Starting a Small Business

Where will we buy equipment

According to the segment, which of the following is NOT a question asked in the strategy and development process?

Market share

According to the segment, which of the following was NOT an issue in taking over a business?

Strategy and developmet

Addresses the questions: who will the business serve? What is the businesses vision and mission? What are the goals for the year? How is the brand going to be developed?

the process of locating and describing potential customers

Completed in the Market Analysis section of the business plan.

"To increase brand recognition" is an example of a

Goals

Adopts the chain-of-command methodology.

Hierarchical structure

a description of family

Management profiles do NOT include

Expansion capital

Money needed to expand for additional inventory, equipment, marketing cost, employees, etc. is known as which of the following?

Experience

One of the considerations to determine if you "have what it takes" to start a business.

selling the right product, at the right price, and the right place and time.

Services and products can meet the needs of a target market by

should be narrow, focused and manageable

Target Markets

Operations

The activities involved in the day-to-day running of a business to maintain productivity.

Learning based

This business structures work great for small businesses.

Use an experienced facilitator, conduct multiple focus group sessions, assign one member to be devil's advocate.

To prevent group think you should...

Do I have what it takes

What is the first and primary question you should ask yourself before starting a small business?

3 to 5 years

When conducting a market analysis, you should forecast the next __________.

Twelve-hour workdays six to seven days each week

When starting a new business, you should be prepared for which of the following?

Marketing and sales

Which section of the business plan discusses how owner(s) plan to enter the industry and grow the business?

Service and/or product line

Which section of the business plan should be the bulk of the plan?

Newtorking

Which type of market test engages the snowball effect?

Secretary of State

With what office do owner(s) register the businesses name?

Marketing

allows business resources to be used in the best way possible.

Learning Based Structure

allows functions to work together; they are not subordinate to each other

Mission

clear broad statement describing the purpose of the organization

Organizational Structure

clear managerial structure for each function of the business

Market Analysis

describes the current condition of the industry and forecasts where the industry is moving in the next three to five years

Target Market

describes who a business is providing services for

Goals

general statements of what needs to be achieved and accomplished to achieve the mission

Hierarchical Structure

organizational structure in which business functions are subordinate to the other

Survey

questionnaire asking various questions about people's interest in a product

Focus Groups

soliciting individuals to consume a product and provide proactive feedback

Objectives

specific, time-sensitive accomplishments used to measure the progress toward achieving goals and the mission statement

Groupthink

the mode of thinking that occurs when individuals desire to get along and avoid conflict.

Prototyping

the process of building a model that demonstrates the features of a proposed product, service, or system

Business Plan

written map for beginning and growing a business; includes a mission, business goals and objectives