Entrepreneurship Exam 1 ch. 5-8

What are the advantages and disadvantages of start-ups?

Advantages- you can "do it your way, you will begin with a clean slate, and you can take time to make the product perfect. Disadvantages- No initial recognition, difficult to finance, and they may not have experienced staff

What are three solutions in which it might make more sense to go into business part time rather than full time

When you are new to the business and need experience, when you lack resources, when there is a narrow window of opportunity.

What are the reasons to write a business plan?

Builds legitimacy, to signal professionalism

What is the difference between informational business websites, and e-commerce business websites?

Information is an internet site designed to introduce and explain a business to others. E-commerce is the use of the internet to conduct business transactions.

What's the difference between innovative and imitative strategies?

Innovative- you seek to do something completely different than others Imitative- Try to do the same as what others are doing

What can you do to make the business plan easy to read and understand?

Make hand-outs of the specific information so you are not overloading the listener and they can view and hold the specifics so they comprehend it better

What are the differences between party and door-to-door retailing?

Party is where people come to a house and get to know the retailer and the product (Thirty-One). Door-to-door is exactly what it sounds like.

What are the differences in business plans for a start-up and an existing business?

Start-up is new so it needs more explanation and a longer plan than an existing business

what is the difference of strategic actions, and tactical actions?

Strategic- requires major commitment to resources Tactical- requires little resource requirement

What kinds of tasks do small businesses most often outsource?

Tasks that saves time for others to do.

What is the most important part of a business plan in general?

The vision statement

How can you display passion during a business presentation?

Think of yourself as telling a story

What is the best way to get into business?

decide the goal, and then the strategy

What is the competitive advantage of a business, and how does it lead to success?

meeting and beating your competition, it improves sales, thus becoming more successful

When managing your time in a to-do list, how do you go about prioritizing the list?

the best way is a 1-2-3 list. Important tasks get coded 1, less important goes to 2 and so on