A
Define what is business
The selling of a product or service for a profit as a means of providing livelihood
A person who invents a business
An entrepeneur
Functions of Management
Planning, organizing, directing and controlling
The structure base of a business.
A Business Plan
There are two ways to make money...
selling a product and providing a service
Name the four criteria that define a business
Being engaged, having a product or service, having a plan to make a profit, administration of money.
He bears all the
risks
Planning involves
deciding on the goals of the business and the way of achieving them
To get a clearer picture of the business, to see if the idea will work, to plan details, to provide structures for operations, to set goals, to explain the business to others...
Purposes for writing a Business Plan
A good business plan is NO guarantee of...
success
The cash you invest to start a business
start up capital
To see the opportunity, to organize the plan, to assume the risk, to start the business, to oversee management, to intend to make a profit
The six steps of an entrepreneurship
In directing, a manager has to
guide, teach and motivate workers
Which are the three mini-plans?
The organizational plan, the marketing plan and the financial plan.
If you sell a product to a customer, most states require that you collect...
Sales tax
The business plan should list the_____ and _____ of each person involved in the business
role, duty
Qualities of a good entrepreneur
Self-confident, enthusiastic, goal setter, creative, determined, hard worker
Which skills do managers need to perform effectively?
Interpersonal, organizational and technical skills
Name 4 things to take into account when writing a Business Plan.
Business name /location; legal requirements; goals and plans; products and services; advantages of your product people involved; supplies / suppliers
Meaning of S.M.A.R.T. goals
Specific, measurable, achievable, realistic, timely
To get a higher rate of profit on your business, it is important to buy your__________ at the lower price
supplies
He is in charge of...
Which of the management function is the most important one?
None. Effective managers meet the objectives through a combination of planning, organizing, directing and controlling.
What do you do, owners, location, quality of service, symbol...
Things a name can tell.
Who am I?
What do I do?
What is the unique benefit of my product or service?
Mission Statement