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Questions and Answers
What is the first step in preparing for a new business?
What is the primary purpose of creating contracts in the business preparation process?
What is the last step in the business preparation process?
What is the purpose of choosing a business model in the preparation process?
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What comes after creating a financial model in the business preparation process?
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Study Notes
Preparing for Business Ownership
Choosing a Business Type
- There are three main business types: B2B (Business-to-Business), B2C (Business-to-Consumer), and Hybrid (combination of B2B and B2C)
Selecting a Business Model
- Consultant: providing expert advice to clients
- Dealer: buying and selling products or services
- Manufacturer: producing products on a large scale
- Contractor: providing services on a project-by-project basis
- Affiliate: promoting products or services of another company
- E-commerce: selling products or services online
Invoicing Terms
- Instant: immediate payment required
- Deposit: partial payment required upfront
- Net: payment terms negotiated with clients
Creating Essential Documents
Contracts
- Sales contracts: outlining terms and agreements with clients
- Vendor contracts: outlining terms and agreements with suppliers
- Consumer contracts: outlining terms and agreements with customers
Marketing and Sales Planning
Marketing Plan
- Outlining strategies for promoting products or services
Sales Plan
- Outlining strategies for converting leads into sales
Financial Planning
Financial Model
- Creating a model to track income, expenses, and profits
Raising Capital
- Identifying sources of funding for business ventures
Launch and Problem-Solving
Launching the Business
- Taking the first steps to start the business
Problem-Solving
- Identifying and addressing potential issues that arise
Focus and Refine
Narrowing Down
- Identifying areas of the business that require attention
Focus
- Concentrating on key areas to drive success
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Description
Prepare yourself for entrepreneurship by answering these questions about your business type, model, invoicing, contracts, marketing, sales, finance, and more. Test your knowledge and get ready to launch your business!
