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