Podcast
Questions and Answers
What is a potential disadvantage of starting a new business?
What is a potential disadvantage of starting a new business?
- Shorter time to profitability
- Long time to establish profitability (correct)
- Guaranteed market success
- Immediate customer base
Which of the following is NOT a question typically addressed in a vision statement?
Which of the following is NOT a question typically addressed in a vision statement?
- What products do we offer today? (correct)
- What are our core values?
- What is our business?
- What do we want to become?
Which component is essential for effective strategic goal setting?
Which component is essential for effective strategic goal setting?
- Avoiding time frames for goal completion
- Goals should be measurable and clear (correct)
- Focusing only on immediate challenges
- Setting vague and broad objectives
What is one advantage of buying an existing business?
What is one advantage of buying an existing business?
Which of the following statements best describes equity financing?
Which of the following statements best describes equity financing?
Which is a defining characteristic of debt financing?
Which is a defining characteristic of debt financing?
What is a key question addressed in a mission statement?
What is a key question addressed in a mission statement?
What is a common challenge associated with minority-owned and women-owned businesses?
What is a common challenge associated with minority-owned and women-owned businesses?
What is a sole proprietorship?
What is a sole proprietorship?
Which component is essential in a business mission statement?
Which component is essential in a business mission statement?
What does a vision statement typically convey?
What does a vision statement typically convey?
Which of the following defines strategic goal setting?
Which of the following defines strategic goal setting?
Which of the following is a characteristic of a corporation?
Which of the following is a characteristic of a corporation?
In which type of small business do most entrepreneurs typically start?
In which type of small business do most entrepreneurs typically start?
What is a primary advantage of a partnership?
What is a primary advantage of a partnership?
What typically describes the finance sector in small business contexts?
What typically describes the finance sector in small business contexts?
What is a primary objective of marketing in a business context?
What is a primary objective of marketing in a business context?
Which of the following best describes the 'PLACE' aspect of the marketing mix?
Which of the following best describes the 'PLACE' aspect of the marketing mix?
Which factor is NOT commonly considered when establishing pricing for a product?
Which factor is NOT commonly considered when establishing pricing for a product?
What should a business primarily focus on when conducting market analysis?
What should a business primarily focus on when conducting market analysis?
Which component is essential in building consumer loyalty?
Which component is essential in building consumer loyalty?
Which of the following is NOT a step in the simple marketing system?
Which of the following is NOT a step in the simple marketing system?
What is the primary purpose of effective promotion strategies?
What is the primary purpose of effective promotion strategies?
What aspect of business is addressed by identifying and satisfying social needs?
What aspect of business is addressed by identifying and satisfying social needs?
Which marketing objective involves persuading consumers about products or services?
Which marketing objective involves persuading consumers about products or services?
Which of the following is NOT considered a cost contributing to service pricing?
Which of the following is NOT considered a cost contributing to service pricing?
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Study Notes
Debt Financing
- Money to be paid at a later date
- Loan with interest
- Loaners have no ownership or shares
Equity Financing
- Funds invested in exchange for ownership of the company
- Investors own a piece of the company
Ways to Become a Business Owner
- Start a new business
- Develop and design your own way
- Long time to get off the ground and make it profitable
- Buy an existing business
- Shorter time and an existing track record
- Need to pay for goodwill
5 Stages of Growth for a Company
- New Market Niches
Types of Small Businesses
- Retail
- Manufacturing
- Service
- Construction
- Communications
- Finance
- Real Estate
Who are Entrepreneurs?
- Often have distinguishing backgrounds and demographics
- First-born children
- Children of immigrants
- Emerging growth companies of the next decades
- Women-owned businesses
- Minority-owned businesses
3 Basic Legal Forms of Business
- Sole Proprietorship
- Unincorporated business owned by an individual for profit
- Partnership
- Unincorporated business owned by two or more people
- Corporation
- Artificial entity created by the state and existing apart from its owners
- Separate entity from owners or other businesses under it
- Can open bank accounts, own cars and land, lease out land, make profit, be sued, and have legal responsibilities
Marketing
- Vital function to business survival
- Social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging products and values with others
- Creates value
- Relates to your problem and provides a solution
- Utilizes activities designed to sense, serve, and satisfy potential clients, physicians, or whoever you are targeting your message and efforts
- Identifying and satisfying social needs
- Creating curiosity
Main Objectives of Marketing
- Identify and meet the target market’s needs and wants
- Increase awareness of the product or service
- Increase accessibility to the consumer
- Persuade the consumer of the product or service
- Meet the operational and financial business goals
- Build consumer loyalty based on value and satisfaction
- Achieve a financial profile
Simple Marketing System
- Price
- The cost of the service or product
- Development and production costs
- Fair market value
- Government regulations and fee schedules
- Competitor pricing
- Overhead Expenses (rent, licenses, permits)
- Target market’s budget and purchasing habits
- Payroll and taxes
- Place
- Where and how you will provide access to your service or product
- Where your rehab business is located
- Where your target market will receive access to your products and services
- Promotion
- Communication of the benefits and place of your services
- Creating and communicating specific variables of your business, products, or services
- Increasing awareness or educating
- Position
- How and where your service or product compares to your competitors
- Determining how well your rehab business is performing compared to your competitors
Four Simple Marketing Steps
- Analyze your market
- Set of all actual and potential buyers of a product, service, or idea
- Develop a marketing strategy to reach and engage your target market
- Implement the marketing strategy
- Evaluate and refine the marketing strategy
Components of a Mission Statement
- Some may describe company values, product quality, attitudes toward employees
- What is our business?
- What do we want to become?
Vision Statement
- 10-15/20 years
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