MCE Exam 2
Organizations need these
- Capital - Good ideas - Planning - Information management - Budgets (e.g., financial management) - Accounting - Marketing - Good employee relations - Overall managerial know-how
Planning your business
- Mission, Vision, and Values - Strategic and financial objectives
Managing a Small Business
1. Planning your business 2. Financing your business 3. Knowing your customers (marketing) 4. Managing your employees (human resources) 5. Deciding on logistics (operations) 6. Keeping records (accounting)
Individual investors
Angels Crowdfunding Venture Capitalists
Potential sources of capital
Personal, family, or business associates Banks and finance institutions (lenders) Small Business Administration (SBA) Individual Investors
Why Small Business?
Starting point to understanding management in general
Small Business Administration (SBA)
US government agency that advises and assists small businesses by providing management, financial advice, and loans
Questions for Planning
What products or services do you provide? Which population(s) do you serve? What do you care about? What makes you unique? What are your short and long term goals?
Crowdfunding
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
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
