Podcast
Questions and Answers
Many classic entrepreneurs are _____ who start small and plan to keep their business small.
Many classic entrepreneurs are _____ who start small and plan to keep their business small.
micropreneurs
What is a characteristic of the entrepreneurial personality?
What is a characteristic of the entrepreneurial personality?
Ambitious
What is the first step in starting your own business?
What is the first step in starting your own business?
a self-analysis
What should a well-written business plan contain?
What should a well-written business plan contain?
International trade specialists that buy goods at a discount from small businesses and resell them abroad are called?
International trade specialists that buy goods at a discount from small businesses and resell them abroad are called?
Which of the following is a reason why small business thrives in the United States?
Which of the following is a reason why small business thrives in the United States?
Are minorities interested in becoming entrepreneurs?
Are minorities interested in becoming entrepreneurs?
What is the Executive Summary in a business plan?
What is the Executive Summary in a business plan?
What is a Vision and Mission Statement?
What is a Vision and Mission Statement?
What does the Company Overview include?
What does the Company Overview include?
What does the Product and Service Plan describe?
What does the Product and Service Plan describe?
What is a Marketing Plan?
What is a Marketing Plan?
What is a Management Plan?
What is a Management Plan?
What does an Operating Plan define?
What does an Operating Plan define?
What is a Financial Plan?
What is a Financial Plan?
What is included in the Appendix of Supporting Documents?
What is included in the Appendix of Supporting Documents?
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Study Notes
Entrepreneurial Concepts
- Micropreneurs: Entrepreneurs who operate small businesses, embracing the risk while prioritizing a balanced lifestyle and pursuing their passion.
- Multipreneurs: Business individuals who initiate multiple companies throughout their careers.
Characteristics of Entrepreneurs
- Ambitious: Possessing a strong drive for success and achievement is crucial for entrepreneurial success.
Initial Steps to Entrepreneurship
- Self-Analysis: The critical first step in launching a business, assessing personal readiness and motivations.
- Checklist Before Starting: Includes identifying personal reasons, conducting self-analysis, evaluating skills, finding a niche, conducting market research, writing a business plan, and planning finances.
Business Planning Essentials
- Business Plan Components: Should include an executive summary, a marketing plan, a vision and mission statement, and a management plan.
- Executive Summary: Offers a concise overview of the entire marketing strategy.
- Vision and Mission Statement: Outlines the fundamental principles and objectives of the business.
- Company Overview: Details the mission statement, company history, key personnel, and location specifics.
Marketing and Management Plans
- Marketing Plan: A comprehensive document that serves as a guide for marketing strategies and activities.
- Management Plan: Organizes the company into distinct departments, each managed by different individuals.
- Operating Plan: Intended for a one-year period, detailing business operations, revenue targets, cash flow, and market share goals.
Financial Planning
- Financial Plan: Comprises set objectives for spending, saving, and investing income.
- Supporting Documents Appendix: Contains essential materials such as resumes, contracts, layouts, and promotional content.
Resources and Support
- Export Trading Companies: Specialize in purchasing discounted goods from small businesses for resale in foreign markets.
- Small Business Administration (SBA): Provides assistance to individuals looking to start and manage small businesses.
- Small Business Growth Factors: One key reason for the thriving small business sector in the U.S. is the rapid advancement of technology.
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