MCE Exam 2 part 1

Consumer market

•people with unsatisfied wants and needs who have both the resources and willingness to buy

Angels

•private individuals who invest their own money in potentially hot new companies before they go public

Operations

Deciding on logistics Manufacturing plan •Plant size •Machinery required •Production capacity Supply chain considerations •Inventory and inventory control-methods •Location of plants and distributors, etc. •Transportation costs

Accounting

Keeping records. •Daily sales, expenses, and profits •Inventory control, customer records, and payroll Helps with: •Tax planning and financial forecasting •Choosing sources of financing and wiring requests for funds • Poor accounting practices lead to costly mistakes

Human resources

Managing your employees •Deciding labor needs •Recruiting and selecting the right people •Training and development for growth •Rewards and culture for retention •Motivating for performance

SBA-Small Business Administration

US government agency that advises and assists small businesses by providing management, financial advice, and loans

Crowfunding

donation based or debt-investment (peer-to-peer lending)

Venture capitalists

individuals or companies that invest in new business in exchange for partial ownership of those businesses

Planning

•Mission, Vision, and Values •Strategic and financial objectives

Financing

•You need money to start a business! •Potential sources of capital: •Personal, family, or business associates Banks and finance institutions (lenders