Finance and Business

Study Guide Test 1 Small agate line BSMG 2410 TEST 1 REVIEW MULTIPLE CHOICE 1. How a calling excogitation stomach be useful. A working blueprint outlining ? nances and fashion for a new start-up or expansion. Gives you something you see. 2. The doorways to small line of merchandise ownership. on that point are three doorways to small business ownership. 1. subvert an existing business. 2. Buy a franchise 3. Start a new business. 3. non unrivalled of the ten killer factors. The decade Killer Factors for Entrepreneurs 1. Weak personality 2. The l hotshot wolf syndrome 3. Nebulous business topics 4. No plan 5. Too little financial backing 6.Cash-flow troubles 7. No marketing strategy 8. No controlling 9. The wrong(p) plenty 10. Underestimating the competition 4. Not oneness of the ten success factors. The Ten Success Factors for Entrepreneurs 1. Willingness to succeed 2. Self-confidence 3. A clear business idea 4. The Business Plan 5. Exact control of finances 6. Target ed marketing 7. A step ahead of the competition 8. Management support 9. Cooperation 10. Clear telephoner structure 5. Not good advice for a budding entrepreneur. When you are the boss, you arouse take it easy. 6. Not one of the key points for successful entrepreneurs.Entrepreneur A aerial self-starter who loves the adventure of a new enterprise and is go awaying to risk his or her own money 7. Characteristics of todays changing family. 8. Impact facts rough the baby boomer generation. mess up boomers Persons born between 1946 and 1963 Increase in population Retirement age. They will probably be your customers. Pg. 33 Baby boomers make up 70% of the population. Have a steady income. 9. Not an case of the new living arrangements. Living arrangements are changing and evolving. 10. What is courteous by the Opportunity Selection Funnel 11.Not one of the product life- rhythm stagesThe career Cycle Stages A. Embryo B. Growth C. Mature D. Decline 12. What is included in first qu estion? Secondary research Reading and using previously published (primary) research 13. Steps in opportunity selection. Pg. 56 1. advance personal and business objects in mind by means of the filtering process 2. observe more about your favorite industry. 3. Identify 3 to 5 promising segments 4. Through research, identify problems that need solutions. 5. Brainstorm for solutions 6. Mesh possible solutions with your objective 7. Concentrate on the most promising opportunities. 4. What is gained by doing primary and subaltern research? From my understanding, aboriginal and Secondary research are the difference in conducting the research. In Primary research, there is no selective information avail able-bodied for the police detective hence the detective has to start from scratch. This means that the researcher needs to build questionnaires, collect data from respondents and then analyses the result. If you are doing petty(a) research, the researcher receive the necessary data available. These data are made available through separate publications or works, like newspaper or annual reports of companies.If the researcher is doing secondary research, there is no need to start from scratch he or she uses the data or information done by other organizations or publications. The important thing is that there are advantages and disadvantages for both methods. Primary research is more time consuming and costly. While some secondary research may not suit the researchers needs. 15. Consider industry breakthroughs. 16. split of the NAICS structure. Pg. 62 North American fabrication sort System (NAICS) 1. Industry sector (20 major sectors) 2. Industry subsector 3. Industry group 4. Industry . U. S, Canadian, or Mexican national specific industry 17. How trade shows work. 18. How to conduct primary research. Interviews 19. How to use a matrix grid. Measurement mother fucker with which ideas are screened and evaluated in order to ? nd solutions 20. What can be gain from market research. assemblage and analysis of data pertinent to current or potential viability of a product or profit. Do the research up front will save you money in the long run. 21. What is included in a media kit. A media kit is a packet of information about your business that is created for use by the press.Its purpose is to provide media members with the necessary data to report on your business. Business Facts History Products/Services Bios Current News 22. Examples of organize customers. Persons who have the highest likelihood of buy a product or service 23. Other things included in a media kit. Readership pro? les, and information, and market research developed by magazines for potential advertisers 24. Helpful websites in profiling heading customers. www. newslink. org www. mediafinder. com www. brint. com www. sba. gov 25. What Claritas information is based on.A partnership providing a household segmentation tool that concisely describes and categorizes people by their age, income level, and social preferences. It is a sister company of National Decision Systems Psychographic Descriptive information on values, attitudes, and lifestyles SHORT exercise Chapter 1 26. Explain two (2) reasons why a business plan is critical to a small business. 27. Provide two (2) reasons for and two reasons against first your own business. For Job Security, in todays economy this is one way of assure an income. You get to choose your schedule and work with flexibility- This has its benefits for sure.Being able to schedule around activities and practices and school is nice. However, it can also mean that you are working late into the evening. Just know that you have to be wide-awake for this Against It takes a lot of work. Ive been dealing with entrepreneurs for more than 30 years now, and Ive never seen even one of them who worked less while make a business than when he or she was an employee, or a student, or something else. Failure can cost you big time. Businesses do fail, and not continuously through the fault of the owner. Even good decisions have bad outcomes. in that respect are a lot of factors you cant control.I know people whose business failure cost them their sense of self, plus their life relationships. If you cant deal with the possibility, dont go there. 28. Provide an advantage and a disadvantage of each of the three methods of getting into business. Starting from scratch, buying an existing business, franchise Chapter 2 29. Explain through the use of an example what is meant by new eyes research. Trends, what people will be doing in the future. Helps provide feedback 30. What are the four (4) stages of a product life cycle and explain which one should be avoided. A. EmbryoB. Growth C. Mature D. Decline you fatality to avoid because this means you an a ingesthill ride and there is no more opportunity for expanding. 31. Explain the concept of brainstorming. It refers to focusing on one subject and recordin g many ideas and different direction that idea takes you down so you can expand upon them in future works you create. Dont be afraid to think and follow wandering thoughts. 32. Explain how the changing family could kick in up any two (2) possible small business opportunities. The sum up of grandparents raising their grandchildren has increased. Chapter 3 3. Explain how the NASIC/SIC codes are set-up and how they can be used for gathering business information. (pg. 62) The North American Industry Classification System (NAICS, pronounced Nakes) was developed as the standard for use by Federal statistical agencies in classifying business formments for the collection, analysis, and publication of statistical data related to the business economy of the U. S. NAICS was developed under the auspices of the blot of Management and Budget (OMB), and adopted in 1997 to replace the old modular industrial Classification (SIC) system.It was also developed in cooperation with the statistical a gencies of Canada and Mexico to establish a 3-country standard that allows for a high level of compare in business statistics among the three countries. NAICS is the first economic classification system to be constructed based on a single economic concept. The Standard Industrial Classification (SIC) was originally developed in the 1930s to classify establishments by the font of activity in which they are primarily engaged and to promote the comparability of establishment data describing various facets of the U.S. economy. 34. Explain how a matrix to employ desires with ideas works for the entrepreneur. Chapter 4 35. Describe how an entrepreneur can use a mass- market magazine to generate a profile of its target customers. Handouts 36. contend any three (3) traits from Successful Small Businesses Share Five Traits. 37. demonstrate any three (3) points from Getting a business of the ground is intemperately work. 38. Discuss the relationship between happiness, passion, and own ing a small business.