Deca Entrepreneurship 2022-2023

Assess opportunities for venture creation (EN:005) (ON

SWOT Matrix Pricing Matrix Boston Matrix Ansoff Matrix (if you don't know these check out "two teachers" on YT, they explain them)

Determine financing needed for business operations (FI:043) (ON)

angel investors loans grants\ crowd funding personal investment stocks

Explain sources of financial assistance (FI:031) (ON)

crowdfunding angel investors bank loans government grants personal investment stocks/shareholders

Describe processes used to acquire adequate financial resources for venture creation/start-up (EN:015) (ON)

Networking Finding public sector contracts RFP's (Requests for proposal)

Dismiss/Fire employees (HR:358) (SU)

review the termination reason confirm the legalities prepare for the private meeting conduct the meeting and handle the aftermath

Describe marketing functions and related activities (MK:002) (CS)

-Identifying customer needs and wants: Marketing research and analysis are used to understand the needs and wants of target customers, as well as to identify opportunities for new products and services. -Developing marketing strategies and plans: Marketing strategies and plans outline the approach that a company will take to reach and connect with its target customers, including the development of marketing messages and the selection of marketing channels. -Implementing marketing programs: Marketing programs are the specific activities and tactics that are used to execute the marketing plan, such as advertising, public relations, events, promotions, and digital marketing.

Demonstrate negotiation skills (EI:062) (SP)

-Make the first offer/set the baseline -Use concrete numbers (When selling, $750 means $750 but $500-750 means $500) -Only speak when needed to/harness the silence -Use open-ended questions (Ex. instead of "is this your final offer" say "what would your course of action be if i said no) -Your goal is for both sides to win so work with them, not against

Explain marketing and its importance in a global economy (MK:001) (CS)

-Marketing is the process of identifying, anticipating, and satisfying customer needs and wants through the creation, promotion, and distribution of products and services. -Effective marketing helps companies to build brand awareness, generate leads and sales, and differentiate their products and services from those of their competitors. -Marketing is important in a global economy because it helps companies reach and connect with customers around the world. -In a global economy, marketing also plays a role in helping companies to understand and adapt to the unique cultural, economic, and regulatory environments in different countries. -Marketing is an important part of a company's overall business strategy and can help to drive long-term growth and success in a global economy.

Develop and/or provide product/service (EN:028) (ON)

-Solve a problem/provide value -Have a USP (Unique Selling Proposition) -Make sure the market is good (watch out for small markets, shrinking markets, and highly competitive/saturated markets)

Prepare cash flow statements (FI:092) (MN)

-They show where your money comes from and goes to -4 Sections of a Cash Flow Statement --- Cash flow resulting from operating activities --- Cash flow resulting from investing activities --- Cash flow resulting from financing activities --- Disclosure of non-cash financing activities

Encourage team building (EI:044) (SU)

9 C's -Clear Expectations -Context -Commitment -Control -Communication -Consequences - Culture Change

Explain the nature of business plans (SM:007) (MN)

A business plan typically includes a description of the business, its products or services, its target market, and its competitive advantage. A business plan also includes financial projections, such as projected income and expenses, and may include details about funding and financing needs. A business plan is a tool for communicating the vision and goals of the business to stakeholders, such as investors, employees, and customers. A business plan can be used to secure funding and to attract potential partners or customers. A business plan should be regularly reviewed and updated as the business grows and evolves.

Explain tools used by entrepreneurs for venture planning (EN:008) (ON)

SWOT Analysis PESTLE Analysis 7s Mckinsey Model

Complete loan application package (FI:033) (ON)

A loan package is a set of loan documents Documents included in a loan application package are: person/joint financial statement personal/household monthly living expenses form business information and debt signed and dated version of the original and final form

Prepare complex written reports (CO:009) (MN)

Gather Relevant Data Have an Intro Executive Chart Summary Include Charts/Graphs/Tables Edit and Revise

Determine the relationship between government and business (EC:008) (CS)

Governments profits off of business via taxes and they regulate business to stop monopolies and other major business issues.

Identify company's brand promise (CR:001) (CS)

Benefits and experiences that marketing campaigns try to associate with a product in their target market's minds Market to the right people Attract the right employees Plan strategic direction Know Goals and go from there

Share best practices with key individuals and groups (EI:115) (MN)

Best Practices: -practices determined to be effective and practicable for business operations Identify and share them with key individuals and groups

Explain the concept of supply chain (OP:443) (CS)

A supply chain is the network of organizations, people, activities, information, and resources involved in the production, handling, and distribution of goods and services. The supply chain starts with the procurement of raw materials and ends with the delivery of finished products to customers. The supply chain includes a variety of players, such as suppliers, manufacturers, wholesalers, retailers, and logistics providers. The goal of the supply chain is to deliver the right products to the right place at the right time in a cost-effective manner. The supply chain can be optimized through various strategies, such as reducing lead times, improving inventory management, and leveraging technology to improve efficiency. Challenges in the supply chain, such as disruptions, can have significant impacts on the operations and performance of businesses.

Identify the elements of the promotional mix (PR:003) (SP)

Advertising: This refers to the use of various media such as television, radio, print, and online platforms to communicate the features and benefits of a product or service to a large audience. Sales Promotion: This refers to short-term tactics such as discounts, coupons, and contests that are used to encourage the purchase of a product or service. Public Relations: This refers to the management of a company's reputation and relationships with the public, the media, and other stakeholders. This can include press releases, media events, and other forms of communication. Personal Selling: This refers to the direct communication between a salesperson and a potential customer. This can include face-to-face interactions, phone calls, or online communication. Direct Marketing: This refers to the use of direct communication with customers such as email, telemarketing, or direct mail to promote products or services.

Interpret financial statements (FI:102) (MN)

Analyze bank balance sheets Budgets Income statements Sales/inventory

Describe the nature of cost/benefit analysis (FI:357) (MN)

Analyzing the costs of a decision against the benefits that would derive from it

Make critical decisions regarding acceptance of bank cards (FI:040) (ON)

Bank Cards: -Issued by banks -Allow you to withdraw money from ATM's and Debit Cards

Act as a role model to fulfill the organization's standards/values (EI:111) (SU)

Be a role model people want to become follow standards and values so others follow

Demonstrate adaptability (EI:006) (CS)

Be able to change with market/industry trends Adjust goals/vision based off of market predictions

Supervise staff (HR:393) (SU)

Be fair and develop the abilities of everyone Know subordinates and praise them when they improve/do something praise-worthy Be flexible and give simple directions Defend subordinates and include them in decision-making

Train staff (HR:392) (SU)

Blend in-person and online training Provide hands on training Incorporate mobile training apps Don't criticize what they still don't know, praise them every time they learn something new

Describe the components of a well-governed company (e.g., board of directors, reporting, transparency, internal and external audit functions) (PD:214) (SP)

Board of Directors: The board of directors is responsible for providing oversight and direction to the company. This includes setting strategic goals, appointing senior management, and monitoring the overall performance of the company. The board is also responsible for making decisions on behalf of the shareholders, such as major investments or mergers and acquisitions. Reporting: The company should have clear and accurate financial reporting, which is independently audited. This helps ensure transparency and accountability to shareholders and other stakeholders. Transparency: A well-governed company is transparent in its actions and decisions, making sure to share relevant information with shareholders and other stakeholders in a timely manner. Internal Audit Function: A well-governed company typically has an internal audit function that helps ensure compliance with laws, regulations, and company policies. They should perform regular review of company's financial and operational activities to evaluate the efficiency, effectiveness and compliance with company policies. External Audit Function: A well-governed company should have an independent external audit function to provide assurance on the accuracy of the company's financial statements, and to identify any areas of risk or weakness. Compliance and Ethics: A well-governed company has a strong compliance and ethics program in place to ensure it is operating within the bounds of the law, and that it is adhering to a high standard of ethical conduct. Risk management: The company has established a robust risk management framework to identify, assess and manage potential risks that could threaten the company's growth, profitability and reputation.

Assess the costs/benefits associated with resources (EN:021) (ON)

Brainstorm benefits and costs Give each a monetary value Compare and determine if your benefits outweigh your costs

Conduct breakeven analysis (OP:192) (MN)

Breakeven analysis is a tool that helps a business determine the point at which it will begin to make a profit. Determine your total fixed costs: These are costs that do not vary with the level of production or sales. Determine your variable cost per unit: This is the cost of each unit of production, including materials and labor. Calculate your breakeven point: To do this, divide your total fixed costs by the difference between your selling price and your variable cost per unit. This will give you the number of units that you need to sell in order to cover your costs and begin to make a profit. Analyze your results: Once you have calculated your breakeven point, you can use this information to make decisions about pricing, production levels, and other aspects of your business. For example, if you find that you need to sell a large number of units in order to breakeven, you may need to adjust your pricing or consider ways to reduce your costs in order to make your business more profitable.

Identify the basic torts relating to business enterprises (BL:069) (SP)

Business Torts: wrongful acts committed against business entities Ex. fraud, negligent misrepresentation, breach of fiduciary/trusted duty, civil theft, conversion/using up another business's property, conspiracy, defamation

Discuss the nature of business analysis (OP:327) (SP)

Business analysis is the process of evaluating and analyzing a business or organization, with the goal of improving efficiency, effectiveness, and profitability. It involves identifying problems or opportunities within the business, and developing and implementing solutions to address them. Business analysis helps to identify areas of improvement within the business, and to develop and implement solutions to address them.

Describe the nature of ethics (EI:123) (CS)

Business ethics is doing what is moral even when you aren't legally required to do so.

Describe the use of business ethics in entrepreneurship (EN:044) (SP)

Business ethics is doing what is moral even when you aren't legally required to do so. If you don't keep them in check it can lead to lack of respect from your employees, employee tensions and mistakes, unhappy customers, a slandered brand image, and worsened relationships with your suppliers

Describe the factors that influence business process design (OP:475) (SP)

Business goals and objectives: The goals and objectives of the business will influence the design of business processes, as the processes should support the overall direction of the business. Customer needs: The needs of customers should be considered when designing business processes, as the processes should be designed to meet the needs of the customers in an efficient and effective manner. Technology: The technology available to the business can influence the design of business processes, as certain technologies may enable more efficient or effective processes. Legal and regulatory requirements: Legal and regulatory requirements can influence the design of business processes, as the processes must comply with these requirements. Business culture: The culture of the business can influence the design of business processes, as the processes should be aligned with the values and practices of the organization. Available resources: The resources available to the business, including personnel, equipment, and time, can influence the design of business processes, as the processes must be feasible given the available resources.

Discuss business process thinking and its impact (OP:474) (SP)

Business process thinking involves examining and analyzing the processes within a business in order to identify opportunities for improvement. Business process thinking can have a significant impact on the efficiency, effectiveness, and profitability of a business, as it helps to identify and address inefficiencies and opportunities for improvement.

Describe the nature of business records (NF:001) (SP)

Business records are documents that are created and maintained by a business in the course of its operations. These records can be physical or digital, and may include financial documents, contracts, invoices, receipts, marketing materials, employee records, and other types of documents. Business records are important for a variety of reasons. They provide a written record of the business's transactions, activities, and decisions, which can be useful for tracking progress, making strategic decisions, and complying with legal and regulatory requirements. Business records can also serve as evidence in legal proceedings and can be used to resolve disputes or make business decisions. In general, business records should be accurate, complete, and up-to-date. They should be stored in a secure and organized manner, and access should be restricted to authorized personnel. It is important for businesses to have a system in place for creating, storing, and managing their records to ensure that they are readily available when needed.

Explain the nature of channel strategies (CM:009) (MN)

Channel selection: Choosing the most appropriate mix of channels to reach the target market and deliver products or services effectively. Channel design: Organizing the channels in a way that maximizes efficiency and effectiveness while minimizing costs. Channel management: Establishing and maintaining effective relationships with channel partners. Channel performance monitoring: Continuously monitoring and evaluating the performance of all channels to ensure they are meeting or exceeding expectations. Channel innovation: Continuously looking for new and innovative ways to improve the effectiveness and efficiency of channels.

Explain the nature and scope of channel management (CM:001) (CS)

Channel strategy: Developing a strategy for selecting, managing, and motivating the various channels through which a company's products or services are sold. Channel design: Determining the most appropriate mix of channels for a company's products or services, including direct sales, indirect sales, and e-commerce. Channel development: Building and maintaining effective relationships with channel partners, such as distributors, retailers, and wholesalers. Channel management: Managing and coordinating the activities of all channel partners to ensure that they are aligned with the company's overall goals and objectives. Channel performance: Monitoring and evaluating the performance of all channels to ensure that they are meeting or exceeding the company's expectations. Channel innovation: Continuously looking for new and innovative ways to improve the effectiveness and efficiency of channels. Compliance: Ensuring that all channel partners comply with the company's policies and procedures as well as legal and regulatory requirements.

File business tax returns (FI:652) (ON)

Collect records Identify what forms to fill out Fill out forms Pay attention to deadlines

Generate venture ideas (EN:006) (ON)

Come up with the idea Think outside the box Do market research Socialize and network

Explain factors to consider in determining a venture's human-resources needs (EN:017) (ON)

Communications team (marketing/sales team) Management team (self-explanatory) Production team (ppl making and distributing the product) Partners (co-owners, investors, etc.) Affordability (can you pay/afford them) Readiness (can you get them when you need them)

Obtain insurance coverage (FI:082) (ON)

Compare different insurances and get the best one

Explain the concept of competition (EC:012) (CS)

Competition in the other organizations/businesses selling similar products/services as you Some benefits of competition are: Sets market standards Shows you who your potential customers and/or consumers are Shows possible gaps in what's currently being offered Shows where you and your business could provide more value

Establish policies and procedures to maintain physical security of the work environment (OP:157) (MN)

Conduct a security assessment: Conduct a security assessment to identify any vulnerabilities or potential threats to the work environment. This may include evaluating the physical layout of the space, access control measures, and security equipment. Implement access control measures: Implement access control measures, such as key card access systems or security guards, to control who has access to the work environment. Consider issuing identification badges to all employees and contractors to help control access. Secure entrances and exits: Secure entrances and exits to the work environment to prevent unauthorized access. This may include installing security cameras, door locks, and alarm systems. Establish security protocols: Establish security protocols for employees to follow, such as locking doors and windows when leaving the work environment, not sharing access codes or keys, and reporting any security incidents. Train employees on security measures: Train employees on security measures, including what to do in the event of a security breach or emergency. Consider conducting regular drills or simulations to ensure that employees are prepared to respond to any security incidents. Review and update policies and procedures regularly: Review and update physical security policies and procedures regularly to ensure that they are effective and appropriate for the work environment. This may include adjusting access control measures, updating security protocols, or adding new security equipment as needed.

Determine initial feasibility of product idea (PM:129) (MN)

Conduct market research: Conduct market research to identify the size and growth potential of the market, as well as the target customer and their needs and preferences. Analyze the competition: Analyze the competition to understand the existing products or services in the market and identify any gaps in the market that the new product could fill. Identify potential partners and suppliers: Identify potential partners and suppliers that can provide the resources and expertise needed to develop and launch the product. Assess the costs: Assess the costs of developing and launching the product, including the cost of materials, labor, and marketing. Develop a business case: Develop a business case that outlines the potential revenue, costs, and return on investment for the product. Analyze the risks: Analyze the risks associated with the product development and launch, such as regulatory compliance, intellectual property, and market acceptance. Gather feedback: Gather feedback from potential customers, industry experts, and other stakeholders to validate the product idea and understand potential challenges. Review and evaluate: Review and evaluate the results of the research and analysis, and use the information to decide whether to proceed with the product development or pivot to a different direction.

Use external resources to supplement entrepreneur's expertise (EN:022) (ON)

Connect with businesses that do what yours can't (Ex. if you suck at marketing, connect with a marketing firm) Connect with people who will fill in what you lack in expertise (Ex. if you suck at marketing, connect with your friend who is amazing at it and ask him for help)

Evaluate options for continued venture involvement (EN:036) (ON)

Constantly work on your venture Look to improve Keep members of your team/staff engaged Brainstorm ideas for improvement

Explain the need for continuation planning (EN:034) (ON)

Continuation Planning or Business Continuity Planning: An organization's ability to continue supply of their products/services at pre-defined acceptable levels after a disruptive event How to do it: Identify important resources Take protective measures and arrangements Why is it needed: For protection in case of disruptive events (accidents, lack of resources, disruptions, attacks, etc.) More efficiency

Explain factors affecting pricing decisions (PI:002) (SP)

Cost of production: The cost of production is a major factor in determining the price of a product or service, as businesses must cover their costs and make a profit. This includes the cost of raw materials, labor, and overhead expenses. Competitor prices: Businesses must consider the prices of competitors when setting prices for their products or services. This includes researching the prices of similar products or services offered by competitors and adjusting prices accordingly. Market conditions: The overall state of the market, such as supply and demand, can affect pricing decisions. If there is high demand for a product or service, businesses may be able to charge a higher price, whereas if demand is low, they may need to lower prices to remain competitive. Target market: The target market is another important factor to consider when making pricing decisions. Businesses must consider the income level, purchasing habits, and price sensitivity of their target market when setting prices. Brand image: The image and reputation of a brand can also affect pricing decisions. Businesses with established and respected brands can charge a premium price for their products or services. Distribution channels: The channels used to distribute and sell products or services also affects pricing decisions. Some channels may have higher costs or offer different pricing opportunities, this should be considered when setting prices. Legal and regulatory factors: Some legal and regulatory factors, such as taxes, tariffs, and minimum wages, can affect pricing decisions. Businesses must consider these factors and make adjustments accordingly.

Describe the use of operating procedures (EN:026) (ON)

Create an SOP (Standard Operating Procedure or a set of step-by-step instructions compiled by an organization) Helps workers carry-out complex routine operations Provides a baseline Makes sure all regulations are met

Demonstrate connections between company actions and results (e.g., influencing consumer buying behavior, gaining market share, etc.) (MK:019) (SP

Data analysis: One way to demonstrate the connection between a company's actions and results is to analyze data and present it in a clear and concise manner. This could involve analyzing sales data to show how a particular marketing campaign or product launch has affected sales or market share. Case studies: Case studies are a powerful tool for demonstrating the connection between a company's actions and results. By presenting a detailed account of a particular campaign or initiative and the results it achieved, you can clearly illustrate the impact of the company's actions. Testimonials: Testimonials from customers or clients can also be effective in demonstrating the connection between a company's actions and results. By highlighting the positive experiences and results that customers or clients have had as a result of working with the company, you can show the impact of the company's actions on their business or personal lives. Industry reports: Industry reports and analysis can provide valuable insights into the connection between a company's actions and results. By presenting data and analysis from third-party sources, you can show how the company's actions have affected its market position and performance compared to competitors. Internal analysis: Finally, conducting an internal analysis of the company's operations and processes can help to identify the key drivers of success and demonstrate the connection between a company's actions and results. This could involve analyzing data on factors such as customer satisfaction, employee engagement, and efficiency.

Discuss the nature of data mining (NF:148) (CS)

Data preparation: This involves cleaning and organizing the data to make it ready for analysis. This may include tasks such as removing duplicates, correcting errors, and formatting the data in a way that is suitable for analysis. Data exploration: During this step, the data is explored and summarized to identify patterns and relationships. This may involve using statistical techniques and visualizations to understand the data. Data modeling: In this step, statistical models and algorithms are used to identify patterns and relationships in the data. This may involve using techniques such as decision trees, clustering, or association rules. Evaluation: The results of the data mining process are evaluated to determine their validity and usefulness. This may involve testing the results against a separate data set or comparing the results to known benchmarks. Deployment: If the results of the data mining process are deemed useful, they are deployed and put into practice. This may involve integrating the results into business processes or using them to inform decision making.

Evaluate channel members (CM:011) (MN)

Define evaluation criteria: Establish specific criteria for evaluating channel members. Collect and analyze performance data: Gather data on channel members' performance and assess it against established criteria. Identify areas for improvement: Identify strengths and weaknesses of each channel member and areas that need improvement. Communicate and develop improvement plans: Provide feedback to channel members and work with them to develop action plans. Monitor progress and adjust: Continuously monitor channel members' progress and make adjustments as necessary.

Adapt to changes in business environment (EN:033) (ON)

Define if the change is internal or external Identify what has changed (PESTLE/7S) Formulate a plan on how to adapt to it

Build product/service brand (PM:209) (MN)

Define the brand: Define the brand by identifying the target market, the brand's personality, and the key message that the brand wants to communicate. Develop a brand strategy: Develop a brand strategy that outlines the key elements of the brand such as the brand name, logo, and brand promise. The brand strategy should align with the company's mission, values, and key differentiators. Create a consistent brand identity: Create a consistent brand identity across all touchpoints, including packaging, advertising, website, social media, and customer service. This will help to create a strong and recognizable brand identity. Communicate the brand's unique selling proposition (USP): Communicate the brand's unique selling proposition (USP) through all touchpoints to make it clear what makes the brand unique and how it meets customer needs. Build brand awareness: Build brand awareness by developing and implementing a marketing strategy that focuses on reaching the target market and building relationships with customers. Measure brand performance: Measure brand performance by monitoring key metrics such as brand awareness, customer loyalty, and sales. Use this data to make adjustments to the brand strategy as needed. Continuously improve: Continuously evaluate and improve the brand strategy, to ensure that it aligns with the company's mission, values, and key differentiators, and resonates with target customers. Protecting the brand: Protect the brand by registering trademarks and copyrights, and taking legal action if necessary to protect the brand from infringement.

Build corporate brands (PM:126) (ON)

Define the company's identity: Define the company's identity, including its mission, values, and key differentiators. This will serve as the foundation for building the corporate brand. Conduct market research: Conduct market research to understand the competitive landscape, customer needs, and industry trends. Use this information to identify opportunities to differentiate the company's brand. Develop a brand strategy: Develop a brand strategy that aligns with the company's identity and differentiates it from the competition. This may include creating a brand positioning statement, a brand architecture, and a visual identity. Create a brand name and logo: Create a brand name and logo that aligns with the company's identity, is memorable, and is easy to recognize. Develop a brand voice: Develop a brand voice that aligns with the company's identity, is consistent across all communications, and is appropriate for the target audience. Implement the brand: Implement the brand across all touchpoints, including the company's website, social media, advertising, packaging, and customer service. Monitor and measure performance: Monitor and measure the performance of the corporate brand, using metrics such as brand awareness, customer loyalty, and customer satisfaction. Continuously evaluate and improve: Continuously evaluate and improve the corporate brand, to ensure that it aligns with the company's identity, differentiates it from the competition, and meets the needs of the customers.

Evaluate customer experience (PM:138) (MN)

Define the customer experience: Define what the customer experience should be, including the goals and objectives of the product and the key touchpoints that customers have with the product. Collect customer feedback: Collect feedback from customers through surveys, interviews, focus groups, and other methods to understand their perceptions and experiences with the product. Analyze customer feedback: Analyze customer feedback to identify common themes, patterns, and areas for improvement. Measure customer satisfaction: Measure customer satisfaction using metrics such as Net Promoter Score (NPS) or Customer Satisfaction (CSAT) scores. Identify areas for improvement: Identify areas where the customer experience can be improved, such as usability, customer service, or product features. Develop a plan of action: Develop a plan of action for addressing areas for improvement, including timelines, resources, and metrics for success. Test and implement improvements: Test and implement improvements to the customer experience, such as changes to the product or customer service processes. Continuously evaluate and improve: Continuously evaluate and improve the customer experience, to ensure that it is meeting the goals and objectives of the product and the needs of the customers.

Develop action plans (SM:012) (ON)

Define the goal: Clearly state the goal that you are trying to achieve, and make sure that it is specific, measurable, achievable, relevant, and time-bound (SMART). Break the goal down into smaller tasks: Divide the goal into smaller, more manageable tasks that can be completed in a reasonable time frame. Assign responsibilities: Identify who will be responsible for completing each task, and consider any resources or support that may be needed. Establish deadlines: Set deadlines for each task, and consider any dependencies that may impact the timeline. Monitor progress: Regularly track progress towards completing the tasks and achieving the goal, and make any necessary adjustments to the action plan.

Identify market segments (MP:004) (MN)

Define the market: Identify the specific group of customers or potential customers that the company wants to reach. Gather data: Collect data on the market, including information on demographics, psychographics, behavior, and buying patterns. Identify common characteristics: Analyze the data to identify common characteristics among different groups of customers. Define segments: Based on the common characteristics, define the segments of the market. Evaluate the segments: Evaluate the size, growth potential, and overall attractiveness of each segment to determine which segments to target. Select the target segment: Select the most attractive segment(s) to target. Profile the segment: Develop a detailed profile of the target segment, including information on demographics, psychographics, behavior, and buying patterns. Continuously monitor and adjust: Regularly monitor the segments and adjust the segmentation as necessary.

Conduct market analysis (market size, area, potential, etc.) (MP:009) (MN)

Define the market: The first step in conducting a market analysis is to define the market you are analyzing. This includes identifying the products or services you will be offering, as well as the target market you will be targeting. Research the market: Research the market to determine its size and potential. This can include analyzing data on sales, revenue, and market share, as well as identifying trends and patterns in the market. Also, research on the area you are targeting, such as demographics, purchasing habits, and other relevant information. Identify key players: Identify the key players in the market, including competitors, suppliers, and customers. Analyze their strengths and weaknesses, and understand their market position and strategies. Assess market potential: Assess the potential of the market, including opportunities for growth, expansion, and market share. Look for untapped markets, new customers, and new products or services that you could offer. Analyze risks: Analyze the risks and challenges that may impact the market, such as changes in technology, economic conditions, or regulations. Identify ways to mitigate these risks and protect your business from potential threats. Create a report: Create a report that summarizes your findings and conclusions, and use it to inform your business strategy and make decisions about the direction of your business.

Select target market (MP:005) (MN)

Define the market: Understand the characteristics and needs of the market to determine which customers to focus on. Gather data: Collect data on the market, including information on demographics, psychographics, behavior, and buying patterns. Identify common characteristics: Analyze the data to identify common characteristics among different groups of customers. Define segments: Based on the common characteristics, define the segments of the market. Evaluate the segments: Evaluate the size, growth potential, and overall attractiveness of each segment to determine which segments to target. Select the target segment: Select the most attractive segment(s) to target. Profile the segment: Develop a detailed profile of the target segment, including information on demographics, psychographics, behavior, and buying patterns. Continuously monitor and adjust: Regularly monitor the segments and adjust the target market as necessary.

Make decisions (PD:017) (CS)

Define the problem or opportunity: Clearly articulate the issue or opportunity that you are facing, and identify the goals that you want to achieve as a result of your decision. Gather and analyze data: Collect and analyze relevant data to inform your decision. This may include financial data, market research, customer feedback, and other relevant information. Consider the pros and cons: Weigh the potential risks and benefits of different options, and consider how each option aligns with your goals. Consult with others: Seek input and advice from others who may have relevant expertise or perspectives on the issue. Make a decision: Based on your analysis and input from others, make a decision. Be prepared to justify your decision and explain your reasoning to others. Monitor and review: Regularly review your decision to ensure that it is meeting your goals and making progress towards a successful outcome. Be prepared to revisit and modify your decision if necessary.

Demonstrate problem-solving skills (PD:077) (CS)

Define the problem: Clearly articulate the problem that you are trying to solve. This may involve breaking the problem down into smaller, more manageable parts. Gather information: Collect and analyze relevant data to help you understand the problem and identify potential solutions. Generate potential solutions: Come up with a list of potential solutions to the problem. Be creative and consider a range of options. Evaluate the options: Consider the pros and cons of each potential solution, and weigh the risks and benefits of each option. Choose a solution: Based on your evaluation, select the solution that you believe will be the most effective and efficient. Implement and test the solution: Put your chosen solution into action and test it to see how well it works. Review and refine: Regularly review your solution to see how well it is working and identify any areas where it can be improved. Make any necessary adjustments to optimize your solution.

Develop business plan (SM:013) (ON)

Define the purpose and goals of your business: Clearly articulate the purpose and values of your business, and consider how you want to make a difference in the world. Determine your goals and objectives, and consider how you will measure progress towards achieving them. Conduct market research: Determine who your customers are, and what their needs and preferences are. Research your competitors, and consider the competitive landscape in which your business will operate. Analyze your strengths and weaknesses: Conduct a SWOT (strengths, weaknesses, opportunities, threats) analysis to identify the internal and external factors that may impact your business. Develop your marketing and sales strategy: Consider how you will reach and engage your target market, and how you will generate revenue. Create a financial plan: Develop a financial plan that includes projected income and expenses, and consider any funding or financing needs. Write your business plan: Use the information gathered from these steps to craft a comprehensive business plan that outlines your strategy, objectives, and action plan.

Develop company goals/objectives (SM:008) (ON)

Define your mission and vision: Clearly articulate the purpose and values of your business, and consider how you want to make a difference in the world. Identify your target market: Determine who your customers are, and what their needs and preferences are. This will help you to tailor your goals and objectives to meet their needs. Analyze your strengths and weaknesses: Conduct a SWOT (strengths, weaknesses, opportunities, threats) analysis to identify the internal and external factors that may impact your business. Set specific, measurable, achievable, relevant, and time-bound (SMART) goals: Use the SMART criteria to set clear and specific goals that are achievable and aligned with your mission and vision. Communicate your goals: Share your goals and objectives with your employees and stakeholders, and ensure that everyone understands their role in achieving them.

Explain the principles of data analysis (NF:139) (SP)

Define the research question or problem: Clearly define the research question or problem that you are trying to address through the analysis. This will help to guide the data collection and analysis process. Collect and organize the data: Gather the data that is relevant to your research question or problem. Organize the data in a way that makes it easy to analyze and interpret. Explore and summarize the data: Use statistical techniques, such as descriptive statistics and visualizations, to summarize and explore the data. This can help to identify patterns and relationships in the data. Analyze the data: Use statistical tests and other analytical techniques to test hypotheses and answer the research question or problem. Interpret and communicate the results: Interpret the results of the analysis and communicate them effectively to the relevant stakeholders. This may involve presenting the results in a report or through visualizations. Verify the results: Check the validity and reliability of the results by verifying the data and analysis methods used. Use the results to inform decision making: Use the insights and conclusions from the analysis to inform decision making and take appropriate action.

Select channels of distribution (CM:010) (MN)

Define the target market: Understand the characteristics and needs of the target market to determine which channels will be most effective in reaching them. Evaluate the product or service: Consider the nature of the product or service, including its price, features, and packaging, to determine which channels will be most appropriate. Research and evaluate potential channels: Consider direct channels, indirect channels, e-commerce channels, exclusive channels, and intensive channels. Select the most appropriate channels: Choose the channels that will best meet the company's needs and those of the target market. Continuously review and adjust: Regularly evaluate the performance of the chosen channels and make adjustments as necessary to ensure they continue to meet the company's goals and objectives.

Develop customer profile (MP:031) (MN)

Define the target market: Understand the characteristics and needs of the target market to determine which customers to focus on. Gather data: Collect data on the target market, including information on demographics, psychographics, behavior, and buying patterns. This can be done through surveys, interviews, focus groups, and observational studies. Analyze the data: Use statistical and quantitative methods to make sense of the data and draw conclusions about the target market. Develop a detailed profile: Based on the data, create a detailed profile of the target market, including information on demographics, psychographics, behavior, and buying patterns. Continuously monitor and adjust: Regularly monitor the customer profile and make adjustments as necessary to ensure it remains accurate and up-to-date. Use the profile to inform decision making: Use the customer profile to inform decisions about product development, pricing, promotion, and distribution.

Track performance of business plan (SM:006) (MN)

Define your goals and objectives: Clearly define the goals and objectives of your business, and consider how you will measure progress towards achieving them. Identify key performance indicators (KPIs): Select metrics that are aligned with your goals and objectives, and that provide meaningful insights into the performance of your business. Gather data: Collect data on the chosen KPIs, either through internal records or external sources. Compare actual results to budgeted or expected results: Compare the actual results to the budget or to the results that were expected based on past performance. Identify trends and patterns: Look for trends and patterns in the data, and consider the implications for your business. Use the insights to inform decision-making and strategy development: Use the insights gained from the analysis of your KPIs to inform decision-making and strategy development, and to identify areas for improvement.

Select and apply metrics for measuring organizational success (SM:074) (MN)

Define your goals and objectives: Clearly define the goals and objectives of your business, and consider how you will measure progress towards achieving them. Identify relevant metrics: Select metrics that are aligned with your goals and objectives, and that provide meaningful insights into the performance of your business. Gather data: Collect data on the chosen metrics, either through internal records or external sources. Analyze and compare the data: Analyze the data on your chosen metrics and compare it to industry benchmarks or the performance of competitors. Identify trends and patterns: Look for trends and patterns in the data, and consider the implications for your business. Use the data to inform decision-making and strategy development: Use the insights gained from the analysis of your metrics to inform decision-making and strategy development, and to identify areas for improvement.

Establish performance standards to meet organizational goals (PD:256) (MN)

Define your goals: Clearly articulate the goals that your organization is trying to achieve. Be specific and make sure that your goals are measurable, so that you can track your progress. Identify key performance indicators (KPIs): Identify the specific metrics that you will use to measure your progress towards your goals. These may include financial metrics, such as revenue or profitability, or operational metrics, such as production rates or customer satisfaction. Set target values: Determine the target values for your KPIs. These should be specific and achievable, but also challenging enough to drive performance improvement. Communicate your standards: Make sure that your performance standards are communicated to all employees, so that everyone understands what is expected of them and how they can contribute to the organization's goals. Monitor and review: Regularly review your performance against your standards to track your progress and identify any areas where you are falling short. Make any necessary adjustments to help you meet your goals.

Monitor progress in achieving organizational goals (PD:257) (MN)

Define your goals: Clearly articulate the goals that your organization is trying to achieve. Be specific and make sure that your goals are measurable, so that you can track your progress. Identify key performance indicators (KPIs): Identify the specific metrics that you will use to measure your progress towards your goals. These may include financial metrics, such as revenue or profitability, or operational metrics, such as production rates or customer satisfaction. Set target values: Determine the target values for your KPIs. These should be specific and achievable, but also challenging enough to drive performance improvement. Track your progress: Regularly track your performance against your target values. This may involve gathering data and analyzing it to see how you are progressing towards your goals. Review and adjust: Regularly review your progress to identify any areas where you are falling short or where you may need to make adjustments to your approach. Make any necessary changes to help you meet your goals

Establish specifications for selecting hardware/software systems (NF:091) (MN)

Determine the purpose of the hardware/software: The first step is to clearly define the purpose of the hardware or software and how it will be used. This will help you identify the specific features and capabilities that the system needs to have to meet your needs. Identify your budget: Determine the budget you have available for purchasing the hardware or software. This will help you narrow down your options and ensure that you are choosing a system that is within your price range. Gather requirements: Identify the specific requirements that the hardware or software must meet to be suitable for your needs. This could include factors such as performance, security, compatibility with existing systems, and scalability. Research and compare options: Research the different hardware and software options that are available and compare them based on the requirements you have identified. Look for systems that offer the best combination of features, performance, and value for money. Make a decision: Once you have gathered all the necessary information and compared the different options, make a decision on which hardware or software system to select. Be sure to consider all the relevant factors, including the long-term cost of ownership, support and maintenance, and any potential risks or limitations. Document your decision: Document your decision-making process and the reasons why you selected a particular hardware or software system. This will help you justify your decision to stakeholders and provide a reference point if you need to make future hardware or software purchases.

Explain the nature and scope of the pricing function (PI:001) (SP)

Determining the value of a product: The pricing function is responsible for determining the value of a product or service and setting a price that reflects that value. This includes considering factors such as the cost of production, competition, and customer demand. Setting prices: The pricing function sets prices for products and services, and this includes determining the list price, discounts, and other pricing strategies. Pricing strategy: The pricing function is responsible for developing pricing strategies that align with the overall goals and objectives of the business. This can include strategies such as price skimming, penetration pricing, and price bundling. Monitoring and adjusting prices: The pricing function monitors and adjusts prices as needed to ensure that they remain competitive and align with the overall goals and objectives of the business. Managing discounts: The pricing function is responsible for managing discounts and other pricing promotions, and determining when and how discounts should be offered to customers. Evaluating pricing performance: The pricing function is responsible for evaluating pricing performance by analyzing data such as sales, revenue, and customer feedback, and making adjustments as necessary.

Maintain human resources records (HR:359) (SU)

Digital record-keeping is best for large businesses Manual record-keeping is best for small businesses

Explain the nature of channels of distribution (CM:003) (CS)

Direct channels: These involve the company selling directly to the end customer through its own sales force, website, or retail store. Indirect channels: These involve the use of intermediaries such as wholesalers, retailers, or agents to reach the end customer. Multi-channel distribution: This involves using a combination of direct and indirect channels to reach customers. E-commerce channels: These involve the use of the internet to sell products or services directly to customers through a company's website or online marketplace. Exclusive channels: These channels involve exclusive agreements with intermediaries or distributors where the company only allows certain intermediaries to sell its products or services. Intensive channels: These channels involve the use of many intermediaries to reach a wide range of customers, such as mass-market retail stores

Explain the nature of direct marketing channels (PR:089) (SP)

Direct mail: This is a method of sending promotional materials, such as brochures, catalogs, or flyers, directly to potential customers through the mail. Email marketing: This involves sending promotional messages, such as newsletters or product updates, directly to a customer's email inbox. Telemarketing: This method involves making phone calls to potential customers to promote a product or service. SMS/text marketing: This is a form of direct marketing that utilizes mobile messaging to reach potential customers. Social media marketing: This is a form of direct marketing that uses social media platforms like Facebook, Instagram, Twitter, or LinkedIn to engage with the target audience. Direct sales: This is a form of direct marketing that involves face-to-face selling, typically through door-to-door sales or in-home parties

Describe legal issues affecting businesses (BL:001) (SP)

Disgruntled Employees Discrimination/Harassment Cases Immigration Audits Copyright and Patent Issues Dissatisfied Customers

Exhibit cultural sensitivity (EI:033) (CS)

Don't be racist 💀

Explain the role of customer service in positioning/image (PM:013) (MN)

Enhancing the company's reputation: Good customer service can help to enhance a company's reputation, by creating a positive image of the company in the minds of customers. This can lead to increased customer loyalty and positive word-of-mouth recommendations. Differentiating the company: Good customer service can also help to differentiate a company from its competitors, by providing a unique and positive customer experience. This can make the company stand out in the market and attract more customers. Building trust and credibility: Good customer service can help to build trust and credibility with customers, by demonstrating the company's commitment to meeting their needs. This can lead to increased customer loyalty and repeat business. Addressing customer complaints: Good customer service can also help to address customer complaints effectively, which can help to prevent negative word-of-mouth and maintain a positive image of the company. Reflecting company's values: The customer service should align with the company's mission, values, and key differentiators, by providing a service that aligns with the company's values, it will be reflected on the customer's perception of the company, and that can lead to a positive image.

Establish policies to protect company information and intangibles (OP:155) (MN)

Ensuring that employees are aware of their obligations to keep company information confidential and to protect it from unauthorized access or disclosure. Implementing secure systems and protocols for storing and accessing company information, such as password protection and encryption. Establishing procedures for handling and disposing of sensitive information, such as shredding documents or wiping electronic devices. Providing training to employees on the importance of protecting company information and the consequences of breaching confidentiality. Implementing security measures to protect against cyber threats and data breaches.

Evaluate vendor performance (OP:162) (SP)

Establish clear performance metrics: Determine what specific aspects of the vendor's performance are most important to your organization. This may include delivery timeliness, quality of goods or services, responsiveness to customer needs, and compliance with contract terms. Gather data: Collect data on the vendor's performance in the areas identified in step 1. This may involve tracking delivery times, monitoring the quality of goods or services received, and collecting customer feedback. Analyze the data: Use the data you have collected to assess the vendor's performance. This may involve comparing the vendor's performance to established benchmarks or industry standards. Communicate with the vendor: If you have identified areas where the vendor could improve, be sure to communicate this to the vendor in a constructive manner. Work with the vendor to develop a plan to address any issues. Review performance regularly: Evaluating vendor performance should be an ongoing process, not a one-time event. Regularly review the vendor's performance to ensure that they continue to meet the needs of your organization. By following these steps, you can effectively evaluate vendor per

Explain strategies for linking performance measures to financial outcomes (MP:020) (MN)

Establish key performance indicators (KPIs): Establish key performance indicators (KPIs) that align with the overall goals and objectives of the business, such as website traffic, conversion rates, customer satisfaction, and revenue. Track performance: Track performance against the KPIs on a regular basis, and use the data to identify trends and patterns. Identify the financial impact: Identify the financial impact of the marketing efforts by analyzing the relationship between the KPIs and financial outcomes such as revenue, profit, and return on investment (ROI). Use data to make informed decisions: Use the data to make informed decisions about the marketing strategy, such as allocating resources to the most effective tactics, adjusting the marketing mix, and identifying opportunities for cost savings. Continuously monitor and update: Continuously monitor and update the performance measures and financial outcomes to ensure that the marketing strategy remains aligned with the overall goals and objectives of the business. Use financial forecasting: Use financial forecasting to predict the impact of different marketing strategies on future financial outcomes, such as revenue, profit and cash flow.

Develop strategies for legal/government compliance (BL:011) (ON)

Establish laws Evaluate what laws mean Study what it affects and how it works Authorize law into effect Train employees to follow the law Involve the law within your business Ensure law gets followed

Establish banking procedures (EN:042) (ON)

Establish thorough instructions that identify the best way to handle your cash, credit, and other financial transactions

Explain the nature of quality management (QM:001) (SP)

Establishing quality standards: Quality management begins with establishing quality standards for products or services. These standards may be based on industry or regulatory requirements, or may be specific to the organization. Implementing quality procedures: Quality management involves implementing procedures for ensuring that products or services meet the established quality standards. These procedures may include steps for inspection, testing, and validation of products or services. Monitoring and measuring quality: Quality management involves regularly monitoring and measuring the quality of products or services to ensure that they meet the established standards. This may involve collecting and analyzing data on quality, and using this data to identify areas for improvement. Continuously improving quality: Quality management involves a continuous process of improvement, in which quality is regularly reviewed and improved upon. This may involve implementing new procedures or processes, or making changes to existing ones, in order to improve the quality of products or services

Explain external planning considerations (SM:011) (MN)

External planning considerations may include economic conditions, regulatory changes, technological advancements, and market trends. External planning considerations may also include the competitive landscape, including the actions of competitors and the availability of substitute products or services. External planning considerations should be taken into account when developing business plans and strategies, as they may have significant implications for the success of the business. External planning considerations may also be considered when identifying risks and opportunities, and when developing contingency plans.

Describe strategies to protect intellectual property (EN:013) (ON)

External: File Patents Trademarks Copy Rights Trade Secrets Internal: Hired attorney Non-disclosure agreement Confidential info and employees trained on how to handle it

Describe methods used to protect intellectual property (BL:051) (SP)

File Patents Trademarks Copy Rights Trade Secrets

Describe the concept of economies of scale (EC:077) (MN)

Fixed costs, or costs that stay the same no matter how much of your good or service you produce (like rent for an office space), allow your cost-per-unit (CPU) to get lower and lower as you scale up Ex: I'm selling x at $10 per unit I pay $3 on materials per unit and $100 rent per month If I sell 10 units, my CPU is $13 (10 sold units = $30 on material + $100 on rent) If I sell 100 units, my CPU is $4 (100 sold units= $300 on material + $100 on rent)

Foster "right" environment for employees (HR:403) (SU)

Fostering the "right" environment for employees refers to creating a work environment that is conducive to productivity, motivation, and satisfaction. This can involve several different elements, including the physical space where employees work, the policies and practices that are in place, and the culture and values of the organization.

Conduct an organizational SWOT (SM:010) (ON)

Gather data: Collect data on the internal and external factors that may impact your business. This may include financial data, market research, customer feedback, and industry trends. Identify your strengths: Consider the internal factors that give your business a competitive advantage. These may include your unique products or services, your skilled employees, or your strong brand. Identify your weaknesses: Consider the internal factors that may be holding your business back or making it vulnerable. These may include insufficient resources, a lack of expertise, or inefficient processes. Identify opportunities: Consider the external factors that may present opportunities for growth or expansion. These may include emerging trends, new technologies, or changes in the market. Identify threats: Consider the external factors that may present risks or challenges for your business. These may include competition, regulatory changes, or economic conditions. Analyze and prioritize: Analyze your strengths, weaknesses, opportunities, and threats, and prioritize them based on their impact and likelihood. This can help you to focus your efforts on the most important areas.

Analyze operating results in relation to budget/industry (SM:005) (MN)

Gather data: Collect data on the key operating metrics of your business, such as revenue, expenses, profit, and customer satisfaction. Compare actual results to budgeted or expected results: Compare the actual results to the budget or to the results that were expected based on past performance. Analyze the deviations: Identify the reasons for any deviations from the budget or expected results, and consider the implications for the business. Compare to industry benchmarks: Compare the performance of your business to industry benchmarks, and consider the implications of any differences. Identify trends and patterns: Look for trends and patterns in the data, and consider the implications for your business. Use the insights to inform decision-making and strategy development: Use the insights gained from the analysis to inform decision-making and strategy development, and to identify areas for improvement.

Forecast sales for marketing plan (MP:014) (MN)

Gather historical data: Gather historical sales data, including sales figures, revenue, and customer data. This information can be used to identify trends and patterns in sales over time. Identify key drivers: Identify the key drivers that influence sales, such as market conditions, economic factors, and marketing efforts. This will help you understand the factors that are most likely to impact future sales. Develop forecasting models: Use the historical data and key drivers to develop forecasting models that predict future sales. There are several different methods for forecasting sales, including trend analysis, time-series analysis, and causal models. Assess uncertainty: Assess the uncertainty in the forecast by evaluating the accuracy of the data, the stability of the underlying trends, and the potential impact of external factors. Use the forecast in your marketing plan: Use the forecast to inform your marketing plan by identifying the products or services that are most likely to drive sales, and allocating resources accordingly. Continuously monitor and update: Continuously monitor the forecasted sales and update as needed.

Describe methods of venture harvesting (EN:035) (ON)

Harvesting: Final stage of entrepreneurial value creation process (building, growing, harvesting) Basically, your exit strategy Exit Strategies: IPO's, Merger Acquisitions, Buy-Outs, Strategic Default, and Bankruptcy

Discuss limitations of using financial statements to assess business performance (FI:655) (MN)

Historical data: Financial statements provide a snapshot of a company's financial performance and position at a specific point in time, and do not necessarily reflect future performance. This means that financial statements are based on historical data, and may not accurately predict future performance. Subjectivity: Financial statements are based on estimates and assumptions made by management, which can introduce subjectivity into the financial data. This can make it difficult to accurately compare financial statements between different companies or to industry benchmarks. Limited information: Financial statements provide a limited amount of information about a company's operations, and may not fully capture the complexity of the business. This can make it difficult to get a complete picture of a company's performance and position. Relevance: Financial statements may not always be relevant to all stakeholders, as they may not capture information that is important to specific stakeholders. For example, environmental or social performance may not be reflected in financial statements, but may be important to some stakeholders.

Screen job applications/résumés (HR:354) (SU)

How qualified are they- experience, occupational history, degrees What type of person are they- personality tests, social media, phone interview How well do they work with others- behavior tests, introvert vs. extrovert, personality Compare to other applicants

Select and hire new employees (HR:356) (SU)

How qualified are they- experience, occupational history, degrees What type of person are they- personality tests, social media, phone interview How well do they work with others- behavior tests, introvert vs. extrovert, personality Compare to other applicants

Coordinate human, capital, and fiscal resources to meet business priorities (HR:508) (MN)

Human Resources- Staff, business friends (like a friend that also owns a business), relations via a contract Capital Resources- Factories, buildings, machines, vehicles Fiscal resources- cash, stockholdings, accounts receivable, and other money-related resources

Determine opportunities for venture creation (EN:004) (ON)

Identify an idea understand the opportunity space around the idea look for an idea in a fast-growing opportunity space

Establish efficient operating systems (OP:022) (MN)

Identify and prioritize key processes: Identify the most important processes in the business, and focus on improving the efficiency of these processes first. Streamline processes: Look for ways to eliminate waste and non-value-adding activities from the process, and streamline the process to make it as efficient as possible. Implement technology and automation: Use technology and automation to automate tasks and reduce the amount of manual labor required. Standardize processes: Establish standard operating procedures for key processes, and train employees on these procedures to ensure consistent execution. Monitor and measure performance: Use key performance indicators (KPIs) to track the performance of key processes, and regularly review and analyze performance data to identify areas for improvement. Continuously improve: Use continuous improvement techniques, such as lean manufacturing or Six Sigma, to identify and eliminate waste and inefficiencies in the process.

Explain the nature and scope of the selling function (SE:017) (CS)

Identifying and targeting potential customers: This involves understanding the market, identifying potential customers, and developing a strategy to reach them. Developing and maintaining customer relationships: This involves building and maintaining relationships with existing and potential customers, and identifying their needs and preferences. Promoting and selling products or services: This involves communicating the features and benefits of the products or services to customers, and persuading them to make a purchase. Closing sales: This involves finalizing the sale and ensuring that the customer is satisfied with the product or service. Following up with customers: This involves maintaining contact with customers after the sale, and addressing any issues or concerns they may have. Continuously improving sales process and strategies: This involves analyzing sales data, evaluating customer feedback, and making adjustments to improve the sales process.

Establish safety policies and procedures (OP:012) (MN)

Identify hazards: Conduct a thorough assessment of the workplace to identify potential hazards and assess the risks associated with them. This should involve input from employees, as they may be aware of hazards that have not been identified. Develop policies and procedures: Based on the hazards identified in the assessment, develop policies and procedures to address them. These should be written in clear and concise language, and should outline the steps that employees should take to prevent accidents and injuries. Communicate policies and procedures: Make sure that all employees are aware of the safety policies and procedures. This may involve distributing written copies of the policies and procedures, as well as providing training on how to follow them. Review and update policies and procedures regularly: Safety policies and procedures should be reviewed and updated on a regular basis to ensure that they are current and effective. This may involve incorporating feedback from employees or making changes based on new hazards that have been identified. Enforce policies and procedures: It is important to ensure that employees are following the safety policies and procedures. This may involve disciplinary action for employees who violate the policies, as well as providing rewards or recognition for those who consistently follow them. By establishing safety policies and procedures, businesses can create a safer and healthier workplace for all employees, and reduce the risk of accidents and injuries.

Monitor business's profitability (FI:542) (MN)

Identify key profitability metrics: Select metrics that provide meaningful insights into the profitability of the business, such as gross margin, net profit margin, and return on investment (ROI). Gather data: Collect data on the chosen profitability metrics, either through internal records or external sources. Analyze and compare the data: Analyze the data on your chosen profitability metrics and compare it to industry benchmarks or the performance of competitors. Identify trends and patterns: Look for trends and patterns in the data, and consider the implications for your business. Use the data to inform decision-making and strategy development: Use the insights gained from the analysis of your profitability metrics to inform decision-making and strategy development, and to identify areas for improvement.

Translate performance measures into financial outcomes (MP:021) (MN)

Identify performance measures: Identify key performance indicators (KPIs) that align with the overall goals and objectives of the business, such as website traffic, conversion rates, customer satisfaction, and revenue. Track performance: Track performance against the KPIs on a regular basis, and use the data to identify trends and patterns. Calculate financial impact: Calculate the financial impact of the performance measures by analyzing the relationship between the KPIs and financial outcomes, such as revenue, profit, and return on investment (ROI). Use financial models: Use financial models to predict the impact of different marketing strategies on future financial outcomes, such as revenue, profit and cash flow. Identify cost-benefit: Identify the cost-benefit of different marketing strategies, by comparing the costs of the strategy with the potential financial benefits. Use the data to make informed decisions: Use the data to make informed decisions about the marketing strategy, such as allocating resources to the most effective tactics, adjusting the marketing mix, and identifying opportunities for cost savings. Continuously monitor and update: Continuously monitor and update the performance measures and financial outcomes to ensure that the marketing strategy remains aligned with the overall goals and objectives of the business.

Assess business risks (RM:094) (MN)

Identify potential risks: Begin by identifying potential risks that could impact your business. Consider risks related to financial, operational, legal, regulatory, and technological factors. You may want to consult with experts or conduct research to help identify potential risks. Evaluate the likelihood and impact of each risk: Once you have identified potential risks, evaluate the likelihood and impact of each risk. Consider the likelihood that the risk will occur, as well as the potential impact if the risk does occur. This will help you prioritize your risk management efforts. Develop risk management plans: Based on the likelihood and impact of each risk, develop risk management plans to address the most significant risks. These plans may involve strategies such as risk prevention, risk reduction, or risk transfer. Monitor and review risks: Regularly monitor and review your business risks to ensure that your risk management plans are effective and to identify any new risks that may have arisen.

Develop a risk management program (RM:045) (MN)

Identify potential risks: This includes evaluating internal and external factors that could potentially impact the organization negatively. Analyze risks: Assess the likelihood and potential impact of identified risks. Prioritize risks: Rank risks based on the likelihood and potential impact to help determine which risks to address first. Develop and implement risk management strategies: This includes creating action plans to mitigate or manage risks, and putting those plans into action. Monitor and review: Continuously monitor and review the effectiveness of the risk management program, and make adjustments as necessary.

Evaluate risk-taking opportunities (EN:024) (ON)

Identify risk Analyze risk Evaluate risk Repeat for opportunities Try to get lower risks and higher opportunities

Determine stakeholder expectations (EI:113) (MN)

Identify stakeholder's and their preferred mode of communication Keep stakeholders engaged throughout the process/relationship Accurately map expectations Classify level of communication with each stakeholder Identify which stakeholders will be advocates Engage with stakeholders in decision making Be positive even when things go bad

Explain methods/processes for organizing workflow (EN:027) (ON)

Identify the Ultimate Outcome Organize tasks and documents involved Demand time and order Utilize specialization

Determine venture's information technology needs (NF:012) (MN)

Identify the business goals and objectives: Before you can determine the IT needs of a venture, you need to understand what the business is trying to achieve. This may involve talking to key stakeholders and conducting a thorough review of the business plan. Analyze the current IT infrastructure: Take stock of the venture's current IT infrastructure, including hardware, software, networks, and data storage systems. Identify any gaps or weaknesses in the current setup and determine how they are impacting the business. Assess the IT needs of different departments: Different departments within a venture may have different IT needs. For example, the sales team may need a CRM system, while the finance team may need accounting software. Identify the specific IT needs of each department and how they align with the overall business goals. Consider future growth: As the venture grows and evolves, its IT needs are likely to change. Consider how the venture's IT infrastructure will need to adapt to accommodate future growth and changes in the business. Develop an IT roadmap: Once you have a clear understanding of the venture's current and future IT needs, you can create an IT roadmap that outlines the steps needed to meet those needs. This might include upgrading hardware and software, implementing new systems, or training staff on new technologies. Review and update regularly: IT needs can change quickly, so it's important to review and update the IT roadmap regularly to ensure that the venture's IT infrastructure is meeting the evolving needs of the business.

Describe entrepreneurial planning considerations (EN:007) (ON)

Identify the idea Create a business plan Forecast Funding Marketing Feasibility

Create processes for ongoing opportunity recognition (EN:031) (ON)

Identify the key areas where opportunities may arise, such as new markets, technological advancements, or shifts in customer needs. Create a system for regularly gathering and analyzing information about these areas, such as conducting market research, monitoring industry news, and soliciting feedback from customers and employees. Develop criteria for evaluating potential opportunities, such as their alignment with the company's goals and values, the potential for profitability, and the level of risk involved. Establish a process for regularly reviewing and discussing potential opportunities, such as holding regular meetings with a cross-functional team or setting up a system for employees to submit ideas for consideration. Implement a system for tracking and following up on potential opportunities, including assigning ownership and setting deadlines for further evaluation and action.

Conduct an environmental scan to obtain business information (NF:015) (SP)

Identify the key factors that are relevant to your business. This might include economic trends, regulatory changes, technological advancements, and shifts in consumer behavior. Gather information about these factors from a variety of sources, including industry trade publications, government reports, news articles, and online resources. Analyze the information you have gathered to identify trends and patterns that may impact your business. Synthesize the information you have gathered and analyzed to identify opportunities and threats that your business may face. Use this information to inform your business strategy and decision-making processes.

Translate research findings into actionable business recommendations (NF:216) (SP)

Identify the key research findings: Start by identifying the main findings and insights from the research. These should be the key points that you want to focus on in your recommendations. Determine the business implications of the research: Consider how the research findings could impact the business, including the potential risks and opportunities. Develop recommendations based on the research: Use the research findings and business implications to develop recommendations for action. Be specific and provide concrete suggestions for how the business can take advantage of the research findings. Consider the feasibility of implementing the recommendations: Take into account any constraints or limitations that may affect the feasibility of implementing the recommendations. Communicate the recommendations effectively: Clearly and concisely present the recommendations to the relevant stakeholders in a way that is easy to understand and actionable. Monitor and evaluate the impact of the recommendations: Once the recommendations have been implemented, it is important to monitor and evaluate their impact on the business to determine whether they have been successful. This can help to identify any areas for improvement and make adjustments as needed.

Use creative problem-solving in business activities/decisions (EN:029) (ON)

Identify the problem brainstorm multiple solutions diverse vote/emergency politics create a detailed plan for decided solution

Monitor internal records for business information (NF:014) (SP)

Identify what internal records you need to monitor. This might include financial records, employee records, customer records, and inventory records, among others. Set up systems for tracking and updating these records. For example, you might use a database or spreadsheet to track financial records, or a customer relationship management (CRM) system to track customer information. Establish policies and procedures for maintaining and updating these records. For example, you might set up a schedule for regularly reviewing and updating financial records, or establish guidelines for how employee records should be kept and updated. Set up alerts or notifications to alert you when certain records need to be reviewed or updated. This can help ensure that you stay on top of important changes and updates. Regularly review and analyze the information contained in these records to identify trends and insights that can help inform your business decisions.

Define business mission (SM:009) (ON)

Identify your business's purpose: Consider why your business exists, and what it is trying to achieve. This may involve considering your values and what makes your business unique. Define your target market: Determine who your customers are, and what their needs and preferences are. This will help you to tailor your mission to meet their needs. Analyze your strengths and weaknesses: Conduct a SWOT (strengths, weaknesses, opportunities, threats) analysis to identify the internal and external factors that may impact your business. Articulate your mission: Use your understanding of your business's purpose, target market, and strengths to craft a clear and concise mission statement that summarizes your business's goals and values. Communicate your mission: Share your mission with your employees and stakeholders, and ensure that everyone understands the purpose and values of your business.

Conduct competitive analysis (MP:012) (MN)

Identify your competitors: Identify the main competitors in your market, including direct and indirect competitors. Direct competitors are businesses that offer similar products or services, while indirect competitors offer products or services that can be used as substitutes. Gather information: Gather information on your competitors, including their products, services, pricing, marketing strategies, and target market. This information can be obtained through research, surveys, interviews, and market reports. Analyze the information: Analyze the information and identify the strengths and weaknesses of each competitor, as well as their competitive positioning in the market. Identify opportunities: Identify opportunities for your business to differentiate itself from competitors and gain a competitive advantage. For example, you may be able to offer a unique product or service, or you may be able to target a specific niche market. Develop a plan: Use the insights gained from the competitive analysis to develop a marketing plan that addresses the key issues identified in the analysis. Monitor the competition: Continuously monitor the competition and update the analysis as needed.

Develop expense control plans (OP:029) (MN)

Identify your expenses: Start by reviewing your business's financial records to identify all of your expenses. This may include fixed costs (such as rent and salaries) and variable costs (such as materials and supplies). Prioritize your expenses: Determine which expenses are most critical to the operation of your business and which ones may be able to be reduced or eliminated. Set goals: Establish specific goals for reducing your expenses, such as reducing your materials costs by a certain percentage or cutting your energy usage by a certain amount. Implement cost-saving measures: Once you have identified your expenses and set your goals, develop a plan to implement cost-saving measures. This may include negotiating lower prices for materials and supplies, finding ways to reduce energy consumption, or streamlining your business processes to reduce waste. Monitor and review: Regularly review your expenses to track your progress and identify any areas where further cost-saving measures may be needed.

Identify and benchmark key performance indicators (e.g., dashboards, scorecards, etc.) (SM:027) (MN)

Identify your goals and objectives: Clearly define the goals and objectives of your business, and consider how you will measure progress towards achieving them. Determine the most relevant KPIs: Select KPIs that are aligned with your goals and objectives, and that provide meaningful insights into the performance of your business. Gather data: Collect data on the chosen KPIs, either through internal records or external sources. Analyze and compare the data: Analyze the data on your chosen KPIs and compare it to industry benchmarks or the performance of competitors. Identify trends and patterns: Look for trends and patterns in the data, and consider the implications for your business. Use the data to inform decision-making and strategy development: Use the insights gained from the analysis of your KPIs to inform decision-making and strategy development, and to identify areas for improvement.

Select vendors (OP:161) (SP)

Identify your needs: Determine what goods or services you need and how they fit into your overall business strategy. This will help you narrow down the list of potential vendors. Research potential vendors: Look for vendors that have a good reputation and a track record of meeting the needs of similar organizations. You can ask for references or check online reviews. Evaluate vendor proposals: Once you have identified a few potential vendors, request proposals from each one. Compare the proposals to determine which vendor can best meet your needs at a competitive price. Negotiate terms: Once you have selected a vendor, negotiate the terms of the agreement. This may include the price, delivery schedule, payment terms, and any other conditions of the sale. Review and sign the contract: Carefully review the contract before signing it to ensure that all of the terms and conditions are satisfactory. Establish a relationship: Once the contract is signed, establish a good working relationship with the vendor. This can involve regular communication, setting clear expectations, and addressing any issues or concerns that arise.

Conduct SWOT analysis for use in the marketing planning process (MP:010) (MN)

Identify your strengths: Identify the unique selling points, resources, or capabilities that give your business an advantage over competitors. These can include things like a well-established brand, a strong customer base, or proprietary technology. Identify your weaknesses: Identify the areas where your business is lacking in comparison to competitors. These can include things like a lack of resources, a weak brand, or a lack of expertise in a particular area. Identify opportunities: Identify external factors that could be leveraged to benefit the business, such as changes in the market, technology or the emergence of new customers segments. Identify threats: Identify external factors that could negatively impact the business, such as increased competition, changes in regulations or economic downturn. Analyze the SWOT: Review the SWOT and consider how the strengths, weaknesses, opportunities, and threats may impact the business's marketing efforts. Identify areas where the business can capitalize on its strengths, address its weaknesses, take advantage of opportunities, and mitigate the threats. Develop a plan: Use the insights gained from the SWOT analysis to develop a marketing plan that addresses the key issues identified in the analysis.

Explain the nature of change management (SM:095) (SP)

Identifying the need for change: Change management begins with identifying the need for change. This may be driven by internal or external factors, such as changes in market conditions, technological advances, or organizational goals. Analyzing the impact of change: Change management involves analyzing the impact of the change on the organization and its stakeholders. This includes considering the potential benefits and risks of the change, and determining the resources and support that will be needed to implement the change. Developing a plan for change: Once the need for change and its impact have been identified and analyzed, a plan for implementing the change must be developed. This plan should include specific steps and milestones for implementing the change, and should be tailored to the needs of the organization and its stakeholders. Implementing the change: The final step in change management is implementing the change. This involves executing the plan for change and ensuring that the change is successfully implemented and integrated into the organization.

Explain reasons for ethical dilemmas (EI:124) (CS)

Ignorance (Not knowing actions are considered unethical) Discrimination (Racism, Sexism, Ageism, Etc.) Management Pressure (Some will bend the rules in order to meet management's goals) Personal Ambition (Some are so ambitious that they will be unethical in order to achieve their goals and dreams) Leadership (If the leader is unethical, everyone else will become unethical because of it)

Evaluate strategies for protecting business' digital assets (e.g., website, social media, email, etc.), customer data, and other protected information (OP:473) (MN)

Implement strong passwords and password management practices: Use strong, unique passwords for all accounts and devices, and use a password manager to store and manage passwords securely. Enable two-factor authentication: Use two-factor authentication (2FA) for all accounts and devices to add an extra layer of security. Protect against malware: Use antivirus and anti-malware software to protect against malware threats, and keep it up to date. Secure your network: Use firewalls and virtual private networks (VPNs) to secure your network, and consider using encryption to protect sensitive data. Regularly update and patch software: Keep all software and operating systems up to date with the latest patches and updates to protect against vulnerabilities. Educate employees: Train employees on cybersecurity best practices, and encourage them to report any suspicious activity or potential threats.

Identify communications channels used in sales promotion (PR:249) (SP)

In-store promotions: This includes things like discounts, buy-one-get-one-free offers, and other types of deals that are only available in physical stores. Direct mail: This includes things like coupons, flyers, and catalogs that are sent directly to customers through the mail. Online promotions: This includes things like email marketing, online coupons, and social media promotions. Trade shows and events: Companies may use trade shows and events to promote their products and services to a wide range of customers and potential customers. Publicity and Public Relations: This channel use the press to communicate with the target audience, leverage on the credibility of the media.

Explain the types of promotion (i.e., institutional, product) (PR:002) (CS)

Institutional promotion: This type of promotion is focused on promoting the overall image or reputation of a company, organization, or brand. It is not focused on promoting a specific product or service, but rather on building the company's reputation and credibility. Examples of institutional promotion include advertising campaigns, public relations efforts, and sponsorships. Product promotion: This type of promotion is focused on promoting a specific product or service. It is used to inform customers about the features and benefits of a product, and to persuade them to purchase it. Examples of product promotion include advertising, sales promotions, personal selling, and public relations.

Discuss factors to consider in choosing between debt and equity capital (FI:340) (MN)

Interest payments: Debt financing typically involves paying interest on the borrowed funds, which can impact the business's cash flow and profitability. Equity financing, on the other hand, does not involve paying interest, but does dilute the ownership of the business among the shareholders. Repayment terms: Debt financing typically has specific repayment terms, including the length of the loan and the schedule for repayment. Equity financing, on the other hand, does not have fixed repayment terms, but the shareholders are entitled to a share of the profits. Collateral: Debt financing may require the business to provide collateral in the form of assets, such as equipment or property. If the business is unable to repay the loan, the lender may be able to seize the collateral to cover the debt. Equity financing does not require collateral, but the shareholders have a claim on the business's assets in the event of bankruptcy. Control: Debt financing does not involve giving up control of the business, as the business remains responsible for managing its operations and making strategic decisions. Equity financing, on the other hand, involves giving up a share of ownership in the business and may involve sharing decision-making with the shareholders. Tax implications: The tax implications of debt and equity financing may also be a factor to consider. Interest paid on debt financing may be tax deductible, while dividends paid to shareholders may be taxed as income.

Assess risks associated with venture (EN:010) (ON)

Market Adoption Risk Market Timing Risk Market Size Risk Execution Risk Technology Risk Business Model Risk Platform Risk Finance Risk Leadership Risk Defensibility Risk

Describe small-business opportunities in international trade (EN:041) (SP)

Introduction to an international market Larger market You can charge higher (bc you are exporting) New problems to solve and potential products Less competition More resources

Leverage personality types in business situations (EI:104) (SP)

Introverts -Prefer to have time to think about ideas on their lonesome -Need solitude, not good with groups Extroverts -Prefer generating ideas in a group setting -Let them participate in group discussion otherwise they will grow bored and distracted Sensing -Likes facts and figures Intuitive -Likes ideas and theories -Likes to figure out how things work/are interrelated

Leverage business relationships (EI:116) (MN)

Keep selling clients Talk on a regular basis Send them notes Ask for introductions Take initiative

Explain the need for business systems and procedures (EN:025) (ON)

Keeps things organized Everyone is playing on equal ground (staff) Everyone has a baseline (staff)

Interview job applicants (HR:355) (SU)

Know expectations, qualifications, and responsibilities of job posting Review candidates resume, cover letter, application Prepare materials and create a comfortable environment Identify relevant questions, what qualities to look for, and answers to possible questions from the candidates Take notes and develop a process for evaluating candidates Follow-up with all candidates, even the rejected ones

Adapt management style to the personality type of others (EI:105) (SU)

Know their strengths, weaknesses, needs, and wants then to adapt accordingly.

Explain the nature of balance sheets (FI:093) (SP)

Lays out business' assets, liabilities, and stockholders' equity Helps business make sure everything is in balance

Explain management's role in customer relations (CR:008) (MN)

Leads and Motivates Team Handles Complaints Sorts Security Issues

Assess start-up requirements (EN:009) (ON)

Legal structure Business plan Company bank account Obtain permits and licenses Leasing or buying office space Hire employees Set up accounting and record keeping systems

Describe the nature of legally binding contracts (BL:002) (SP)

Legally-Binding: Not open to interpretation and legally enforced Contract: 2 entities exchange something of value/specific action or non-action in exchange for something of value/specific action or non-action

Handle employee complaints and grievances (HR:366) (SU)

Listen and understand the complaint Empathize and show concern for the employee Investigate the complaint to identify solutions Take appropriate action using previously identified solutions Follow up and check in to ensure issue is resolved

Negotiate lease or purchase of facility (OP:028) (MN)

Location: Consider the location of the facility and whether it is convenient for your business and your customers. Size: Determine the size of the facility that you need, taking into account your current and future business needs. Condition: Inspect the facility to assess its condition and any repairs or renovations that may be needed. Terms: Negotiate the terms of the lease or purchase, including the length of the agreement, the rent or purchase price, and any provisions for renewing or terminating the agreement. Services: Consider any additional services that may be included in the lease or purchase, such as utilities, maintenance, or security. Alternatives: Research and compare other options, such as leasing or purchasing a different facility or negotiating a different lease or purchase agreement.

Develop plan to invest resources into improving current products or creating new ones (EN:032) (ON)

Make a plan Test the plan Analyze your test results Act on what's successful OR Conduct target market research Identify most profitable way to improve products Make new products for same/similar target markets Make sure these developments would be/are profitable

Recognize/Reward others for their efforts and contributions (EI:014) (SU)

Make it personal Provide opportunities Magnify recognition Offer beyond the call of duty perks Motivate through financial incentive facilitate peer-to-peer recognition

Verify the accuracy of business financial records (FI:653) (ON)

Make sure everything is accurate Double/triple check Give to another person for review

Explain the nature of businesses' reporting requirements (BL:010) (ON)

Makes sure investors and regulators can evaluate a company's financial performance and business operations Allows public to find discrepancies among reports gives company transparency

Describe the role of management in the achievement of quality (OP:020) (MN)

Management is responsible for establishing and maintaining systems and processes that ensure that goods or services meet the required standards of excellence. This can involve setting quality standards and objectives, establishing quality control processes, and implementing continuous improvement initiatives. Effective management of quality requires a strong focus on customer satisfaction and a commitment to meeting the needs and expectations of customers. The role of management in the achievement of quality also involves ensuring that the right resources and infrastructure are in place to support the production of high-quality goods or services, including the use of appropriate technology and equipment, the hiring and training of skilled and competent employees, and the implementation of effective quality management systems. The goal of management in the achievement of quality is to ensure that the business is able to consistently deliver products or services that meet or exceed the expectations of its customers, which can help to build customer loyalty and drive business success.

Explain the concept of management (SM:001) (CS)

Management is the process of planning, organizing, leading, and controlling the activities of an organization in order to achieve its goals. Management involves setting goals and objectives, allocating resources, and coordinating the efforts of employees to achieve those goals. Management includes a range of activities, such as decision-making, problem-solving, communication, and delegation. The role of management is to ensure that the organization is running efficiently and effectively, and to achieve its objectives. Management can be applied to a variety of organizations, including businesses, government agencies, and nonprofit organizations. There are different levels of management, including top management, middle management, and lower management. Each level has different responsibilities and decision-making authority.

Explain the nature of managerial ethics (SM:002) (MN)

Managerial ethics involves the ethical principles and values that guide the actions and decision-making of managers within an organization. Managerial ethics involves balancing the interests of various stakeholders, including shareholders, employees, customers, and the community. Managerial ethics includes responsibility, integrity, fairness, and confidentiality. By upholding managerial ethics, managers can contribute to the overall success and reputation of the organization, and help to build trust and confidence in its operations.

Describe the need for marketing data (IM:012) (CS)

Marketing data refers to the information that companies collect and analyze to understand their target market, customers, and competitors. The need for marketing data arises from the need for companies to make informed decisions about their marketing strategies and tactics.

Explain the nature of marketing research (IM:010) (SP)

Marketing research is the process of collecting, analyzing, and interpreting data related to a company's products, services, customers, and competition. The nature of marketing research is to provide information that will help a company make informed decisions about its marketing strategies and tactics.

Explain the concept of marketing strategies (MP:001) (CS)

Marketing strategies refer to the overall plans and actions taken by a company to promote and sell its products or services to its target market. The concept of marketing strategies is to create a long-term plan that guides the company's marketing efforts and helps it achieve its overall business goals and objectives.

Describe factors that influence management (SM:028) (MN)

McKinsey 7 S's + Resources PESTLE + competitive factors, consumer factors, and market factors

Explain communications channels used in public-relations activities (PR:250) (SP)

Media relations: This involves building and maintaining relationships with journalists, editors, and other media professionals to gain coverage for the company or organization in newspapers, magazines, television, and radio. Social media: Platforms such as Facebook, Twitter, Instagram, and LinkedIn can be used to communicate with the public, share news and information, and engage with customers and other stakeholders. Newsletters, press releases, and other written materials: These are used to communicate news and information to specific audiences, such as customers, employees, investors, and other stakeholders. Events and speaking engagements: Hosting events or participating in speaking engagements can be an effective way to communicate with and build relationships with specific publics. Community relations: This involves building relationships with the communities in which a company or organization operates, often through volunteerism, philanthropy, and other community outreach activities. Crisis communication: This is the process of preparing for and responding to potential crises, such as natural disasters, accidents, or other events that can harm the company's reputation.

Identify types of public-relations activities (PR:252) (SP)

Media relations: This involves building and maintaining relationships with journalists, editors, and other members of the media in order to secure positive coverage for the organization in various forms of media, including newspapers, television, and online publications. Crisis communication: This involves managing and communicating with the public during a crisis, such as a natural disaster, product recall, or other unexpected event that may harm the organization's reputation. Event management: This involves planning and executing events such as press conferences, product launches, and community events to promote the organization and its products or services. Corporate social responsibility: This involves communicating the organization's commitment to social and environmental issues and its impact on the community. Employee communication: This involves communicating with employees and internal stakeholders to build morale, boost productivity and maintain a positive company culture. Digital and social media: This involves using digital and social media platforms to communicate with target audiences, build relationships, and manage the organization's online reputation. Public affairs: This involves promoting or defending the organization's interests and reputation in the public arena, such as lobbying government officials, or engaging with interest groups and communities. Content creation: This involves creating and distributing content such as press releases, articles, blog posts, infographics, videos, and other forms of content to communicate with target audiences and build relationships.

Explain factors that influence customer/client/business buying behavior (MK:014) (SP)

Need or want: Customers or clients are more likely to make a purchase if they feel a need or want for the product or service being offered. This could be a functional need (e.g., the need for a new car to get to work) or a psychological need (e.g., the desire for a luxury watch to make a statement). Perception of value: Customers and clients are more likely to make a purchase if they perceive the product or service as offering good value for money. This could be based on factors such as the price, quality, or durability of the product or service. Brand loyalty: Customers and clients who are loyal to a particular brand are more likely to make a purchase from that brand, even if it may not be the best option in terms of price or quality. Personal values: A customer or client's personal values and beliefs can influence their buying behavior. For example, they may be more likely to make a purchase from a company that aligns with their values, such as one that is environmentally conscious or that supports charitable causes. External influences: External factors, such as the influence of friends, family, or societal norms, can also influence a customer or client's buying behavior. Previous experiences: A customer or client's previous experiences with a company or product can significantly influence their likelihood of making a purchase. If they have had a positive experience in the past, they are more likely to make a purchase again. Availability of information: The availability of information about a product or service can also influence buying behavior. Customers and clients are more likely to make a purchase if they have access to comprehensive and accurate information about the product or service. Personal finance: Finally, a customer or client's personal financial situation can significantly influence their buying behavior. If they have limited financial resources, they may be less likely to make a purchase, or they may choose a lower-priced option.

Interpret cash-flow statements (FI:541) (SP)

Net cash flow: The net cash flow is the difference between the total cash inflows and the total cash outflows for a given period. A positive net cash flow indicates that the business generated more cash than it used, while a negative net cash flow indicates that the business used more cash than it generated. Operating activities: Operating activities refer to the day-to-day operations of the business, such as selling goods or services, and include items such as revenue, expenses, and changes in working capital. Investing activities: Investing activities refer to the acquisition or disposal of long-term assets, such as property, plant, and equipment. Financing activities: Financing activities refer to the financing of the business, including the issuance or repurchase of debt or equity, and the payment of dividends. Cash balance: The cash balance is the total amount of cash that the business has on hand at the end of a given period.

Explain the nature of operations (OP:189) (CS)

Operations refer to the processes and activities that a business performs on a daily basis in order to produce and deliver products or services to its customers. These activities can include everything from sourcing raw materials and manufacturing products, to marketing and selling products, to managing finances and accounting.

Explain the nature of overhead/operating costs (OP:024) (SP)

Overhead costs, also known as operating costs, are expenses that are necessary for the operation of a business but do not contribute directly to revenue generation. Examples of overhead costs include rent, utilities, insurance, and salaries for administrative and support staff. Overhead costs are typically fixed and do not vary with the level of production or sales. Overhead costs must be covered in order for a business to be profitable. Tracking and managing overhead costs can help a business to identify areas where it may be able to cut costs and increase efficiency.

Describe considerations in selecting capital resources (EN:019) (ON)

PEAS: Productivity Ease of Access Affordability Sustainability

Use components of business plan to define venture idea (EN:014) (ON)

PMMOOFIG: Product plan, management team, marketing plan, operations plan, organization plan, financial plan, industry/market analysis, growth plan Use one or more of those components in your roleplay if you get this performance indicator

Forecast sales (FI:096) (MN)

PURPOSES/USES: Set targets and quotas Make strategic decision Prepare operations HOW TO/WHAT IT'S BASED ON: Goals Sales history Promotions and deals Business specific issues (Ex. restaurants vs. covid) Internal (McKinsey 7 S's) and external (PESTLE) factors

Assess global trends and opportunities for business ventures (EN:003) (ON)

Population Enrichment Warfare Government Poverty Resources Forests Food Cities Safety

Write proposals (CO:062) (MN)

Parts of a Proposal: Title Page Cover Letter Table of Contents Executive Summary Proposal Services/Technology/Solution About us Pricing Terms and Conditions Agreement/Contract Include: Visuals Quantitive Data Brand Follow up after

Select sources to finance venture creation/start-up (EN:016) (ON)

Personal Investments (your cash/collateral) Patient Capital (personal relations like family) Venture Capital (partners and investors) Crowdfunding (funding from a crowd like gofundme) Business Incubators (an organization made to help you start and grow your business) Grants and Subsidies (Govt. pays, no need to pay them back)

Describe word-of-mouth channels used to communicate with targeted audiences (PR:247) (SP)

Personal Recommendations: This is when a friend, family member, or colleague tells someone about a product or service they like. This type of WOM is considered to be the most powerful, as it is based on trust and personal experience. Online Reviews: This type of WOM takes place on review websites, forums, and social media platforms. Online reviews can be a powerful tool for businesses, as they can be easily accessed by a large number of people. Social Media: Social media platforms like Facebook, Instagram, and Twitter can also be used to generate WOM. Consumers can share their experiences and opinions about products and services with their friends and followers, which can influence the purchasing decisions of others. Influencer Marketing: This is when a business partners with an individual or group who has a large online following and uses their influence to promote a product or service to their followers. Referral Marketing: This type of WOM happens when a customer refers a friend or family member to a business and the referral results in a sale or service provided. Companies incentivize this type of WOM by offering rewards or discounts.

Identify risks associated with obtaining business credit (FI:041) (ON)

Personal liability Credit bureau reporting --have to report it correctly Card act protections are limited --Risk-based repricing --still liable for employee cards --APR (interest rates) aren't low

Explain considerations in making the decision to hire staff (EN:018) (ON)

Physical skill/experience Mindset and teamwork Communication skills Written material, references, documents

Explain the causes of business process changes (OP:476) (SP)

Political Changes Economic Changes Social Changes Technological Changes Legal Changes Environmental Changes Consumer Changes Market Changes Competitive Changes

Identify potential security issues (OP:154) (MN)

Potential security issues in operations can include supply chain attacks, vulnerabilities in infrastructure, password attacks, identifying risks and threats and conducting a security threat risk assessment to determine the likelihood of occurrence for each potential threat.

"Sell" ideas to others (EI:108) (SP)

Prepare a professional presentation - Sell sheet --- States need your idea meets, features/benefits, applicable markets, legal status (are u patented etc.) - Introductory Letter --- Who you are, Why you are contacting them, Set up dat for a follow-up -Face-to-face persentation ---Sell the idea (sell result not the idea itself), prepare script, close -Practice ---Practice delivery, memorize sell sheet and introductory letter, know your script, prepare for questions

Explain the concept of product mix (PM:003) (SP)

Product line: A product line is a group of related products that are marketed under a common brand name. For example, a company that sells shoes may have a product line of athletic shoes, casual shoes, and dress shoes. Product width: Product width refers to the number of different product lines that a company offers. A company with a wide product width would offer a variety of different product lines, while a company with a narrow product width would only offer a few product lines. Product depth: Product depth refers to the number of products within a product line. A company with a deep product depth would offer many different products within a product line, while a company with a shallow product depth would only offer a few products within a product line. Product mix length: Product mix length refers to the total number of products that a company offers, which is determined by multiplying the product width and product depth. Product mix strategy: A company's product mix strategy is the approach it takes to managing its product mix. This may include developing new products, discontinuing existing products, or adjusting the mix of products to align with changes in the market or the company's goals. Product mix decisions: Product mix decisions include choosing which product lines to offer, determining the product width and depth, and developing a product mix strategy.

Explain the concept of production (OP:017) (CS)

Production refers to the process of creating goods or services that are sold to customers. The production process typically involves a number of steps, such as sourcing raw materials, manufacturing or assembling the finished product, and distributing the product to customers. The efficiency and effectiveness of the production process can have a significant impact on a business's overall operations and success. Factors that can impact the efficiency and effectiveness of a production process include the use of technology and automation, the availability of resources and materials, and the skills and expertise of the workers involved in the process. Businesses may use a variety of tools and techniques, such as lean manufacturing and just-in-time (JIT) production, to optimize their production processes and improve efficiency. Just-in-time (JIT) production is a production strategy that aims to minimize inventory and increase efficiency by producing goods or components only when they are needed in the production process. Lean manufacturing is a production philosophy that aims to eliminate waste and increase efficiency by identifying and eliminating non-value-adding activities in the production process. It emphasizes the use of continuous improvement techniques, such as the identification and elimination of waste, the use of standard work processes, and the empowerment of employees to identify and solve problems, in order to create a more efficient and effective production process.

Explain the role of promotion as a marketing function (PR:001) (CS)

Promotion is one of the key elements of the marketing mix and plays a critical role in communicating with and persuading customers to purchase a product or service. It includes a wide range of communication tools and tactics, such as advertising, sales promotions, public relations, personal selling, and direct marketing. The goal of promotion is to inform, persuade, and remind customers about the benefits of a product or service, as well as to build and maintain brand awareness.

Discuss the importance of corporate governance in business (PD:213) (CS)

Protecting shareholder value: Corporate governance helps ensure that the business is managed in a way that maximizes shareholder value and minimizes risk. This can include establishing clear lines of accountability, setting performance targets, and implementing effective risk management processes. Enhancing trust and confidence: Corporate governance helps build trust and confidence in the business, both among shareholders and the wider community. This can be achieved through transparent communication and disclosure, as well as demonstrating a commitment to ethical practices. Improving business performance: Effective corporate governance can help improve business performance by providing a clear and consistent framework for decision-making and performance measurement. This can help the business achieve its strategic goals and objectives more effectively. Supporting sustainable business practices: Corporate governance can also help support sustainable business practices, such as responsible resource use and environmental protection. This can help the business operate more sustainably and mitigate long-term risks.

Explain the nature of workplace regulations (including OSHA, ADA) (BL:008) (SU)

Provides consistency in structure and guidelines of a company Makes sure each employee is protected Keeps company safe from lawsuits

Explain the nature and scope of purchasing (OP:015) (CS)

Purchasing refers to the process of acquiring goods, services, or raw materials that are needed to operate a business. It is a critical function within an organization, as it involves making decisions about what to purchase, when to purchase, and from whom to purchase. The nature of purchasing includes evaluating and comparing different suppliers, negotiating prices and terms, and managing the delivery and payment process. It also involves maintaining accurate records of purchases and ensuring that the organization is complying with all relevant laws and regulations. The scope of purchasing can vary depending on the size and complexity of the organization. In smaller businesses, the purchasing function may be handled by a single person or department. In larger organizations, there may be a dedicated purchasing department with a team of professionals responsible for managing the purchasing process. The scope of purchasing may also include managing relationships with key suppliers, evaluating and implementing new technologies to streamline the purchasing process, and developing strategies to reduce costs and improve efficiency.

Calculate financial ratios (FI:097) (MN)

Quick ratio = (Cash + Accounts Receivable)/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

Describe types of financial statement analysis (e.g., ratio analysis, trend analysis, etc.) (FI:334) (MN)

Ratio analysis: Ratio analysis involves calculating financial ratios based on data from the financial statements, and comparing these ratios to industry benchmarks or historical data. Ratios may include measures such as liquidity ratios, solvency ratios, efficiency ratios, and profitability ratios. Trend analysis: Trend analysis involves examining trends in financial data over time, in order to identify trends and patterns. This may involve analyzing financial data from multiple periods, such as year-over-year or quarter-over-quarter, to identify trends in key financial metrics such as revenue, expenses, and profits. Common-size analysis: Common-size analysis involves expressing financial data as a percentage of a base amount, typically total assets or total sales. This allows for comparison of data across different periods or companies, regardless of size. Benchmarking: Benchmarking involves comparing a company's financial performance to that of similar companies or industry benchmarks in order to identify areas of strength and weakness. DuPont analysis: DuPont analysis involves breaking down a company's return on equity (ROE) into its key components, including profit margin, asset turnover, and financial leverage, in order to understand the drivers of the company's ROE.

Recognize and respond to ethical dilemmas (EI:125) (CS)

Recognize the issue itself Identify the issue and who is involved Consider all relevant information (Laws, facts, principles, etc.) Analyze and determine possible courses of action Decide on one and implement the solution

Develop company's/department's budget (FI:099) (MN)

Refer to previous budgets for a rough idea Understand needs vs. wants of your department, prioritizing what needs to be payed Call for a company/department meeting to discuss budget and actually make it Send budget into effect then evaluate how well it works and what should be tweaked

Analyze critical banking relationships (FI:039) (ON)

Relationship Banking - Banking strategy that targets clients' multiple needs / more personal and client focused relationship Analyze the status, perks, changes, etc. of your banking relationships

Describe external resources useful to entrepreneurs during concept development (EN:011) (ON)

Research: Direct Research - Speaking to your target market and others involved Indirect Research - Analyzing trends of similar products, Reading reviews on similar products I recommend "StartUp Nation" and "Profitable Venture" as great sources for research

Explain the impact of resource productivity on venture success (EN:030) (ON)

Resource productivity is how effectively you use your recourses (Basically it's just whatever your yield is) -Yield = How much of your good/service what produced DIVIDED BY how much resources it took -The higher the yield, the better

Describe the nature of income statements (FI:094) (SP)

Revenue - Cost = Net Profit Shows how much money you made, financial status, whether you had a profit or loss, and all revenues and costs

Adjust idea to create functional product (PM:204) (MN)

Review and refine the product idea: Review and refine the product idea based on feedback from market research and customer validation to ensure it meets the needs and wants of the target customer. Identify the key features and benefits: Identify the key features and benefits of the product and prioritize which features are essential to its functionality and which can be added later or removed. Develop a product prototype: Develop a product prototype to test the product's design and functionality, and gather feedback from potential customers, industry experts, and other stakeholders. Test and validate the product: Test and validate the product in a real-world setting to ensure it is functional, easy to use, and meets customer needs. Refine the product design: Refine the product design based on feedback from testing and validation, to make any necessary adjustments to the product's design, materials, and functionality. Optimize for production: Optimize the product design for production to ensure that it can be manufactured efficiently and at a reasonable cost. Continuously evaluate: Continuously evaluate the product and make adjustments as necessary based on customer feedback, market conditions, and other factors.

Plan product mix (PM:006) (MN)

Review current product mix: Review the current product mix, including the product line, width, depth, and overall strategy. Identify any areas that need improvement or that do not align with the company's goals. Conduct market research: Conduct market research to gather information about customer needs, market trends, and competitor offerings. Use this information to identify opportunities for new products or product lines. Develop product mix strategy: Develop a product mix strategy that aligns with the company's goals and the needs of the customers. This may include developing new products, discontinuing existing products, or adjusting the mix of products to align with changes in the market. Assess product mix decisions: Assess product mix decisions, including choosing which product lines to offer, determining the product width and depth, and developing a product mix strategy. Analyze product profitability: Analyze the profitability of each product in the product mix and make decisions about which products to continue offering and which to discontinue. Prioritize product development: Prioritize product development based on the potential value, feasibility, and alignment with the company's strategic goals. Implement product mix plan: Implement the product mix plan, including developing new products, discontinuing existing products, and adjusting the mix of products to align with changes in the market. Continuously evaluate and improve: Continuously evaluate and improve the product mix, to ensure that it is meeting the goals and objectives of the company and the needs of the customers.

Determine services to provide customers (PM:036) (MN)

Review current service offerings: Review the current service offerings, including the types of services provided, the level of service, and the overall service strategy. Identify any areas that need improvement or that do not align with the company's goals. Conduct customer research: Conduct customer research to gather information about customer needs, service preferences, and service expectations. Use this information to identify opportunities for new services or service enhancements. Develop service strategy: Develop a service strategy that aligns with the company's goals and the needs of the customers. This may include developing new services, discontinuing existing services, or adjusting the service offerings to align with changes in the market. Assess service decisions: Assess service decisions, including choosing which services to offer, determining the service level, and developing a service strategy. Analyze service profitability: Analyze the profitability of each service offered and make decisions about which services to continue offering and which to discontinue. Prioritize service development: Prioritize service development based on the potential value, feasibility, and alignment with the company's strategic goals. Implement service plan: Implement the service plan, including developing new services, discontinuing existing services, and adjusting the service offerings to align with changes in the market. Continuously evaluate and improve: Continuously evaluate and improve the service offerings, to ensure that it is meeting the goals and objectives of the company and the needs of the customers.

Identify internal and external service standards (PM:273) (MN)

Review current service standards: Review the current service standards, including any internal standards set by the organization and any external standards set by industry associations or regulatory bodies. Identify any areas that need improvement or that do not align with the company's goals. Gather customer feedback: Gather feedback from customers to understand their expectations and perceptions of the service provided. This can be done through surveys, interviews, or other methods. Analyze industry standards: Analyze industry standards to understand the expectations and norms of the service provided by other companies in the same industry. Identify internal service standards: Identify internal service standards, such as the level of service provided, response times, and quality control measures. These standards should align with the company's goals and objectives. Identify external service standards: Identify external service standards, such as industry standards, regulations, or customer expectations. These standards should align with the expectations of customers and the regulations of the industry. Communicate service standards: Communicate the service standards to all employees and customers, so that everyone understands the expectations and is aware of the measures in place to ensure they are met. Monitor and measure performance: Monitor and measure the performance of the service against the internal and external service standards, to identify any areas that need improvement. Continuously evaluate and improve: Continuously evaluate and improve the internal and external service standards, to ensure that they align with the company's goals and the needs of the customers.

Set marketing goals and objectives (MP:015) (MN)

Review the business's overall goals: Review the business's overall goals and objectives to ensure that the marketing goals align with the overall strategy. Identify target market: Identify the target market by segmenting the customer base and determining the characteristics of the ideal customer. Define the objectives: Define the specific objectives for the marketing plan. These should be specific, measurable, attainable, relevant, and time-bound (SMART). For example, "increase website traffic by 20% in the next quarter" Determine the budget: Determine the budget for the marketing plan, including the costs for implementing the plan and the expected return on investment (ROI). Develop a plan of action: Develop a plan of action that outlines the specific tactics, budget, and timelines for achieving the objectives. Monitor progress and adjust as needed: Monitor progress regularly and make adjustments as needed to ensure that the marketing goals and objectives are being met.

Develop marketing plan (MP:018) (MN)

Review the business's overall goals: Review the business's overall goals and objectives to ensure that the marketing plan aligns with the overall strategy. Conduct market research: Conduct market research to gather information about the target market, the competition, and the industry. This information can be used to identify opportunities and threats and to develop a competitive positioning for the business. Define the target market: Define the target market by segmenting the customer base and determining the characteristics of the ideal customer. Develop a positioning statement: Develop a positioning statement that communicates the unique value proposition of the business and differentiates it from the competition. Identify the marketing mix: Identify the marketing mix, including the product, price, place, and promotion strategies that will be used to reach the target market. Set measurable goals and objectives: Set measurable goals and objectives that align with the overall goals of the business and provide a clear direction for the marketing efforts. Develop an action plan: Develop an action plan that outlines the specific tactics, budget, and timelines for achieving the goals and objectives. Monitor progress and adjust as needed: Monitor progress regularly and make adjustments as needed to ensure that the marketing plan remains aligned with the overall goals and objectives of the business.

Spot problems in/issues with financial statements (FI:335) (MN)

Review the footnotes: Financial statements often include footnotes that provide additional information about the financial data, including any assumptions or estimates made by management. Reviewing the footnotes can help identify potential problems or issues with the financial data. Compare financial data to industry benchmarks: Comparing financial data to industry benchmarks can help identify potential issues with the financial statements. For example, if a company's financial ratios are significantly different from industry benchmarks, this may be a red flag indicating potential problems or issues. Look for trends: Examining trends in financial data over time can help identify potential issues with the financial statements. For example, if a company's financial performance is consistently declining, this may be a sign of underlying problems. Review the audit report: Financial statements are typically audited by an independent auditor, who provides an opinion on the fairness and accuracy of the financial statements. Reviewing the audit report can help identify any issues or concerns raised by the auditor. Seek advice from financial experts: If you are not familiar with financial statements or financial analysis, you may want to seek the advice of a financial expert or professional. They can help identify any problems or issues with the financial statements and provide guidance on how to address them.

Discuss the nature of enterprise risk management (ERM) (RM:062) (SP)

Risk Identification: The first step in ERM is to identify potential risks facing the organization. This can be done through a variety of methods, such as interviews with key stakeholders, scenario analysis, or stress testing. Risk Assessment: Once potential risks have been identified, they need to be assessed in terms of their likelihood and potential impact. This allows the organization to prioritize which risks are most critical and require immediate attention. Risk Response: After the risks are assessed, the organization can develop plans to respond to them. This can include risk mitigation strategies (e.g. implementing new controls or procedures), transferring the risk to a third party (e.g. through insurance or other financial instruments), or accepting the risk if it is deemed to be manageable. Risk Monitoring and Review: The organization should have a regular monitoring and review process to track the effectiveness of the risk management strategy and make adjustments as needed.

Explain ways to assess risk (RM:059) (MN)

Risk Identification: This is the first step in assessing risk, and involves identifying all potential risks that the organization may face. This can be done through brainstorming sessions, reviewing historical data, conducting surveys or interviews with employees, or reviewing industry reports. Risk Analysis: This involves evaluating the likelihood and impact of identified risks. Likelihood is the probability that a risk will occur, while impact refers to the potential consequences of the risk. This can be done by using risk matrices, which plot likelihood against impact to help prioritize risks. Risk Evaluation: This involves comparing the results of the risk analysis to the organization's risk tolerance level and its capacity to handle risk. This can be done by using techniques such as sensitivity analysis, scenario analysis, and expected value. Risk Monitoring and Reviewing: assessing risk on a regular basis, monitoring how the risk is evolving and how well the risk response measures are working and making necessary changes if needed.

Discuss the relationship between risk and business objectives (RM:044) (MN)

Risk and business objectives are closely related, as the pursuit of business objectives often involves taking on some level of risk. Companies with different objectives may have different risk tolerance levels. For example, a business seeking high growth may be willing to take on more risk than a business prioritizing stability and preservation of capital.

Explain the nature of risk management (SM:075) (SP)

Risk identification: Identifying the potential risks that a business may face, including internal and external risks, such as financial, operational, legal, and compliance risks. Risk assessment: Evaluating the likelihood and impact of the identified risks, and prioritizing the risks based on their potential impact. Risk mitigation: Taking steps to minimize or eliminate the identified risks, such as implementing controls or insurance policies. Risk monitoring and review: Regularly reviewing and monitoring the risks facing the business, and making any necessary adjustments to the risk management plan.

What is a SWOT analysis? What is PESTLE Analysis? What is McKinsey 7s Model? (Not Deca but good to know)

SWOT- Strengths (Internal), Weaknesses (internal), Opportunities (External), Threats (External) Internal things to be sorted: Market, Finance, and Consumer Standpoint (Brand Image), 7s McKinsey model External things to be sorted: PESTLE PESTLE = Political Economic Social Technological Legal and Environmental 7s McKinsey Model- Hard factors or things in your complete control - Structure, Systems, Strategy Soft factors or things out of your complete control - Staff, Style (Management Style), Skill, Shared Values

Explain the nature of human resources regulations (BL:007) (SU)

Safeguard for employees so they are getting rights and treatment they deserve

Negotiate service and maintenance contracts (OP:027) (MN)

Scope of work: Clearly define the types of maintenance and repair services that will be provided under the contract. This may include routine maintenance, emergency repairs, and other types of service. Responsibilities: Determine which party will be responsible for certain tasks, such as providing parts and supplies or coordinating with other service providers. Fees: Negotiate the cost of the services, including any fees for emergency repairs or after-hours service. Duration: Determine the length of the contract and any provisions for renewing or terminating the agreement. Performance standards: Establish clear performance standards for the service provider, including response times and the quality of work. Liability: Discuss any liability issues, such as who will be responsible for damages or injuries that occur during the course of the contract.

Persuade others (EI:012) (SP)

Sell but on a much more personal, friendly level and tone

Assess employee performance (HR:368) (SU)

Set clear performance expectations and know what they are Assess with a variety of methods (Self-review, peer-review, supervisor evaluation, and customer feedback) Provide feedback regularly Be consistent with all employees Communicate and discuss results

Use budgets to control operations (OP:030) (MN)

Set financial goals: Determine the financial goals that you want to achieve and use your budget to help you reach those goals. For example, you may want to increase your profits, reduce your expenses, or improve your cash flow. Allocate resources: Use your budget to allocate financial resources to different areas of your business. This may include setting budgets for marketing, research and development, and other business functions. Monitor and track performance: Use your budget to track your actual income and expenses against your projected budget. This will help you to identify any areas where you are over or under budget, and make any necessary adjustments. Make informed decisions: Use your budget to help you make informed decisions about your business operations. For example, if you see that you are over budget in a certain area, you may need to make changes to bring your spending back in line.

Use time-management skills (PD:019) (SP)

Set goals: Clearly define your goals and priorities, and use them to guide your use of time. Create a schedule: Develop a schedule that allows you to allocate your time effectively and efficiently. This may involve blocking out time for specific tasks or activities. Estimate the time needed for tasks: Determine how long each task or activity is likely to take, and allocate your time accordingly. Use a time-tracking tool: Use a tool, such as a planner or a time-tracking app, to help you track your time and stay on track. Avoid distractions: Identify and eliminate distractions that may interfere with your ability to use your time effectively. This may include turning off notifications or setting aside time for focused work. Learn to say no: Be selective about the commitments you make and the tasks you take on. If you don't have the time or resources to take on something, it's okay to say no.

Enlist others in working toward a shared vision (EI:060) (CS)

Set the goal Establish steps to work towards it Communicate and motivate

Create processes for ongoing opportunity recognition (PM:136) (MN)

Set up a system for capturing ideas: Set up a system for capturing ideas from employees, customers, suppliers, and other stakeholders. This can include a suggestion box, an email address, or an online form. Establish a cross-functional team: Establish a cross-functional team to review and evaluate ideas, including representatives from product management, marketing, engineering, and other relevant departments. Evaluate ideas based on criteria: Develop criteria for evaluating ideas, such as potential market size, profitability, and alignment with the company's strategic goals. Conduct market research: Conduct market research to validate the potential of the idea and gather more information about the target market, competition, and customer needs. Prioritize opportunities: Prioritize opportunities based on their potential value, feasibility, and alignment with the company's strategic goals. Develop a plan of action: Develop a plan of action for pursuing the opportunity, including timelines, resources, and metrics for success. Monitor and track progress: Monitor and track progress on opportunity recognition efforts and make adjustments as necessary. Continuously evaluate and improve: Continuously evaluate and improve the process for ongoing opportunity recognition, to ensure that it is effective and efficient in identifying new opportunities and driving business growth.

Explain the complexity of business operations (EN:023) (ON)

Several interdependent and interconnected stakeholders information technology systems organizational structure and infrastructure

Identify the factors that impact governance structures (PD:302) (SP)

Size: larger organizations may require more formal and complex governance structures than smaller ones. Industry: different industries may have different regulatory requirements that shape their governance structures. Ownership: the ownership structure of an organization (e.g. publicly traded, privately held, nonprofit) can affect its governance structure. Mission and objectives: the mission and objectives of an organization can shape the composition of its governance structure and the powers and responsibilities of its governing bodies. Stakeholders: the needs and expectations of different stakeholders (e.g. shareholders, employees, customers, regulators) can influence the design of an organization's governance structure. Legal and cultural context: the laws and regulations of the country in which the organization is based, as well as the cultural norms and expectations of its stakeholders, can shape its governance structure. History and tradition: long-established organizations may have governance structures that have evolved over time and are deeply ingrained in their culture.

Identify potential safety issues (OP:151) (MN)

Slips, trips, and falls: These are common accidents that can occur when floors are wet, cluttered, or uneven. Electrical hazards: Exposed wiring or faulty electrical equipment can pose a serious risk of shock or fire. Chemical hazards: Workers may be exposed to hazardous chemicals through inhalation, skin contact, or ingestion. Ergonomic hazards: Repetitive tasks or awkward body positions can lead to musculoskeletal disorders (MSDs) such as carpal tunnel syndrome or back injuries. Machine hazards: Workers may be injured by moving parts or electrical shocks from machinery. Fire hazards: Poorly maintained equipment or improper storage of flammable materials can increase the risk of fires in the workplace. Stress and mental health hazards: Workers may experience high levels of stress or mental health issues due to workload, deadlines, or other factors.

Explain types of business ownership (BL:003) (CS)

Sole Proprietorship: 1 owner unlimited liability Partnership: 2+ owners --division of profits all contribute to resources Corporation: Business is considered a separate legal entity from owners Often has stocks and shareholders

Select form of business ownership (BL:006) (ON)

Sole proprietorship Partnership Corporation

Discuss entrepreneurial discovery processes (EN:002) (ON)

Spot the opportunity (tech, political, regulatory, social, demographic, etc.) Assess it (also identify whether it is in an existing or emerging sector)

Describe the nature of entrepreneurship (EN:039) (SP)

Starting a business or organization from the ground up generally with some financial risk in exchange for the hope of profit.

Describe the financial needs of a business at different stages of its development (FI:339) (MN)

Startup: During the startup phase, a business typically needs to secure financing to cover its initial costs and expenses, such as purchasing equipment and supplies, hiring employees, and marketing its products or services. This may involve obtaining loans, grants, or investments from external sources. Early growth: During the early growth phase, a business may need to invest in additional resources, such as hiring additional employees, expanding its operations, or developing new products or services. This may require additional financing to cover these costs. Established: As a business becomes established, it may need to focus on improving its profitability and cash flow. This may involve managing expenses, increasing sales, or seeking out new sources of financing, such as loans or investments. Maturity: During the maturity phase, a business may focus on maximizing its profits and minimizing its risks. This may involve implementing cost-cutting measures, seeking out new markets or opportunities, and managing its debt and financing.

Establish strategic relationships with others (EI:114) (MN)

Strategic Relationships: - Between 2 commercial enterprises - Formalized by 1 or more business contracts Falls short of legal partnerships, agencies, and corporate affiliate relationships

Develop an achievement orientation (EI:027) (CS)

Striving to meet or exceed a standard of excellence Welcoming feedback Continually seeking to improve Being able to balance one's own personal drive with the needs of the organization

Explain the role requirements of entrepreneurs and owners (EN:040) (SP)

Strong leadership - patience, vision, critical thinking, communication Well-versed in business - decent amount of knowledge on Operations, Marketing, Finances, and R&D

Discuss the nature of supply chain management (OP:303) (SP)

Supply chain management is the process of planning, organizing, and managing the flow of goods, services, and information from raw materials to the end customer. It involves coordinating the activities of suppliers, manufacturers, distributors, and customers in order to deliver goods and services in a timely and efficient manner.

Develop exit strategies (EN:037) (ON)

THE BEST 2: - Merger Acquisitions --- merging your company into another company/that company buying you - IPO/Initial Public Offering --- allow shareholders to take control and extract monetary worth of your company Passing on/selling to specific ppl (family, friends, etc.) Full liquidation/selling at depreciated face value

Explain the purposes and importance of obtaining business credit (FI:023) (ON)

THE PURPOSE : Secure lines of credit, lease equipment, finance a company vehicle, and obtain business loans/credit cards without putting personal credit at risk THE IMPORTANCE : Keeps your credit safe and gives unique financial advantages in the marketplace

Determine feasibility of venture ideas (EN:038) (ON)

TMMD Analysis Time - How much time will it take | How much time do you have Money - How much money needs to be invested | How much are you willing to invest | How profitable will it be Market - Is the market growing, neutral, or shrinking | What is the market size right now | How competitive/saturated is it Determination - How determined are you to succeed at this idea | Given the struggles you could potentially face, will your determination be enough

Describe the nature of taxes (EC:072) (SP)

Taxes are money paid to the government whether it be on exchanges or assets, they go into governmental services and projects which are meant to help the population (like roads, public attorneys, police, etc.)

Explain types of advertising media (PR:007) (SP

Television: Television advertising is one of the most popular forms of advertising because it allows you to reach a large audience with video and audio content. Radio: Radio advertising is an effective way to reach a local audience and can be especially useful for promoting products or services that appeal to a specific demographic. Print: Print advertising is the use of newspapers and magazines to reach consumers. This type of media is usually used to target specific audiences, such as business people, homeowners or families. Online: Online advertising refers to any form of advertising that takes place on the internet. This can include display ads, search ads, social media ads, and more. Outdoor: Outdoor advertising is a medium that is used to reach people on the go. This includes billboards, bus shelters, and transit ads. Direct Mail: Direct mail is a form of advertising that is delivered directly to the consumer's mailbox. This includes flyers, catalogs and postcards. Public Relations: Public relations is a form of promotion that focuses on building relationships with the media, influencers, and other stakeholders. Event Marketing: Event marketing is the use of events, such as trade shows, conferences, and other live events, to promote a product or service. Sales Promotion: Sales promotion is the use of short-term incentives to encourage the purchase of a product or service, such as discounts, coupons, or special offers. Personal Selling: Personal selling is the process of communicating face-to-face with customers to persuade them to buy a product or service.

Explain the concept of leadership (EI:009) (CS)

The Concept: Establish goals, values, and concepts that make up the organization's personality and brand image Types of Leadership: Authoritarian - Strictly professional, direct supervision Paternalistic - Father-figure like, more personal Democratic - Social Equality Laissez-Faire - Workers have the power Transactional - Reward/Punishment System Transformational - leads change and initiative

Explain the concept of market and market identification (MP:003) (CS

The concept of a market refers to the group of customers or potential customers who have a need or want for a certain product or service, and the ability and willingness to pay for it. Market identification is the process of identifying and defining the market for a company's products or services

Discuss the nature of human resources management (HR:410) (CS)

The nature: Brings ppl and organizations together so that the goals of each party will be met What does HR do: Finding, screening, recruiting, and training job applicants Administers employee benefits programs Payroll (How ppl get payed) Handle employee issues (Ex. someone who's health insurance canceled would call the benefits department)

Identify the impact of small business/entrepreneurship on market economies (EC:065) (CS)

They produce most of the sales, revenue, jobs, new jobs, make up most businesses, and are unaffected by economic shifts. They are the roots of our economy.

Describe relationship among innovation, learning, and change (SM:094) (CS)

The relationship among innovation, learning, and change is complex and multifaceted. Innovation and learning often go hand in hand, as innovation often involves learning new things and applying that learning to solve problems and create new ideas. Change is often a result of innovation and learning, as new ideas and knowledge can lead to the adoption of new practices or processes.

Describe current business trends (NF:013) (SP)

The rise of e-commerce: With the increasing use of the internet and mobile devices, more and more businesses are turning to online platforms to sell their products and services. This trend has been accelerated by the COVID-19 pandemic, as people have relied more on online shopping due to lockdowns and social distancing measures. The gig economy: The gig economy refers to the trend of people working in temporary or freelance positions, rather than traditional full-time jobs. This trend has been fueled by the rise of online platforms that connect workers with short-term jobs, such as ride-sharing or task-sharing apps. The increasing importance of data: Businesses are using data analytics to make better-informed decisions and improve their operations. This trend has been driven by the proliferation of devices that generate data, such as smartphones and smart home devices, as well as the development of artificial intelligence and machine learning technologies. Sustainability and social responsibility: More and more businesses are becoming aware of the need to operate in a sustainable and socially responsible manner. This trend includes efforts to reduce carbon emissions, minimize waste, and support local communities. Remote work: The COVID-19 pandemic has accelerated the trend of remote work, as businesses have had to adapt to the challenges of social distancing and lockdowns. Many businesses are now adopting flexible work arrangements that allow employees to work from home or other remote locations.

Explain the concept of private enterprise (EC:009) (CS)

The supply and demand system of a free-market economic system but it includes government intervention through taxes, regulations, and halting monopolies.

Explain the nature of tax regulations on business (BL:009) (ON)

They define what taxes you have to pay Ex. income tax employment tax self-employment tax excise tax --taxes on certain products, types of business, equipment, etc. (like a nicotine or carbon-emissions tax)

Explain the need for innovation skills (PD:126) (CS)

To stay competitive: In a constantly changing business environment, organizations must be able to come up with new ideas and approaches in order to stay ahead of the competition. Innovation skills can help organizations to identify opportunities for improvement and to develop new products or services that meet the needs of their customers. To respond to change: Innovation skills allow organizations to be agile and adaptable, enabling them to respond to changes in the market or in customer needs. This can help organizations to stay relevant and maintain their competitive edge. To drive growth: Innovation can drive growth by creating new opportunities for revenue and expanding into new markets. Innovation skills can help organizations to identify and pursue these opportunities. To foster a culture of innovation: Developing and fostering innovation skills within an organization can help to create a culture that values and encourages innovation. This can lead to a more creative and dynamic workplace, which can drive better business outcomes.

Determine relationships among total revenue, marginal revenue, output, and profit (FI:358) (MN)

Total revenue is your total sales (10 sales for $2 per means your total revenue is $20) Marginal revenue is your revenue per unit ($20 off of 10 sales means your marginal revenue is $2) Output is your total production ($10 spent making products, $1 to make each product, your output is 10) Profit is how much money you made after costs are deducted (Output of 10, $1 to make each unit, marginal revenue is $2, $20 total revenue - $10 production cost = $10 in profit)

Identify company's unique selling proposition (PM:272) (MN)

Understand the market: Conduct market research to understand the competitive landscape, customer needs, and industry trends. Use this information to identify opportunities to differentiate the company's products or services. Analyze the company's strengths: Analyze the company's strengths, such as its products, services, technology, or expertise, to determine what sets it apart from competitors. Identify customer needs: Identify the needs and wants of the target customers, to determine how the company's products or services can meet those needs in a unique way. Create a USP statement: Create a USP statement that clearly communicates the unique benefit that sets the company apart from competitors, and how it meets customer needs. Test the USP: Test the USP with a sample of the target market and get their feedback, if the USP statement is not resonating with the target audience, it may need to be adjusted. Implement the USP: Once the USP is finalized, implement it across all touchpoints, including the company's website, social media, advertising, packaging, and customer service. Monitor and measure performance: Monitor and measure the performance of the USP, using metrics such as customer satisfaction, brand awareness, and customer loyalty. Continuously evaluate and improve: Continuously evaluate and improve the USP, to ensure that it aligns with the company's strengths, meets customer needs, and differentiates the company from competitors.

Interpret statistical findings (NF:093) (SP)

Understand the statistical test that was used. Different statistical tests are used to answer different types of research questions or test different types of hypotheses. It is important to understand what the test was designed to do and how it works in order to correctly interpret the results. Look at the results of the test. The results of a statistical test will typically include a statistic (such as a mean or a correlation coefficient) and a p-value. The statistic tells you about the strength and direction of the relationship between the variables being tested, while the p-value tells you the probability that the results occurred by chance. Determine the statistical significance of the results. A p-value of less than 0.05 is generally considered statistically significant, which means that the relationship between the variables is unlikely to have occurred by chance. However, it is important to consider other factors such as the size of the sample and the strength of the relationship when interpreting the results. Consider the practical significance of the results. In addition to statistical significance, it is also important to consider whether the results have practical significance, or whether they are meaningful in the real world. For example, a statistically significant difference between two groups may not be large enough to be practically significant. Communicate the results clearly and accurately. When interpreting statistical findings, it is important to communicate the results clearly and accurately, without overstating or understating their importance. This may involve using appropriate statistical language and presenting the results in a clear and visual manner.

Explain the concept of accounting (FI:085) (CS)

Used to understand business finance and to know the revenues/costs in order to properly address them

Explain the impact of supply chain on business performance (e.g., value, customer satisfaction, business design, sustainability) (OP:477) (SP)

Value: The supply chain can impact the value of a business by driving costs down and increasing efficiency, which can lead to increased profitability. Customer satisfaction: A well-managed supply chain can help to ensure that customers receive their orders on time and in good condition, which can lead to increased customer satisfaction. Business design: The supply chain can influence the overall design of a business, as it can impact the types of products or services that the business offers, and the methods used to produce and distribute them. Sustainability: The supply chain can impact the sustainability of a business, as it can influence the environmental impact of the business's operations, and the use of resources such as water and energy.

Assess the need to use external resources for concept development (EN:012) (ON

We need external resources because we never will be able to come up with what our needs are without some external input. So, we must consult data and ppl in the industry to help us know what we need.

Identify capital resources needed for the venture (EN:020) (ON)

What are capital resources: Goods made and used to produce other goods and services Ex. Buildings, Machinery, tools/equipment, etc. Capital resources should improve your productivity

Determine hiring needs (HR:353) (SU)

What do you need/come up with precise requirements Make a job description Factor in your budget Evaluate what you need, want, and have in terms of employees

Explain the need for entrepreneurial discovery (EN:001) (ON)

What is it? The process of systemically scanning for changes (tech, political, regulatory, social, demographic, etc.) to discover opportunities to produce new goods/services Why is it needed? -Increases market competition -Inspires more innovation -Leads to industrial progress -Increases jobs and production

Determine personal vision (EI:063) (CS)

What is your purpose and meaning behind your business Set goals to achieve your purpose and meaning

Explain the nature of remedial action (HR:369) (SU)

What: Remedial action in human resources refers to the steps taken to address problems or issues that arise with staff members. How: identifying the root cause of the problem, implementing corrective measures to fix it, and taking steps to prevent it from happening again in the future. Examples: providing additional training to an employee who is struggling to meet performance standards, implementing a new policy to address issues with workplace harassment, or conducting an investigation into allegations of misconduct.

Identify factors affecting a business's profit (EC:010) (CS)

You determine what factors are affecting the cost and what factors are affecting the revenue.

Determine factors affecting business risk (EC:011) (CS)

competition - who else is selling similar products/how much market share do they have change in consumer demand - self explanatory poor management - mismanaging employees (ethics and/or productivity wise) human factors - stealing, mistakes, lies, etc. tech usage - how heavily do you rely on tech/how likely is that tech to fail policy changes - government laws, regulations, etc. natural disasters - self explanatory

Identify business risks (RM:056) (MN)

competition - who else is selling similar products/how much market share do they have change in consumer demand - self explanatory poor management - mismanaging employees (ethics and/or productivity wise) human factors - stealing, mistakes, lies, etc. tech usage - how heavily do you rely on tech/how likely is that tech to fail policy changes - government laws, regulations, etc. natural disasters - self explanatory

Explain loan evaluation criteria used by lending institutions (FI:034) (ON)

min credit score of 640-750 max debt: 40-100% of your total income goes to debt payments interest rates: 8.5-18%