CHAPTER 5

POP-UP SHOP

is a short-term, temporary retail event that is "here today, gone tomorrow"

Business-to-Business (B2B)

- a form of transaction between businesses, such as one involving a manufacturer, wholesaler, and a retailer.

Business-to-Consumer (B2C)

-is a term used to describe a commerce transaction between a business and an end consumer

Pop-Up Business

-is just a temporary business. Different authors may add different qualifiers, but I like to keep things simple. -is a way to take advantage of fleeting opportunities, test whether an idea is workable and to learn from direct experience. •Pop-ups can be: ·Booths and stands at festivals ·Short-term stores for the holiday season ·Displays of items for sale inside another business ·Fireworks stands around holidays ·Vendors at the farmers market

EPISODIC BUSINESSES

Businesses such as "pop-up" restaurants and pop-up retailers are often called

Aggrandizing

This misleading impression, called ___________, can spell the death of a firm if discovered at an inconvenient time. For a part-time small business, achieving legitimacy and business respect can become a driving force. Occasionally, the entrepreneur sees an opportunity that is possible, but a stretch. If it looks like a stretch to the customers, the entrepreneur may start thinking about making the firm seem bigger, more substantial, or more capable than it really is.

uncertain about the demands

•A fourth situation arises when you are ___________of going into a fulltime business. You may be concerned about whether or not you will actually like doing the activity as a business.

lack resources

•A second type of situation is one in which you_________ to pursue a full-scale business or create a business plan. Time is probably the ultimate resource, and starting a business can tax it heavily.

Home Retail

•At a home party the entrepreneur arranges a get-together at someone's home where participants can socialize and get acquainted with the entrepreneur and the products or services offered. Pioneered by cosmetics firms, it is a widely used technique with dozens of franchised sales operations using it today. •The advantages of _______________ are the speed and ease of setup, the low cost of getting started, and the ability to do the work away from your home and employer, thus minimizing potential conflicts. The disadvantages come from always working "on the road," lacking a base from which you can organize and work, having a highly variable income, and finding ways for customers to get in touch with you (although cell phones and email have made a major difference).

to gain basic experience

•One of these is when you are new to business and need to ________. If you have not been involved in pricing, buying, and selling, learning how to do such things makes a lot of sense before launching the business of your dreams. You might want to obtain other types of experience before starting a full-scale business or writing a business plan. These can include experience in the industry, in the line of business, in the locality of the specific market you plan to serve, in managing cash, or in managing yourself in self-employment.

1. to gain basic experience 2.lack resources 3. narrow window of opportunity 4.uncertain about the demands

FOUR SITUATIONS sense to first undertake a part-time Business.

1. Home-Based Business 2. Internet Informational Websites 3. E-Commerce and Online Shopping Sites

KINDS OF PART-TIME ENTREPRENEURSHIP EXIST

Moonlighting

Often, the most successful small businesses build from the business expertise and personal contacts of the entrepreneur. However, managing this without offending your current employer, or getting into legal or contractual trouble, is not easy. Working on your own part time after your regular job is called __________ and it poses particular risks.

PART-TIME BUSINESSES

Part-time business. Side hustle. Weekend job. Second gig. •No matter what you call it, we've all heard stories of entrepreneurial people who have found success working outside their standard 8-to-5 job. •If you're hungry to start your own business or just looking for some extra cash to live more comfortably, there's an infinite world of possibilities out there. •But i won't sugar coat it: it's not easy. To balance an extra part-time business, you'll need to spend those precious few free hours you have after a long day's work or over the weekend. The good news is that if you do your research, think strategically, and stay determined, you might find yourself in places you've only dreamed about.

-Do I understand how the business works? -How long will this opportunity last? -Do I really want to do this full-time? -Do I have enough resources?

WHEN TO CONSIDER PART-TIME ENTREPRENEURSHIP

....

When you enter businesses as an entrepreneur, you are not required to work full time. There is no rule that says that you must make your living from the business. You get to decide what is right for you. You may "go for broke" and risk all your resources on a full-time business. Or, you may just "hedge your bet" by keeping your day job while you feel your way into the business on a part-time basis.

Poisoning the well

refers to creating a negative impression among your employers' customers. If you use your business contacts through your day job as the basis for your part-time self-employment, you will inevitably find some customers who do not want to hear your sales pitch. If, because of this, they tell your employer they are less likely to buy from him or her, your part-time business has hurt the full-time one.

Home-Based Business

Home might be where the heart is, but it is also where the part-time business starts. If yours is a retailing or wholesaling business, home is where you store your goods. If you are making furniture, toys, clothing, or food, it is probably where your work area is. And if you are in a service, it is where you retire to in order to get your work done. For nearly everyone, home is where you keep your office records, do your bookkeeping and taxes, and where you probably first receive your firm's mail.

Internet Informational Websites

Perhaps the biggest change in part-time self-employment in the past five years has been the growth of the Internet as a major method for conducting business. Most of us have bought something online, which is what is called e-commerce. But another type of website, the informational website, is an even more important type of site that informs possible customers about your firm. For a part-time entrepreneur, a website can become a 24-hour-a-day, 7-day-a-week source of information and prospects, if not sales. Products like music and cell phones are examples of the kind of goods we buy as individuals. That type of e-commerce is called business-to-consumer (B2C). There is another type called business-to-business (B2B) sales where one firm sells to another firm. The Internet's power comes from its being a very cost-effective and efficient way to contact your customers. With the Internet, a small, part-time, one-person operation can compete with a billion-dollar-a-year multinational. Whether your customers are other businesses or other consumers, getting a website together is essential.

Home Retail Stand Retail Pop-Up Business

THE NEXT BEST THINGS TO A HOME-BASED BUSINESS

•1. The cost to start up your new part-time business. •2. The time to start up your business. •3. The permanence of the business you are creating.

THREE KEY CONSIDERATIONS for part-time small business start-ups

Moonlighting Aggrandizing

TWO SITUATIONS in which part-time entrepreneurs are particularly at risk

E-Commerce and Online Shopping Sites

With numbers like those it is no wonder that e-commerce on the Internet is an attractive approach for entrepreneurs looking to create a business. This is especially true for part-time entrepreneurs. For part-time entrepreneurs the online approach makes a highly attractive opportunity because it offers the advantages of a large market, 24/7 availability of your products, and a start-up that is quickly done and potentially inexpensive. For many part-timers, the online approach provides a great way to learn the business and the market, establish your reputation and business track record, and lay a foundation for a full-time business. For entrepreneurs looking to prospect for the right type of business, the online sales approach makes it possible to try out a range of industries quickly and with minimal risk.

Conflict of interest

crops up when people do work for their part-time business while they are at their full-time job, blurring the boundary between them. ___________happen when what is best for your part-time business is different from what is best for your full-time employer or when people cannot be sure which of the two firms you represent. The key is to keep your full-time and part-time jobs clearly separate. For example, do not contact customers of your part-time business when you are at your full-time job

Cannibalizing

means taking business away from your employer. This can come from your taking sales away from your employer or taking working hours away to do your own business. This is a real problem if your part-time business is similar to your full-time occupation; for example, if you are a painter for a building contractor in your day job and do similar sorts of painting as your part-time moonlighting enterprise.

......

•The following list touches on many of the issues home-based entrepreneurs find most important to running their business: •1. Choose a work location inside your home that is away from noise, distractions, and family •traffic. It helps you concentrate and sound businesslike when on the phone. •2. Be realistic about the amount of space you'll need for your equipment. •3. An office door can keep business separate from family and the rest of life. •4. Try out your location for a day or two to check out noise, traffic patterns, lighting needs, •and distractions. •5. Don't overload on hours of work, or on snacks from the refrigerator down the hall. •6. Set up your workday to minimize distractions from household or family chores and, as much as possible, stick to the plan. •7. Consider hiring help to handle household or family chores to free up your time. ∙∙Set the ground rules early and stick with them. Watch out for family, friends, and visitors who don't understand home-based businesses. When you run a home-based business, you will find that working-outside-the-home parents, siblings, children, and friends just don't get the fact that they really can't drop off their ill or vacationing children so that they wouldn't miss work. You'll be asked to do extra school or sports carpools, wait for service people, or other such things because of your at-home status.

narrow window of opportunity

•The third type of situation is a ___________. Part-time businesses can generally be created quickly, and they offer a concrete example of a business to customers, suppliers, and others. When there is not enough time to do a business plan or get the entire business going, pursuing a part-time business to capture the attention of others makes a lot of sense.

Stand Retail

•the roadside, flea market, farmers' market, or craft fair business—is one of the most ancient forms of small business. •The advantage of ______________ is that you can start with little investment. Stands can be a box or ground cloth. They also do not require a lot of investment in inventory. There are a variety of locations where a stand can be set up, such as flea markets. Stands can also be quickly established and easily ended as a business. Stands vary widely in the products they sell. The disadvantages of stands are the variable income they provide; the difficulty of making sure your stand and business meet legal requirements such as compliance with registering, licensing, and zoning the problem of knowing how to price goods; and building up a customer base for your stand.