Starting a Business
Where can you find information about a business?
Libraries, existing businesses, trade associations, government resources and the internet are all free to find information about a business.
How does a service business generate profit
By doing something for other businesses or consumers
What are website hits?
The number of people who visit the website.
Describe forecasting.
the process of looking at past and present data, as well as marketplace trends, to predict future financial performance
Why might a home-based business be more enjoyable to some people?
few to no meetings, no office politics, less time spent on the telephone, avoid running from office to office, wearing casual clothes (save on clothing and dry-cleaning costs)
What are somethings a business website needs to have?
domain name, easy navigation, contact page, clear description of who you are, etc.
Why might someone start their own business?
wants to make their own decisions, financial independence, opportunity to use their skills/passions to make a profit, or launch an innovative idea
What is an example of a retail business and how does it earn profit?
earns profit by selling things Ex. Walmart, macy, etc.
What are some benefits of a web-based business?
Open mostly 24/7, lower development costs, easy to get in touch with, etc.
What are two ways you could get start-up money and how would it work?
Debt financing- borrowing money to run a business Equity financing- using your savings or an investor's savings to run your business
What are the four types of businesses? Explain what each does.
Service business- provides a service for consumers or other business Retail business- buys items from a producer and sells them to consumer Not-for-profit organizations- does not make a profit and serves the community Manufacturing business- produces products and sells them to distributors and consumers
What does e-commerce mean? Give an example.
E-commerce is when consumers and sellers can conduct business without ever meeting face to face. Ex. Amazon, Ebay, Alibaba
What are some examples of alternatives for people who can't afford high-risk business?
tutoring, babysitting, dog walking, lawn-mowing, etc
Does a not-for-profit make profit for itself? If not, who do they make profit for?
A not-for-profit organization does not make any profit, its main purpose is to meet specific needs for the community.
Why might someone not like buying things online?
nothing is tangible so they are skeptical or are conserved about privacy (info being stolen or misused)