business ch5

Many classic entrepreneurs are _____ who start small and plan to keep their business small.

micropreneurs

Company overview

mission statement, company summary, company history, main people, location or locations

Which of the following is a reason why small business thrives in the United States?

rapidly changing technology

Vision and mission statement

state the principles and goals of the business

What should a well-written business plan contain?

executive summary or company overview; a marketing plan; a vision and mission statement; a management plan

International trade specialists that buy goods at a discount from small businesses and resell them abroad are called

export trading companies

ambitious

having a strong desire for success or achievement

The Small Business Administration (SBA):

helps people start and manage small businesses

Before you start your own small business, consider the following checklist

- Identify your reasons - Self-analysis - Personal skills and experience - Finding a niche - Conduct market research - Plan your start-up: write a business plan - Finances: how to fund your business

financial plan

A set of goals for spending, saving, and investing the money you receive.

What is a characteristic of the entrepreneurial personality?

Ambitious

•Product and service plan

Describes the product or service you want to offer.

Micropreneurs

Entrepreneurs willing to accept the risk of starting and managing a business that remains small, lets them do the work they want to do, and offers a balanced lifestyle.

•Appendix of supporting documents

Resumes, contracts, layouts, promotional materials, etc.

Executive Summary

a brief overview of the entire marketing plan

What is the first step in starting your own business?

a self-analysis

Marketing Plan

a written document that acts as a guidebook of marketing activities for the marketing manager

Operating plan

designed for a 1-year period defines how you conduct your business based on the action plan identifies clear targets such as revenue, cash flow, and market share

Management plan

divides a company into different departments run by different managers

Multipreneurs

entrepreneurs who start a series of companies

Are minorities interested in becoming entrepreneurs?

yes