 8. Analyze and iterate on customer personas.
PR - Identify communications channels used in sales promotion
- divided in to trade and consumer promotion categories trade - promotional allowances - cooperative advertising - slotting allowances - sales force promotions - trade shows consumer - coupons - premiums - deals - incentives - product samples - sponsorship - product placement - promotional tie-ins - loyalty programs and point of purchase displays
PD - Demonstrate problem-solving skills
- focus on the solution, not the problem - be optimistic / have an open mind - think laterally (change your approach and look at things in a new way) - use positive language (ex "what if..." "imagine if...") - simplify things (generalize the problem)
OP - Explain the causes of business process changes
- life of products ending - governmental priority change - mergers and acquisitions - business strategy change - business structure change
OP - Develop expense control plans
- make sure operations are as efficient as possible - make sure that fixed costs cannot be lowered - find any sources of error or uneeded expense, if need be renegotiate costs
PR - Explain the nature of direct marketing channels
- methods targeting a specific group of consumers - delivering a message via direct mail to a home or business or by e-mail - requires marketeers to provide opt-out options and create standards for delivering info (CANSPAM act)
PM - Determine initial feasibility of product idea
- need detailed understanding of product/service, industry, nature of market, capital needed - product safety - market gap (why is it unique, solve problem, provide incentive) - keep R&D time short (1-3 yrs) - keep R&D simple - dependency on other products - customer usage - pressure from the competition - industry growth/stability - trade barriers - protecting intellectual property - pricing of new product/service - export potential - expected product/service life cycle - distribution plans - long term revenue flow - working capital requirements - have the right team/experienced - generating revenue
OP - Establish policies to protect company information and intangibles
- patents, copyrights, trademarks - confidentiality/nondisclosure agreements - employment agreements - restricted access based on role in company (passwords, safes, locked file cabinets) - data backup - social media policies
SM - Analyze operating results in relation to budget/industry
- profit = revenue - total costs operating result - earnings before interest and taxes - consider fixed/variable costs
PD - Discuss the importance of corporate governance in business
- relationships among the management, Board of Directors, controlling shareholders, minority shareholders and other stakeholders - makes companies more accountable and transparent to investors - contributes to development and increased access to capital encourages new investments, boosts economic growth, and provides employment opportunities - poor corporate governance leads to conflicts, unfairness with shareholders, profit loss, corruption, tarnished image
MP - Set marketing goals and objectives
- specific - measurable - attainable - relevant - time bound includes why, how, what, where, when
PR - Identify types of public-relations activities
- sponsoring product - sports - cultural/charitable events - awarding scholarships - donations - creating news releases
OP - Explain the impact of supply chain on business performance (value, customer satisfaction, business design, sustainability)
- supply chain is the resources needed to deliver goods and services to a consumer - Happy customer = happy business = higher performance - Boosts customer service - Reduces operating costs - Improves financial position
PR - Explain communications channels used in public-relations activities
- used to develop media coverage channels - press release - press kits - press conferences
OP - Identify potential safety issues
- workplace violence - falls - toxic events - non-fatal injuries - working at height - poor housekeeping - electrical/extension cords - confined spaces
CM - Explain the nature and scope of channel management
-Channel members (anyone involved in channel management) help store, distribute, and sell a business' products-intermediaries allow for greater efficiency for a firm/product's availability to consumers**a channel is effective when members are assigned task they can do best, when they cooperate to achieve channel goals
HR - Supervise staff
1. Be Fair to Everyone 2. Develop Everyone 3. Know and Like Your Subordinates 4. Show Continuing Interest in Your Subordinates 5. Criticize with Care 6. Be Flexible 7. Give Simple Directions 8. Defend Your Subordinates 9. Be a Coach - Not a General
HR - Foster "right" environment for employees
1. Be Fair to Everyone 2. Develop Everyone 3. Know and Like Your Subordinates 4. Show Continuing Interest in Your Subordinates 5. Criticize with Care 6. Be Flexible 7. Give Simple Directions 8. Defend Your Subordinates 9. Be a Coach - Not a General 1. Prioritize onboarding and training 2. Create a comfortable work environment 3. Conduct regular check-ins 4. Encourage collaboration and communication 5. Develop a strong workplace culture 6. Facilitate opportunities for learning - WORK LIFE BALANCE
HR - Train staff
1. Blend in-person training and online training. 2. Provide hands-on training. 3. Incorporate mobile training apps. 4. Allow employees to learn at their own pace.
HR - Interview job applicants
1. Create a job description listing the essential skills and experience. 2. Use the job description as a roadmap for creating questions. 3. Write out your questions beforehand. 4. Take notes during the interview. 5. Get specific details, such as numbers, and come back to them. 6. Make sure you're on the same page with salary expectations. 7. Ask detailed questions about roles that lasted less than two years. 8. Be a good listener.
PD - Monitor progress in achieving organizational goals
1. Defining Key Performance Indicators (KPIs) -- goals, revenue, income, market share, customer/employee satisfaction, # of new products 2. Defining Tools and Methods for Monitoring, Measuring and Evaluation -- activities reports, surveys, interviews, meeting notes 3. Defining Activities Plan 4. Defining Resources 5. Assigning People elements of monitoring - KPIs - monitoring/measurement systems - collecting/recording data - data analysis - use info for reporting, improvement, adjustment
CM - Evaluate channel members
1. Degree of the manufacturer's control over the channel members 2. Relative importance of the channel members 3. Nature of the product 4. Number of channel members
OP - Establish safety policies and procedures
1. Demonstrate Company's Commitment to Workplace Safety 2. Assess Workplace Risks and Hazards 3. Create a Written Protocol for Employees 4. Emphasize Employee Education 5. Implement and Evaluate
HR - Determine hiring needs
1. Develop accurate job descriptions, salaries and requirements. 2. Evaluate current workforce skills and gaps. 3. Identify and move the most productive employees upward. 4. Determine short-term and long-term hiring needs. 5. Create training programs to develop team skillsets. 6. Partner with a staffing agency to maintain the candidate pipeline.
PM - Build product/service brand
1. Discover the purpose behind your brand 2. Research competitor brands within your industry 3. Determine your brand's target audience 4. Establish a brand mission statement 5. Outline the key qualities & benefits your brand offers 6. Form your unique brand voice 7. Let your brand personality shine 8. Build a brand story and messaging 9. Create a brand logo & tagline 10. Integrate your brand into every aspect of your business 11. Stay true to your brand building 12. Be your brand's biggest advocate
OP - Evaluate vendor performance
1. Establish Performance Indicators 2. Classify Multiple Suppliers and Vendors 3. Devise an Evaluation Method 4. Determine Who's Calling the Shots 5. Maintain Good Relationships 6. Decide When to Issue a Red Flag 7. Cut Loose Weak Links
MP - Identify market segments
1. Identify Why A Customer Would Want To Buy Your Product/Service 2. Segment Your Overall Market (demographic, geographic, psychographic) 3. Research Your Market
RM - Assess business risks
1. Identify the risks 2. Analyse consequences 3. Evaluate/rank potential impact 4. Risk treatment (avoidance, reduction, sharing, retention) 5. Monitor and review
MP - Develop marketing plan
1. Know Your Business 2. Determine Target Market 3. Analyze Competitors 4. Set Goals 5. Outline Strategies 6. Set a Budget 7. Get to Work
FI - Discuss factors to consider in choosing between debt and equity capital
1. Long-Term Goals 2. Available Interest Rates 3. The Need for Control 4. Borrowing Requirements 5. Current Business Structure 6. Future Repayment Terms 7. Access to Equity Markets
OP - Describe the factors that influence business process design
1. Nature of demand 2. Degree of vertical integration 3. Flexibility 4. Degree of automation 5. Quality level and degree of customer contact
FI - Monitor business's profitability
1. Net profit margin (Revenue - Expenses = Profit) 2. Gross Profit Margin ((Sales Revenue - Cost of Goods Sold)/Sales Revenue) 3. Analyze Your Operating Expenses 4. Check Profit per Client 5. List Upcoming Prospects
MP - Translate performance measures into financial outcomes
1. Operating Cash Flow 2. Working Capital 3. Current Ratio 4. Debt to Equity Ratio 5. LOB (line of business) Revenue Vs. Target 6. LOB Expenses Vs. Budget 7. Accounts Payable Turnover 8. Accounts Receivable Turnover 9. Inventory Turnover 10. Return on Equity 11. Quick Ratio 12. Customer Satisfaction
PI - Explain factors affecting pricing decisions
1. Organizational Objectives 2. Costs 3. Legal and Regulatory Issues 4. Product Characteristics 5. Competition 6. Pricing Objectives 7. Price Elasticity of Demand 8. Competitor's pricing Policies 9. Distribution Channels
NF - Explain the principles of data analysis
1. Process is a way of thinking, not a substitute for thinking 2. Data needs to be thought about and reported in context 3. Look before you leap (is the data reasonable and accurate? can i propose a hypothesis from this?) 4. Question everything (how big was the sample? does this make sense?)--data quality 5. Do a gut check (does it make sense?) 6. Coincidence is not the same as causality (correlation is not causation, not cause and effect? 7. Just because the data exists doesn't mean the data are relevant
SM - Develop business plan
1. Research, research, research. 2. Determine the purpose of your plan. 3. Create a company profile. 4. Document all aspects of your business. 5. Have a strategic marketing plan in place. 6. Make it adaptable based on your audience. 7. Explain why you care.
HR - Dismiss/Fire employees
1. Review the Termination Reason 2. Confirm the Legalities 3. Prepare for the Private Meeting 4. Conduct the Meeting 5. Handle the Aftermath
RM - Develop a risk management program
1. Risk Identification & Risk Register 2. Risk Analysis Methods 3. Identify Risk Triggers 4. Risk Resolution ideas 5. Risk Resolution Action Plan 6. Responsibility and Accountability
PD - Describe the components of a well-governed company (board of directors, reporting, transparency, internal and external audit functions)
1. Rule of Law 2. Transparency 3. Responsiveness 4. Consensus Oriented 5. Equity and Inclusiveness 6. Effectiveness and Efficiency 7. Accountability 8. Participation
FI - Describe the financial needs of a business at different stages of its development
1. Seed capital - money to develop prototype evaluate business idea, protect intellectual property 2. Pre-launch phase - detailed business plan, money to register business, set up business 3. start-up phase - money needed to ensure smooth transition from pre-launch to start up, bridge gap between time of production and time of making profit 4. early stage - money needed to expand production to satisfy demand, venture capitalists more willing to invest 5. expansion stage - money to further expand production, offset shipping/other costs, satisfy receivables/payables 6. third-stage capital - company making profit, need money for plant expansion, increase advertising/marketing, further R&D
HR - Handle employee complaints and grievances
1. Setting Up a System - Include your policy in your company's Employee Handbook. - Assign one person or department to handle the receipt of complaints. - Provide a central location to place complaints - Devise a confidential way for employees to submit complaints. - Establish a schedule to address concerns and complaints. 2. Categorizing Complaints - Working Conditions and Safety - Unreasonable Management Policies. - Violations of Rules and Policies. 3. Addressing Complaints - Acknowledge - Investigate - Decide - Act 4. Reviewing Outcomes - review situation some time after complaint initially made - check in with employee that lodged complaint - made adjustments if needed
OP - Negotiate lease or purchase of facility
1. Settle ahead of time on your budget, your must-haves, and your nice-to-haves. 2. Get an agent or lawyer to negotiate for you. 3. Do negotiate on more than one location at the same time. 4. Don't pay asked base rent. 5. Check the square footage yourself. 6. Get better base rent by negotiating a longer lease term. 7. Look for free rent. 8. Ask for a fair "cure" period. 9. Negotiate lower early termination penalty fees. 10. Add a sublease clause. 11. Have a co-tenancy clause written in. 12. Include a clause preventing your landlord from renting out space in your building to a competitor. 13. Pay attention to the HVAC responsibility. 14. Haggle over the fixturization period. 15. Negotiate for all available perks.
RM - Identify business risks
1. Strategic risk - happens when changing strategy/plan 2. Compliance risk - happens when new rules set by government 3. Financial risk - happens based on company's financial health 4. Operational risk - happens within business' system or processes
CO- Write proposals
1. Title page 2. Cover letter 3. Table of Contents 4. Executive Summary 5. Proposal 6. Services/Technology/Solution 7. About Us 8. Pricing 9. Terms and Conditions 10. Agreement/Contract - visuals - quantitative data - digital age presentation - remember brand - FOLLOW UP after
CM - Select channels of distribution
1. direct sales - selling any sort of product that is in the middle price range, it is not purchased every day, and has long shelf-life 2. brokers & distributors - brokers close sales, distributors purchase, ship, invoice goods and sell to retailers 3. wholesalers & retailers - purchase product from manufacturers and take on the risk of products not selling well
PD - Identify the factors that impact governance structures
1. pressure from majority shareholders 2. pressure from outside minority shareholders 3. pressure resulting from internationalization/globalization 4. pressure exerted by the state in the form of legal regulation
FI - Develop company's/department's budget
1. set overall company goals 2. decide if management controls budget or finance department 3. budget should be completed/analyzed monthly 4. create objectives to track goals 5. develop strategies that direct company's resources to achieve goals 6. create action plans to implement strategies 7. forecast final projections for expenses/revenue based on goals, objectives, and strategies
SM - Develop action plans
1: Define your end goal. 2: List down the steps to be followed. 3: Prioritize tasks and add deadlines. 4: Set Milestones. 5: Identify the resources needed. 6: Visualize your action plan. 7: Monitor, evaluate and update.
MP - Explain the concept of market and market identification
A market is all the consumers available to sell to. Market identification involves analyzing customer profiles to determine which one is most viable and profitable.
PD - Establish performance standards to meet organizational goals
A performance standard is a management-approved expression of the performance threshold(s), requirement(s), or expectation(s) that must be met to be appraised at a particular level of performance. - leadership - team orientation - innovation/creativity - customer service - interpersonal communication - flexibility - performance management -
EN - Describe the use of operating procedures
A standard operating procedure, or SOP, is a set of step-by-step instructions compiled by an organization to help workers carry out complex routine operations. They provide the baseline and make sure that all regulations are met
EI - Establish strategic relationships with others
A strategic relationship is a relationship between two commercial enterprises, usually formalized by one or more business contracts. They usually fall short of a legal partnership entity, agency, or corporate affiliate relationship
OP - Explain the concept of supply chain
A supply chain is a network between a company and its suppliers to produce and distribute a specific product to the final buyer. The supply chain also represents the steps it takes to get the product or service from their original state to the customer.
EI - Develop an achievement orientation
Achievement orientation refers to how an individual interprets and reacts to tasks, resulting in different patterns of cognition, affect, and behavior. It refers to an individual's ability to set measurable self-improvement goals.
EI - Demonstrate adaptability
Adaptability is the ability to change with market or industry trends, and adjust goals and visions off of market predictions.
HR - Coordinate human, capital, and fiscal resources to meet business priorities
All examples of strategic planning Fiscal resources = means for purchasing and/or obtaining the supplies, materials, equipment, services, and personnel
NF - Conduct an environmental scan to obtain business information
An environmental scan is an analysis of outside influences that may have an impact on an organization. - political, economical, societal factors
FI - Describe the nature of income statements
An income statement is a financial statement that reports a company's financial performance over a specific accounting period
BL - Explain the nature of workplace regulations
Assure safety and health of employees. Provide funds to eliminate workplace dangers and reward safety practices.
EI - Act as a role model to fulfill the organization's standards/values
Be a role model, follow standards/values
EN - Create processes for ongoing opportunity recognition
Benchmark - asses competition and good practices. External Help - Outsourcing. Specialization - Economics Venture team.
EI - Share best practices with key individuals and groups
Best practices are practices determined to be an effective and practicable for business operations
BL - Identify the basic torts relating to business enterprises
Business torts are civil wrongs committed by or against an organization
FI - Prepare cash flow statements
Cash flow resulting from operating activities, cash flow resulting from investing activities, cash flow resulting from financing activities, disclosure of non-cash financing activities
SM - Explain the nature of change management
Change management is the process of implementing new policies and procedures in a business environment to improve its productivity and profit.
CM - Explain the nature of channel strategies
Channel strategies should be developed in order to best reach the target market. Examples- will you use wholesalers? Online channels? Retail outlets? (A store that sells smaller quantities of products or services to the general public.) Where will your customers go to buy your product or service?
EI - Encourage team building
Clear expectations, context, commitment, control, collaboration, communication, consequences, coordination, culture change
EC - Explain the concept of competition
Competition is the rivalry between companies selling similar products and services. It motivates companies to increase sales volume by utilizing the four components of marketing mix
EN - Describe considerations in selecting capital resources
Def - a good material good to produce others - Productivity - Affordability - Ease of access - Sustainability What is right for our situation
OP - Discuss business process thinking and its impact
Define your process. Break it down the steps into bite sized pieces, define expected outcomes, establish acceptance criteria, test it and continuously refine it as it is performed. - 85/15 rule is 15% problems caused by people, 85% problems from process issues
OP - Define strategies to protect business' digital assets, customer data, and other protected information
Digital Assets - business photos - websites - business process(spreadsheets, customer database) - Apps - Subscriptions - Intellectual property (trademarks, logo) - Online inventory Protection - locate/list assets - establish ownership/value - create non-disclosure agreements - register ownership (trademarks,copyrights) - backup (hard drive/cloud)
OP - Evaluate strategies for protecting business' digital assets (e.g., website, social media, email, etc.), customer data, and other protected information
Digital Assets - business photos - websites - business process(spreadsheets, customer database) - Apps - Subscriptions - Intellectual property (trademarks, logo) - Online inventory Protection - locate/list assets - establish ownership/value - create non-disclosure agreements - register ownership (trademarks,copyrights) - backup (hard drive/cloud)
HR - Maintain human resources records
Digitally, manually, determine which is best for the business: digital for large companies, manual for small businesses
BL - Describe legal issues affecting businesses
Disgruntled employees,discrimination, harassment, immigration audits, copy rights and patent issues
EN - Evaluate options for continued venture involvement
Do the thing 1. Mindset, always keep all members remembering it as though we are a sparky startup 2. Officialized team 3. Weekly idea flow rituals Follow and give your other directions with the case
EN - Adapt to changes in business environment
Do the thing - Def - Internal vs. external environment ID what has changed How can we adapt to it
EN - Identify capital resources needed for the venture
Do the thing - (material goods) Def - goods made and used to produce other goods and services. Examples include buildings, machinery, tools and equipment. Capital resources help improve productivity
EN - Assess the costs/benefits associated with resources
Do the thing - id , human, natural, market, time, capitol
EN - Use creative problem-solving in business activities/decisions
Do the thing - identify, multiple solutions, diverse vote, detailed plan - emergency politics - enlighten judges
EN - Evaluate risk-taking opportunities
Do the thing, provide a risque option, then explain surprising feasibility
FI - Make critical decisions regarding acceptance of bank cards
Do the thing; bank cards are plastic cards issued by banks enabling customers to withdraw money at an automated teller machine. Anything from an ATM card to a debit card
EN - Explain the need for business systems and procedures
Emotional relationships - everyone is playing on preset and equal grounds Productivity - everyone has a baseline
PD - Explain the need for innovation skills
Employees that obtain strong innovation skills are an asset to any business .- innovative employees increase productivity by creating and executing new processes - new ideas may increase competitive advantage - increased employee motivation, creativity, and autonomy
EN - Explain the role requirements of entrepreneurs and owners
Entrepreneurs and owners should be good leaders and well-versed in business, willing to take risks
EN - Describe the nature of entrepreneurship
Entrepreneurship is the development of a business from the ground up, including coming up with an idea and turning it into a profitable business
MK - Explain factors that influence customer/client/business buying behavior
Environment of the customer, consumer psychology, motivation, knowledge of products, consumer relations, reviews, social media, influencers
BL - Develop strategies for legal/government compliance
Establish, evaluate, study, authorize, train, involve, ensure
FI - Forecast sales
Explanation should include the purposes/uses of sales forecasts and a description of how sales are projected. - just like budget, but based on goals, current sales, promotions, deals
EN - Develop plan to invest resources into improving current products or creating new ones
Follow those and make an operations plan What productions are earning us the least per capita? Reuse those
EN - Describe methods of venture harvesting
Harvesting is the final phase in the entrepreneurial value creation process, which includes building, growing, and harvesting. Harvesting is the process entrepreneurs and investors use to exit a business and liquidate their investment in a firm.
EI - Demonstrate negotiation skills
I want this, you want that, lets do this (mix of this and that), come to an agreement
EN - Describe strategies to protect intellectual property
IPR's or intellectual property rights - direct to WIPO or CIPO Externally: -File patents - utility/material, design/material, plant -Trademarks - distinguishing design or logo -Copyrights - original works of authorship -Trade secrets - formula, process, algorithm Internally: -Non-disclosure agreements -Educate all team members on confidential information -Hire an attorney
EN - Describe entrepreneurial planning considerations
Identify a real opportunity, create a plan to address that opportunity, forecast, funding, marketing, feasibility
EN - Explain factors to consider in determining a venture's human-resources needs
Identify specific timely growths - for management and venture team Production - human labour and specific workers Management - entrepreneurs and continual overseers and owners Communications - or market, people that we speak and gather information from or sell to Partners - organizations or people that we work with Affordability - Can we promise workers enough return on investment?Readiness - can we get all hr where and when we are?
EI - Determine stakeholder expectations
Identify the stakeholders, identify the preferred mode of communication, keep stakeholders engaged throughout the process, accurately map expectations, classify the level of communication for each stakeholder, identify which stakeholders will be advocates, engage the stakeholders in decision making, make sure the manner in which the project is accomplished is positive even when negatives occur
EN - Explain methods/processes for organizing workflow
Identifying the ultimate outcome 1. Steps 2.Tasks and documents involved 3. Time and order 4. Specialization
EN - Explain the impact of resource productivity on venture success
If resource productivity is high then higher chance for success, if low then lower chance for success: self explanatory
EC- Determine the relationship between government and business
In a planned economy or market economy, government holds control of shaping the business activities of a country. In most developed countries they use a variation of Keynes's policies, allowing a large degree of private business while maintaining strict regulation of certain aspects of the economy through the government. Today's relationship between government and business is neither lassez faire, nor socialist, but rather a combination of both, creating a mixed economy.
BL - Describe methods used to protect intellectual property
Intellectual property is creative work created by you. Ways to protect your intellectual property include: copyrights,patent,trademark,trade secret, and licensing
EC - Determine factors affecting business risk
Internal factors: employees, vendors, technological factors including information tech, physical equipment malfunctions, downtime and eventual obsolescence. External factors: economy, natural causes, political factors
SM - Explain external planning considerations
Internally, plan out resources. Externally , take the economy, market conditions, and competition into consideration. A loyal customer base will help us succeed.
EI - Leverage personality types in business situations
Introverts: prefer to have time to think about their ideas, they need solitude and time to recharge after socializing. They can run out of energy quickly when put in group situations for too long. Extroverts: prefer to generate ideas in a group setting and feel most energized during back and forth communication. They easily become bored when they cannot actively participate in a conversation. Sensing: facts and figures win out over ideas and theories. Intuitive: They like to figure out how things work, and figure out how things are interrelated, and like to think about the future.
SM - Define business mission
It defines what the company does for its customers It defines what the company does for its employees It defines what the company does for its owners 1. Start with a market-defining story 2. Define what your business does for its customers 3. Define what your business does for its employees 4. Add what the business does for its owners 5. Discuss, digest, cut, polish, review, revise
EI - Adapt management style to the personality type of others
Know the strengths and weaknesses, as well as needs and wants of each personality type in business
CR - Explain management's role in customer relations
Lead and motivate the team to ensure they're giving the best customer service possible, handle complaints and queries, and sort security issues
EN - Assess start-up requirements
Legal structure, business plan, federal employer identification number, company bank account, lease or buy office space, obtain licenses and permits, hire employees, set up an accounting and record keeping system
HR - Assess employee performance
Levels of execution, quality of work, level of creativity, amount of consistent improvement, customer and peer feedback, sales revenue generated
EI - Recognize/Reward others for their efforts and contributions
Make it personal, provide opportunities, magnify recognition, offer beyond the call of duty perks, motivate through financial incentives, facilitate peer-to-peer recognition.
EN - Develop and/or provide product/service
Make the thing. Def - A material good, or immaterial service that can be offered and in trade made money off of
SM - Explain the concept of management
Management is defined as getting work done through the effort of others. It is the process of reaching goals through the use of human resources, technology, and material resources. Includes planning, organizing, and controlling use of resources. vertical organization - top, middle, and supervisory-level management. horizontal organization - management shares decision making with teams of workers.
SM - Explain the nature of managerial ethics
Managerial ethics is a set of principles and rules dictated by upper management that define what is right and what is wrong in an organization. It is the guideline that helps direct a lower manager's decisions in the scope of his or her job when a conflict of values is presented.
EN - Assess risks associated with venture
Market timing risk, market adoption risk, market size risk, execution risk, technology risk, business model risk, platform risk, venture leadership risk, financial risk, defensibility risk
IM - Describe the need for marketing data
Marketing data can be used to analyze various metrics of consumers within a market - Demographics - Psychographics - Geographics Use market segmentation data to determine target market, marketing strategies
MK - Describe marketing functions and related activities
Marketing functions include performing market research, producing a marketing plan, product development, as well as overseeing advertising, promotion, distribution for sale, customer service, and public relations
MK - Explain marketing and its importance in a global economy
Marketing is the action or business of promoting and selling products or services, including market research and advertising. It is important in the global economy because it inspires competition, thus increasing innovation and the global economy
IM - Explain the nature of marketing research
Marketing research is used by businesses to identify sales trends and changing markets so that they can alter their marketing strategies as needed.
MP - Explain the concept of marketing strategies
Marketing strategies are techniques at different parts of the marketing process in order to get the product/service to the consumer and make as large of a profit as possible.
EN - Develop exit strategies
Merger acquisition - merge company to another company (or being bought by a larger company) IPO - allow shareholders to take control, while extracting the monetary worth of your company (both this and merger acquisition are better than liquidation- sells at higher cost) Passing on/selling to select individuals FULL liquidation of company - sell at depreciated face value
EN - Describe processes used to acquire adequate financial resources for venture creation/start-up
Networking, Finding public sector contract possibilities, writing RFP's or request for proposals and eliciting bids and accepting and networking with potential investors.
EN - Explain tools used by entrepreneurs for venture planning
PEST analysis, SWOT analysis, 7S model:strategy, structure, systems, style, shared values, staff and skills
EI - Determine personal vision
Personal vision is determined through goals
FI - Complete loan application package
Personal/joint financial statement, personal/household monthly living expenses form, business information and debt, signed and dated version of the original and final Form 1003
EI - "Sell" ideas to others
Persuasive language, close the deal, marketing
EI - Persuade others
Persuasive language, close the deal, marketing, be personal
PI - Explain the nature and scope of the pricing function
Price is the value of money placed on a good or service.
EC - Explain the concept of private enterprise
Private enterprises are businesses carried on for profit and not owned by government; the system discourages public ownership of business; same as free enterprise
EN - Use external resources to supplement entrepreneur's expertise
Production facilities, manufacturers, anyone who can fill in for the entrepreneur's subjects lacking in expertise
PR - Explain the role of promotion as a marketing function
Promotion as a marketing function includes all the activities to inform, persuade, and/or remind consumers about products and services. Promotion is persuasive communication that prompts a target market to take action.
MP - Explain strategies for linking performance measures to financial outcomes
Quantifying strategies are methods of determining or measuring amounts or quantities - need ways to find out if sufficient quantities were achieved to make the marketing effort worthwhile - don't develop operational tactics, positioning procedures, bookkeeping methods
FI - Analyze critical banking relationships
Relationship banking is a strategy used by banks to strengthen customer loyalty and provide a single point of service for a range of different products and services.
EN - Explain considerations in making the decision to hire staff
Review the position - what eligibilities - physical skills and experience, - mindset and method of working with the team - communication skills, - written materials, references, works apples, documentation - bring the veterans or females under American employment equity - dept of labour
SM - Conduct an organizational SWOT
S- Strengths W- Weaknesses - look in resources, management, operations, finances, marketing, culture O- Opportunities T- Threats - look in competition, market changes, factors (politics, economy, society, technology, environment, legal)
MP - Conduct SWOT analysis for use in the marketing planning process
S- Strengths W- Weaknesses - look in resources, management, operations, finances, marketing, culture O- Opportunities T- Threats - look in competition, market changes, factors (politics, economy, society, technology, environment, legal) making strategies - tows analysis overlap swot with each other
EN - Assess opportunities for venture creation
SWOT analysis, turn new idea/product into a business, look at competition
EC - Identify factors affecting a business's profit
Sales changes, material price changes, labor price changes, inventory method changes
SE - Explain the nature and scope of the selling function
Selling involves any activities that focus on persuading the customer to purchase products/services in the form of direct communication, provides consumers with the products or services that they want or need - face to face - social media - tech for sales rep to part in interpersonal interactions
EI - Enlist others in working toward a shared vision
Set the goal, establish steps to work towards it, communicate and motivate
EN - Describe external resources useful to entrepreneurs during concept development
Small business administration, Due: online invoicing and digital payments platform, international franchise association, U.S Patent and Trademark office, VentureBeat Research - indirect and direct Indirect - looking at trends of similar products, reviews on where they went wrong or right, success by past comparison. Direct - speaking to / questioning markets for their satisfactions in the past - correlate to case
EN - Describe small-business opportunities in international trade
Small businesses can use the globalization offered by the Internet to reach a wider audience to market and sell to.
EC - Identify the impact of small business/entrepreneurship on market economies
Small businesses in the economy has consistently shown that the creation of new businesses drives economic prosperity. It increases the competition of emerging sectors, inspires innovation. They are critical for economic growth and innovative capacity in many regions. Additionally, they add to job creation, economic growth and poverty reduction. Make sure to cite the entrepreneurship and regional development journal
BL - Select form of business ownership
Sole proprietorship, partnership, corporation
BL- Explain types of business ownership
Sole proprietorship: only one person owns the business. Unlimited liability Partnership: two or more persons and they divide the profits among themselves, as well as all contribute resources Corporation: business organization that has separate legal personality from its owners. Often stocks and shareholders
EN - Assess the need to use external resources for concept development
Solipsism - we cannot be, as a business, trapped within what we believe our own needs are,we can never understand fully the meaning, but we can attempt to curate a business model that as closely represents a fulfilling concept as possible
NF - Interpret statistical findings
Statistics are used to describe and summarize data in order to make the date more meaningful and easier to understand. Commonly used statistics in business include distribution, central tendency, and dispersion. distribution - summary of frequency of values for a variable central tendency - estimate of the center of a distribution of values, includes mean median mode dispersion - spread of values around central tendency, measured with the range
EN - Determine feasibility of venture ideas
TMMD analysis: Time, money, market, determination
NF - Determine venture's information technology needs
Tech: - local tech consultant - high speed internet access - computers - data security - website - email - social media Assess: - study workflow - review existing technology - consider alternatives - assess resources - consider outside help
PD - Make decisions
The ability to make smart decisions is a key skill in the workplace, especially to be an effective leader. - made to benefit the employees and company as a whole - use intuition (gut feeling) and reasoning (facts) - consider all factors- consider possible outcomes
PD - Use time-management skills
The ability to manage time well is imperative to obtain when working in a business environment. - delegate tasks - prioritize work - avoid procrastination - schedule tasks - set deadlines - start early - avoid multi-tasking / learn to say "no"
OP - Explain the concept of production
The basis of the concept of production is the emphasis on low production costs, high production efficiency, and mass production. It states that buyers prefer goods and services that are cheap and widely available.
RM - Discuss the relationship between risk and business objectives
The business plan will establish at the outset cohesive policies and procedures to ensure that risks are managed and that business objectives are met efficiently and effectively, having regard to the requirements of the organisation's governance framework
FI - Explain the concept of accounting
The concept of accounting is to understand the business finances, know the revenues and costs in order to properly address them
EI - Explain the concept of leadership
The concept of leadership is to establish goals, values, and concepts that make up the organization's personality or how the organization is observed by both outsiders and insiders Types of leadership: Authoritarian - strictly professional, direct supervision Paternalistic - father figure, more personal Democratic - social equality Laissez Faire - workers have all power Transactional - system of rewards/punishments Transformational - leads change and initiative
NF - Monitor internal records for business information
The functions of an information system are to gather, analyze, store, and report on data. Records are kept regarding financial information, production and inventory, marketing and sales, and human resources. Internal data includes accounting records, inventory information, company sales figures, and more. A company's balance sheet, cash flow statement, and income statement are records that are monitored during a specific period of time. They are used to calculate revenue, evaluate costs and expenses, and measure profit/loss.
HR - Discuss the nature of human resources management
The nature of HR management is to bring people and organizations together so that the goals of each are met
FI - Explain the nature of balance sheets
The nature of balance sheets are to clearly lay out the statement of assets, liabilities, and capital of a business
NF - Describe the nature of business records
The nature of business records is to record business dealings for the future so that the business dealings can be accurately reviewed as required
BL - Explain the nature of businesses' reporting requirements
The nature of businesses' reporting requirements are to make sure that investors and regulators can evaluate a company's financial performance and business operations. Additionally, it's necessary to have access to these reports so the public can find discrepancies among reports and the company can have transparency
FI - Describe the nature of cost/benefit analysis
The nature of cost/analysis is the process of analyzing the costs of a decision versus the benefits that would be derived
BL - Explain the nature of human resources regulations
The nature of human resources regulations is to provide a safeguard for employees so they are getting rights and the treatment they deserve.
OP - Explain the nature of operations
The nature of operations is the processes and resources that you use to produce the highest quality products or services as efficiently as possible.
OP - Explain the nature of overhead/operating costs
The nature of overhead costs are those expenses that are needed to run the business. Operating costs are directly related to production, and include materials, labor, and machinery used to make or deliver a product/service.
HR - Explain the nature of remedial action
The nature of remedial action is to address the deficiency of a nonconforming product or service
OP - Explain the nature and scope of purchasing
The nature of scope of purchasing is to define the processes and procedures applicable to the purchase of needed goods and services by the County from private sector sources
BL - Explain the nature of tax regulations on business
The nature of tax regulations, or treasury regulations, on business are to pick up where the tax laws leave off. There are several different types
EC - Describe the nature of taxes
The nature of taxes is to benefit the society and to be used as an instrument of attaining certain social objectives. Governments use taxes to either speed or slow economic growth
EN - Explain the need for entrepreneurial discovery
The need for entrepreneurship discovery goes along with innovation. Entrepreneurship discovery increases the market competition, inspires more innovation, leads to industrial progress, and increases jobs and production.
EN - Discuss entrepreneurial discovery processes
The process for entrepreneurial discovery is a learning process, it's a vision about opportunities in existing or emerging sectors
FI - Explain the purposes and importance of obtaining business credit
The purpose of obtaining business credit is to secure lines of credit, lease equipment, finance a company vehicle, and obtain business loans and credit cards without putting personal credit at risk. It is important because it gives unique financial advantages in the market place
OP - Describe the role of management in the achievement of quality
The role of management in achievement of quality is that they must be there to oversee each step of the production process, from the manufacturing or importation of parts, to the assembly, to the finished product. They are there to ensure quality at each step of the way so that they can finish with a high-quality product
EN - Assess global trends and opportunities for business ventures
This is when you look at day to day economic activity and see where there is opportunity or trends set by businessmen people. in the roleplay
FI - Determine relationships among total revenue, marginal revenue, output, and profit
Total revenue is total sales, marginal is what is the per unit sale so how much we make per unit or per additional sale, output is total production and profit is our green sales
EN - Determine opportunities for venture creation
Understand the opportunity space around an idea, find an idea in an attractive and fast growing opportunity space
BL - Describe the nature of legally binding contracts
a contract is an agreement between 2 or more parties. And if you sign a contract to are expected to follow the things listed in the contract
QM - Explain the nature of quality management
act of overseeing all activities and tasks that must be accomplished to maintain a desired level of excellence includes - determination of a quality policy - creating and implementing quality planning and assurance - quality control - quality improvement
PM - Build corporate brands
aims to provide a broad range of financial and strategic benefits that align with the company vision, mission and business strategy 1. Make your corporate brand the hero 2. Create a unifying visual identity 3. Promote a specific area of your corporate business 4. Associate your corporate brand with a global event 5. Use the your corporate brand as a mark of endorsement
PR - Describe word-of-mouth channels used to communicate with targeted audiences
allow consumers to promote a product or service channels - after-sale follow-up - recognition of purchase in media - incentive programs - buzz marketing - providing samples - interactive promotions (email, YouTube, social media, entertainment)
FI - Interpret financial statements
analyze bank balance sheets, budgets, income statements, sales/inventory
MP - Conduct competitive analysis
analyze competition and monitor them on an ongoing basis to know their behavior, helps anticipate their actions and stay one step ahead 1. Identify your competitors 2. Examine your competitor's website & customer experience 3. Identify your competitor's market positioning 4. Take a peek at pricing 5. Problem solve for shipping 6. Take a temperature check with reviews 7. Review social media 8. Use these bonus items and tools for competitive analysis
PM - Identify company's unique selling proposition
based on competition, what is your "sustainable, competitive advantage". what is your niche? unique quality and proposition that makes a customer switch brand to your brand. superior or favorable long term advantage over competitors.
NF - Translate research findings into actionable business recommendations
by analyzing past trends, businesses can enact policies and strategies to complement its mission of profit-research findings should focus on past trends and consumer preferences (best ways to recommend next action of business)
FI - File business tax returns
collect records, find the right form, fill out the form, pay attention to deadlines
OP - Establish efficient operating systems
company's unique way of doing things--how it operates, goes to market, produces and deals with its customers. 1. Processes 2. Systems 3. Roles 4. Skills 5. Structure.
MK - Demonstrate connections between company actions and results (influencing consumer buying behavior, gaining market share)
consumers: - advertising, pricing, product mix, supply of goods, sales and promotions, product development and improvement, product safety, payment options, etc. competition: - advertising, pricing, product mix, supply of goods, sales and promotions, distribution methods and locations, etc. employees - the use of technology in production and record keeping, managerial ethics, human resources management, production planning and scheduling, risk management, investing, etc. other - environment, the global economy,
NF - Discuss the nature of data mining
data mining: process of examining large databases to gather new info-computational process of discovering patterns in large data sets ("bigdata") involving methods at the intersection of artificial intelligence, machine learning, statistics, and database systems
NF - Establish specifications for selecting hardware/software systems
define requirements by assembling a vendor selection team, review the high level features needed for the software system from the original business case and produce a set of requirements by gathering additional info from stakeholders;needs, wants, financials, feasibility
OP - Conduct break even analysis
determine how much of the product must be sold to generate a specific level of profitability - fixed costs - variable costs equation (units): fixed costs/(revenue per unit - variable cost per unit) equation (sales): fixed costs/contribution margin contribution margin = price of product - variable costs
SM - Explain the nature of business plans
discusses what the future of the business is, list how you plan to run the company and what you plan to do with it - market strategies - business description - executive summary - development and design plan - competitive analysis - financial factors - management and operations plan
FI - Obtain insurance coverage
do it, compare different insurances to get the best one
FI - Determine financing needed for business operations
do the thing;angel investors, loans, grants, crowdfunding, personal investment, stocks
PM - Determine services to provide customers
find gap in what customers need / want. use the service to enhance customer satisfaction levels and gain repeat customers. consider cost of the service provided because the business has to have the available resources.
CO - Prepare complex written reports
gather relevant data, have intro, executive summary, include charts/graphs/tables, edit & revise
FI - Describe types of financial statement analysis (ratio analysis, trend analysis)
horizonatal analysis - compares two or more years of a company's financial statements trend analysis - compares two or more years of a company's financial statements, starts with base year (first year) vertical analysis - calculation of percentages of a single financial statement - figures from income statement, balance sheet ratio analysis - Balance sheet ratio analysis determines a company's ability to pay its debts and how much the company relies on creditors to pay its bills. (relationship between each year's financial data and business trends overtime) - Liquidity ratios show how well the company is able to turn assets into cash. (look at capital/cash flow) - current ratio is figured by dividing total current assets by total current liabilities - quick ratio measures liquidity, or the ability to pay back debts in a timely manner, measure of survivability (sum of gov't securities, cash, receivables divided by total current liabilities)
OP - Use budgets to control operations
how much money you have is going to determine how much you can spend on operations,
SM - Describe relationship among innovation, learning, and change
innovation requires change which requires learning - innovation responds to decisions made based on changes needed, businesses learn from the innovation and changes
EN - Generate venture ideas
innovation, new ideas for a business
PM - Identify internal and external service standards
internal - expectations set by the business for how employees will be treated in the workplace, how they are compensated and engaged in corporate decision-making - interact in courteous manner - inform internal customers of normal process time - touch base with internal customers daily - try to resolve issues between coworkers/departments by discussing problems - be considerate, cooperative, helpful to staff/customers - be held accountable for addressing inappropriate comments/behavior external - how the end-user is treated to ensure customer satisfaction - greet in courteous and professional manner - listen to customers' requests and try to solve them - inform customers about normal process times - respond to questions/reviews/requests - respond within 24 hrs to inform about application - finish encounters in courteous and professional manner
EI - Leverage business relationships
keep selling clients, talk on a regular basis, send them notes, ask for introductions, take the initiative
HR - Screen job applications/résumés
look at - qualifications - experience - position - degrees - social media - phone interview - personality test - behavioral test - critical thinking skills - compare to to other applicants
HR - Select and hire new employees
look at - qualifications - experience - position - degrees - social media - phone interview - personality test - behavioral test - critical thinking skills - compare to to other applicants
FI - Verify the accuracy of business financial records
make sure everything is accurate, double/triple check records, give to another person for review
CR - Identify company's brand promise
market to the right people, attract the right employees, plan strategic direction, know the goals and go from there
SM - Identify and benchmark key performance indicators (dashboards, scorecards)
measures how well an individual, business unit, project and company performs against their strategic goals - profit - cost of goods sold - customer lifetime value - customer satisfaction - number of customers - % of product defects - employee turnover rate - employee satisfaction
FI - Explain loan evaluation criteria used by lending institutions
minimum credit score of 640-750, maximum debt:income of up to 45%, interest rate of 8.5-18.0%
SM - Explain the nature of risk management
necessary to provide protection from devastating results from economic, natural & human risks. Some may be prevented through training competent employees & maintaining safe & secure working environments.
PM - Explain the role of customer service in positioning/image
one bad customer service interaction can change image of the brand in that customer's mind, then they write a bad review, more people believe that image etc. so train all employees to be positive, active listening etc with customers. be efficient, be friendly. good customer service can make a brand stand out.
FI - Identify risks associated with obtaining business credit
personal liability, credit bureau reporting, CARD act protections are limited: risk-based repricing, still liable for employee cards, APRs are not low APRs are interest rates
RM - Discuss the nature of enterprise risk management
plan-based business strategy that aims to identify, assess, and prepare for any dangers, hazards, and other potentials for disaster—both physical and figurative—that may interfere with an organization's operations and objectives.
EN - Explain the need for continuation planning
plans measures and arrangements, dividing of resource - for accidents, disruptions, resource failures/depletions, cyber attacks,- more efficiency
PR - Explain types of advertising media
print - newspaper, magazine, direct mail, directory, outdoor, and transit broadcast - television and radio advertising online - use the Internet or e-mail, pop-up ads, banners specialty - items used for distribution with the company's branding message social - social media platforms - Facebook, Twitter, Instagram, Snapchat, Yelp, mobile media apps
FI - Calculate financial ratios
quick ratio= cash+ cashequivalents+ short-term investments+ current receivables/ current liabilities capital ratio=current assets/current liabilities Debt to equity ratio= total liabilities/total equity Equity ratio: total equity/total assets Debt ratio= total liabilities/total assets Asset turnover ratio= net sales/ average total assets Inventory ratio= COGS/average inventory Gross margin ratio=gross margin/net sales Profit margin ratio= net income/net sales Return on assets ratio= net income/ average total assets Return on capital employed= net operating profit/ employed capital Return on equity= net income/ shareholder's equity Price earnings Ratio= market value price per share/ earnings per share Dividend payout ratio= total dividends/net income Debt service coverage ratio= operating income/total debt service costs
EC- Describe the concept of economies of scale
reduced costs per unit that arise from increased total output of a product.
EI - Exhibit cultural sensitivity
respect differences, avoid and overcome stereotypes, don't do bad stuff to people
MP - Forecast sales for marketing plan
sales forecast is the foundation of the financial story that you are creating for your business, used to make profit and loss statement, cash flow, balance sheet - develop unit sales projection (units sold/month) - use past data if needed - use factors for a new product (base sales based on similar/past products) - break the purchase down into factors - project prices (price for each product estimated)
OP - Discuss the nature of business analysis
set of tasks and techniques which work as a connection between stakeholders. These help them understand organization's structure, policies, and operations.
FI - Explain sources of financial assistance
sources of financial assistance include crowdfunding, angel investors, bank loans, government grants, personal financing, stocks/shareholders
EN - Select sources to finance venture creation/start-up
sources to finance venture creation/start-upChoose one: Personal Investments - cash or collateral Patient capital - personal relations Venture capital - partners and investors Crowdfunding - ya know Business incubators - eg working with Google Grants and subsidies - (govt gives, no need to repay
EN - Explain the complexity of business operations
the condition of having several interdependent and interconnected stakeholders, information technology systems and organizational structures - stakeholders, infrastructures, and tech
OP - Discuss the nature of supply chain management
the management of the flow of goods and services and includes all processes that transform raw materials into final products - Planning. - Information. - Source. - Inventory. - Production. - Location. - Transportation. - Return of goods.
FI - Explain the nature of managerial cost accounting (activities, costs, cost drivers)
the process of analyzing business costs and operations to prepare the internal financial report, records, and account to aid managers' decision making the process in achieving business goals
PM - Plan product mix
total number of product lines a company offers to its customers - Number of Product Lines - Total Products - Product Variations - consistency
