These are distinguishing qualities and characteristics that people possess. They do not change over time and are helpful in determining a good management team.
What are traits?
100
The collective characteristics of a company that separates it from its competitors.
What is a unique selling proposition?
100
The characteristics of a product, for example, “lightweight,” “self-cleaning,” “easy-to-use,” etc.
What are features?
100
The most simple way one person can run a business.
What is a Sole Proprietorship?
100
The overall process of strategy, organization, concept generation, product and marketing plan creation, and evaluation, and commercialization of a new product
What is stages of product development?
200
This is the collective abilities and expertise that a person has developed through practice and experience.
What is a skill set?
200
A description of ideas that define the business.
What is a business concept?
200
Outcomes that are not easily seen or recognizable, such as “make me feel good about myself,” “raise my standing in the community,” or “make me look cool”.
What are intangible benefits?
200
An arrangement by which partners conducting a business jointly have unlimited liability.
What is general partnership?
200
Process of identifying an organization's immediate and long-term objectives, and formulating and monitoring specific strategies to achieve them.
What is the purpose of an organizational plan?
300
These help describe a company's uses and sources of money. An example would be a businesses' federal tax returns from previous years.
What are financial statements?
300
The purpose of this is to serve as a communication and planning tool. This explains "the road you are on."
What is a company description?
300
Results that are easily recognizable or seen, such as, “lose weight,” “save money,” “save time,” or “reduce cholesterol”.
What are tangible benefits?
300
The skills and knowledge of an individual
What is human capital?
300
To show the hierarchy structure in a business and other things.
What is an organizational chart used for?
400
This creates policies and procedures for the company to operate under. It also assess if the firm is meeting its goals.
What is an advisory board?
400
This is a factor of entrepreneurial opportunity. It may be a type of product of service, a different method of marketing, or a different location.
What is a unique selling proposition?
400
The purpose of this plan is to identify the key products and services that you will provide.
What is the product and service plan?
400
More partners; however, each partner only is liable to the amount that she invested in the business.
What is limited partnership?
400
A Management team includes the board of directors, business’ owners, and managers. This team analyzes the business’ goals and objectives.
What is the description for a management team?
500
These people's skills in finance, human resources, operations, product development, and other aspects of management help them do their job.
What is an executive?
500
Understanding this is a key step in the planning process: it helps you understand who to sell your products and services to.
What is a target market?
500
A company or single group of people authorized to act as a single entity.