Includes Natural Resources, such as coal, crude oil, timber
What is Land
100
Difference between the cost of raw materials and the price the finished goods are sold for
What is added Value
100
Insufficient Cash
What is lack of working capital
100
A well thought out business plan can help a business obtain this from a bank
What is finance or working capital
200
The force that drives business that is provided by risk taking individuals.
What is Enterprise (Entrepeneurship)
200
Exists for the purpose of helping people rather than to make a profit
What is Social enterprise
200
Inadequate Decision making skills
What is Poor management skills
200
A new business can overcome this if they provide better customer service
What is competition
300
Includes finance, machines, factories, offices, vehicles
What is Capital
300
physical goods used by industry to aid in the production of other goods and services, such as machines
What is capital goods
300
Changes in technology that make current methods outdated, old fashioned, or expensive
What is changes in the business environment
300
This is critical to give the new business maximum exposure to the greatest amount of the right potential customers
What is determining a good location
400
Manual or skilled-makes up the workforce
What is Labor
400
Non tangible products sold to the general public. They include insurance services and financial services
What is Consumer services
400
Failure to keep track of an employee's working hours
What is lack of record keeping
400
Providing personalized service and quality can lead to happy customers, that can lead to referrals to their friends
What is building a customer base
500
Not a factor of production, but this is needed because of infrastructure
What is Government
500
physical, tangible goods sold to the general public-they include washing machines, TV's, and non durables like candy that can only be used once
What is consumer goods
500
Failure to construct a cash flow forecast can lead to this
What is lack of working capital
500
Bonus!!!! With limited resources, consumers, businesses, and governments are faced with decisions- example should we buy new machines for our production facility or should we give our employees a big raise