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What are the 3 main things businesses do?
Provide a service
Sell a product
Produce a product
What is a e-commerce?
Buying and selling online
Where Can You Find Information about a Business?
Libraries, existing businesses, trade associations, government resources, and the internet
What does revenue mean?
the amount of money you will gain from the sale of the product or service.
What does SOHO stand for?
Small Office, Home Office
What does the "e" in e-commerce stand for?
electronic commerce.
What does GDP stand for?
Gross Domestic Product
What does forecasting mean?
what resources you require and how much financing you will need to acquire them.
What does brick and mortar mean?
companies that own a building to sell their service or product
What do you need to start a e-commerce?
a website
a domain name
What is the difference between debt financing and equity financing?
Debt financing is borrowing money to run a business
Equity financing is using your savings to run a business
What resources will you need to start a business?
Cash, inventory, supplies, furniture and fixtures, computer hardware and software, equipment, tools, vehicles, and buildings
What are the 4 types of businesses?
Retail Business
Manufacturing Business
Not-for-profit Organizations
Service Business
How long are E-commerce usually open for?
24/7 24 hours a day, seven days a week.
Where can you find debt financing?
banks, trust companies, and credit unions
What are some risks of starting a business?
A customer buying your product or service could be upset with the quality of your product or service.
A business partner could be making deals with customers that you don’t like.
Someone you fire for not doing their job properly could sue you for wrongful dismissal.
The person you get your supplies from could be late on delivering which can stop the production of the product or service.
Your product or service could hurt the customer instead of helping that can result in a lawsuit.
Why do people go into business?
achieve financial independence.
What year did online businesses grow at a rapid rate?
1991
What is Industry Canada's website name?
Strategis for canadian businesses and consumers. (strategis.gc.ca)
What do complex business look for in employees?
people with a variety of skills