Financial Management (B)
Many entrepreneurs mistakenly focus more energy on sales and marketing than THIS valuable practice.
______________ is nothing more than “cash in, cash accumulated, and cash out”
What is cash management?
Article - Catch Your Cash by C.J. Prince
Shopping online rather than in a physical store is an example of THIS.
What is e-commerce?
THIS practice involves creating new products to sell to existing customers.
What is product development?
Along with the Entrepreneur and the Manager, THIS is the third persona
What is the Technician?
E-Myth p 19
THIS term describes someone who is considering going into business for themselves
Entrepreneur
THIS is the term which describes a company or individual which purchases the legal right to collect a business’s outstanding invoices.
By doing THIS, a company is able to take advantage of these 3 cash-management related benefits:
1.Help make cash flow in faster to provide more services.
2. Receive funds that wouldn’t traditionally get approved by banks.
3. Maintain the ability to compete with large corporations that may have not been possible otherwise.
What is a Factor?
What is Factoring?
Mayer, M. (2003, December). Taking the Fear Out of Factoring. Inc. Magazine, 90-97.
A business that has to rehire 60% of it’s employees every year is suffering from THIS.
What is a high turnover rate?
THIS practice involves selling more product to current customers.
What is market penetration?
An entrepreneur should be doing THIS rather than working IN their business
What is working ON their business?
E-Myth p 97
THIS man started Facebook.
Who is Mark Zuckerberg?
If your company teams up with another company to provide products/services to each other at mutual discounts, you are participating in THIS form of exchange.
It's pretty much a form of trading
What is bartering.
Hourly wage, taxes, and workmans compensation are all examples of THIS.
What are the costs of having an employee?
Radio, TV, print media, and online are examples of THIS concept in marketing.
What are alternative channels?
THIS term describes the fallacy that an entrepreneur has to know and do everything in a business
What is the Entrepreneurial Myth?
or
What is the E-Myth?
E-myth p 9
Commonly referred to as the founder of McDonalds, THIS man expanded the company into a massive franchise.
Who is Ray Kroc?
When performing THIS part of a business transaction, it is especially important to maintain an assertive, empathic, and friendly attitude toward clients.
What is collecting payments?
THIS abstract concept defines how employees interact with each other and their customers.
What is company culture?
THIS growth strategy is marked by purchasing your suppliers.
What is backward growth strategy?
THIS idea states that every business should be designed as a franchise from the beginning
What is the “Turn-Key Revolution”?
E-myth p 80
THIS business model is designed for expansion, such as McDonald’s and Subway
What is a Franchise?
In 1993, Clifford Smith, commonly known as Method Man, told the world that THIS dictated all of the actions in his surrounding environment.
What is Cash?
Compact fluorescent lights, occupancy sensors, turning off unused equipment, and recycling toner cartridges are examples of THIS practice?
What is sustainability?
What are sustainable solutions or strategies?
THIS risky, old growth strategy, which is now out of fashion.
An example would be General Electric
What is diversification?
Even if one person does them all, every job position in a company needs THIS
What is a Position Contract?
E-myth p174
A business builds THIS by speaking the language in their neighborhood, sponsoring fundraisers, and knowing their market.
What is community?