Entrepreneurship Chapter 8

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enterprise zones

Areas that suffer from lack of employment opportunities

industrial parks

Sections of land that can be used for industrial business locations

tenant

Person who pays rent to occupy space owned by someone else

layout of retail business

1. appropriate lighting, 2. window displays, 3. inviting entrance, 4. common sense for organizing merchandise, 5. 4 feet of isle space, 6. wall space wisely, 7. place cash registers in a central location

location possibilities

1. downtown, 2. neighborhood shopping centers, 3. community shopping centers, 4. regional shopping centers, 5. super regional shopping centers, 6. stand alone stores, and 7. warehouses

your layout must include space for

1. employees, 2. customers, 3. merchandise, 4. equipment, 5. restrooms, 6. stockrooms, 7. storage, and 8. offices

disadvantages of operating a business from your home

1. interruptions from family and friends, 2. miss coworker interactions, 3. spend too much time because its at home

layout of wholesale business

1. locate in a one story, 2. keep merchandise close to the shipping dock, 3. store popular items in accessible locations, 4. areas that accommodate merchandise of all sizes, 5. walkways free of merchandise, 6. store items safely

advantages of operating a business from your home

1. reduce or eliminate rent, utility, insurance, and maintenance costs, 2. some expenses may be subtracted from income taxes, and 3. commuting time/expenses are eliminated

locate vendors through

1. telephone directory advertising section 2. trade magazines 3. trade associations 4. the internet 5. other companies in your industry 6. SBA and SCORE

layout of manufacturing

1. work teams should be situated close together 2. supervisors should be able to supervise 3. exits clear and easy to find 4. hazardous materials should be stored safely 5. equipment should be in a place that reduces the chance of an accident

questions to ask

1.is it safe, 2.attractive, 3.will it attract the kind of customers your business will be targeting, 4.is it easy to reach, 5.is parking adequate, 6. and do businesses near it seem to be thriving

downtown disadvantages

1.parking, 2. distance from suburbs, 3.crime, 4.lack of evening shoppers

reorder points

A predetermined level of inventory when new stock must be purchased

vendors

Companies that sell products and services to businesses

landlord

Person who owns and rents out buildings or

regional shopping center advantages

anchor stores bring in customers, moderate rent

community shopping center advantagaes

anchor strobes bring in customers and low rent

neighborhood shopping center disadvatnages

attracts only customers who live in the area

buying a space

can't afford to and don't want to be locked into a location

downtown advantages

central and likely to attract business shoppers

community shopping center disadvantages

distance is too great when convenience in important

regional shopping center disadvantages

distance is too great when convenience is important

super regional shopping advantages

huge number of customers, services a large area

service businesses

if the service requires customers coming in, then closeness to the customer is essential

net lease

landlord pays building insurance; the tenant pays rent, taxes, and other expenses

warehouse advantages

low rent, charges lower prices than compeition

stand alone store disadvantages

no anchor store to attract customers, extra expenses of advertising

stand alone store advantages

rent can be lower, no competition next door

neighborhood shopping center advantages

supermarkets and other businesses bring in customers

percentage lease

tenant pays rent each month, plus the landlord receives a percentage of the tenant's revenue each month

gross lease

tenants pay rent each month, the landlord covers all property expenses and taxes, insurance on building, and maintenance

trade area

the area from which you expect to attract customers

inventory

the quantity of goods and materials on hand

super regional shopping disadvantgaes

very high rent, lots of competition, distance is to great when convenience is important


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