SME's
What is the main role of an SME?
To provide employment and a wide range of products.
What are the burdens of entrepreneurship?
responsibility, work hours and short term financial difficulties.
What changes are involved in corrective action?
materials, products, management practices, delivery of products to the market and human resources.
What is a business plan?
Is the 'blueprint' for future growth, it sets out the desired goals of the business and how to achieve them.
What is the chance that Jas gets eaten by a lion in Africa
100%
After a year how many SME's will still be successful?
79%
What are examples of business experience?
stock control, time management, store presentation, management skills and customer services.
What is a vision statement?
A broad statement about what the business aspires to become in the future.
Why is a business plan essential for owners/managers?
2. They assist in securing finance
3. They reflect the skills and abilities of the business owner.
Where is my dog currently living?
Tamworth
Why is it difficult to provide an accurate count of SME's?
1. There is no universally accepted definition of an SME.
2. The SME sector is extremely dynamic and changes daily.
What are the benefits of entrepreneurship?
freedom and independence, financial payoff and satisfaction and pride.
What is RSPCA's vision statement?
What are the 7 critical issues?
trend analysis, economic conditions, competitive advantage, technology, over-extension of resources, management and business plan.
What is Julianah's dad's full name?
Andrew James Hegarty
What are the 5 keys to success for SME success or failure?
Entrepreneurial, access to information, flexibility, focus on market niche and reputation.
What are the 6 personal qualities?(list in alphabetical order)
cultural background, entrepreneurship, gender, motivation, qualifications and skills.
What is the formula for the break-even analysis?
quantity = total fixed costs / unit price - variable costs per unit
What percent of small businesses use social media as a way of communicating with customers?
63%
Who is the best at sports in our class?
Lyndsey
According to the ABS, SME's account for approximately ____% of all private sectors of businesses (2019).
99.8%
What development do education opportunities allow for?
1. accounting
2. computer skills
3. staff management
3. business administration
4. marketing
What are the 9 elements of a business plan?
1. executive summary
2. goals
3. strategies
4. business description and outlook
5. management and ownership
6. operational plans
7. marketing plans
8. financial plans
9. human resources
What are the 4 ways to avoid overextending finance?
1. business planning
2. avoid an overdependence on debt financing
3. long-term finance planning
4. a small start
In the TV show Friends, how many times has Ross been married by the time the series ends?
2