Podcast
Questions and Answers
What should be detailed in a production plan?
What should be detailed in a production plan?
- The history of the product development
- The marketing strategies for the product
- The steps or workflow and manpower requirements (correct)
- The financial projections for the first year
Which of the following is NOT a component of the financial plan?
Which of the following is NOT a component of the financial plan?
- Initial Working Capital
- Organizational Cost
- Marketing Research Expenses (correct)
- Cost of Property, Plant, and Equipment
What is included in the cost of property, plant, and equipment?
What is included in the cost of property, plant, and equipment?
- Insurance costs for operations
- Costs to acquire land, buildings, and machinery (correct)
- Salaries of administrative staff
- Advertising and promotional costs
The production plan must identify which factor regarding materials?
The production plan must identify which factor regarding materials?
Which element is essential for regulatory and compliance within the production plan?
Which element is essential for regulatory and compliance within the production plan?
What is one essential characteristic that the proposed business name must accomplish?
What is one essential characteristic that the proposed business name must accomplish?
What is considered a sign of a risky business opportunity?
What is considered a sign of a risky business opportunity?
What factor is crucial for the commercialization of research and development (R&D) products?
What factor is crucial for the commercialization of research and development (R&D) products?
Which of the following organizations is NOT required to register with the Cooperative Development Authority?
Which of the following organizations is NOT required to register with the Cooperative Development Authority?
What is the primary reason for a business to register with the Bureau of Internal Revenue?
What is the primary reason for a business to register with the Bureau of Internal Revenue?
Which personal quality is necessary for successfully starting a business?
Which personal quality is necessary for successfully starting a business?
When considering a business location, which factor is NOT mentioned as a consideration?
When considering a business location, which factor is NOT mentioned as a consideration?
What must be readily available to successfully start a new venture?
What must be readily available to successfully start a new venture?
Which of the following is NOT a reason for an entrepreneur to start their own business?
Which of the following is NOT a reason for an entrepreneur to start their own business?
Why are business establishments with employees required to register with the Department of Labor and Employment?
Why are business establishments with employees required to register with the Department of Labor and Employment?
What is essential for the basic feasibility of a new venture?
What is essential for the basic feasibility of a new venture?
Which of the following factors contributes to choosing a competitive business location?
Which of the following factors contributes to choosing a competitive business location?
Which business characteristic is essential for influencing target consumers?
Which business characteristic is essential for influencing target consumers?
What do effective marketing strategies rely on for a new business?
What do effective marketing strategies rely on for a new business?
What aspect is NOT directly related to location considerations for a proposed business?
What aspect is NOT directly related to location considerations for a proposed business?
In starting a completely new business from scratch, which aspect is NOT typically involved?
In starting a completely new business from scratch, which aspect is NOT typically involved?
What is the primary purpose of providing a business address?
What is the primary purpose of providing a business address?
How are objectives related to the goals of a business?
How are objectives related to the goals of a business?
What should a business description include?
What should a business description include?
What does a marketing plan study primarily focus on?
What does a marketing plan study primarily focus on?
What is meant by the 'channel of distribution' in a marketing plan?
What is meant by the 'channel of distribution' in a marketing plan?
Why is it important for a business to study its market?
Why is it important for a business to study its market?
In the context provided, what does a 'goal' refer to?
In the context provided, what does a 'goal' refer to?
What should be included in the product description of a business?
What should be included in the product description of a business?
Which of the following is NOT a necessary step for registering a new business?
Which of the following is NOT a necessary step for registering a new business?
What is the primary function of the Department of Science and Technology (DOST) mentioned in the content?
What is the primary function of the Department of Science and Technology (DOST) mentioned in the content?
Which statement is accurate regarding the registration of a single proprietorship?
Which statement is accurate regarding the registration of a single proprietorship?
What is another term for a business plan as stated in the content?
What is another term for a business plan as stated in the content?
Which aspect of the business plan is emphasized as important in the content?
Which aspect of the business plan is emphasized as important in the content?
What does the registration complexity depend on?
What does the registration complexity depend on?
Which entity is responsible for administering the registration of business names?
Which entity is responsible for administering the registration of business names?
How is the business plan described regarding its structure?
How is the business plan described regarding its structure?
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Study Notes
Degree of Risk in Business
- A business opportunity is considered risky when the likelihood of failure is high.
- Critical phase: actualization of the entrepreneurial mindset after recognizing opportunities.
- Personal competencies, technical skills, and relevant experiences are essential for business success.
Research and Development
- Strong R&D efforts are necessary for product innovation.
- Government support is vital for commercializing R&D products.
- Entrepreneurs view starting a business as a proactive decision to seize opportunities.
Availability of Resources
- Access to raw materials, skilled labor, and necessary equipment is crucial for launching a business.
- Basic feasibility, competitive advantages, and marketing strategies are critical for a new venture.
Ways to Start a New Venture
- Founders can establish businesses from scratch or leverage existing structures and networks.
- Collaboration with industry chambers, civic groups, and educational institutions can enhance business prospects.
Legal Requirements for Business Registration
- All businesses must obtain a mayor's permit or municipal license for operation.
- Registration is needed with the Department of Trade and Industry (DTI) for business names, especially if not using the owner’s true name.
- The Securities and Exchange Commission (SEC) grants legal personality to partnerships and corporations, while sole proprietorships are exempt from SEC registration.
- Employers must register with the Social Security System (SSS) and the Department of Labor and Employment (DOLE) for compliance with labor laws.
Business Planning
- A business plan serves as a comprehensive roadmap for entrepreneurs.
- It includes an introduction with business name proposals, location considerations, and strategic objectives.
Outline of Business Plan Sections
- Introduction: Proposed name and business goals.
- Marketing Plan: Analysis of buyer characteristics, pricing policy, and promotional strategies.
- Production Plan: Details on product/service production, including raw materials, equipment needs, and process controls.
- Financial Plan: Estimation of costs, operational expenses, and required working capital.
Goals and Objectives
- Goals represent broad, long-term desired achievements, while objectives define specific actions taken to reach those goals.
- Clearly defined objectives help guide team actions toward fulfilling the overall goals.
Production and Technical Plan Details
- Identifies product features, material sources, production processes, and distribution logistics.
- Compliance with regulatory standards is critical for operational success.
Financial Considerations
- Project costs must include property, plant, and equipment expenses, as well as organizational costs for licenses and permits.
- Initial working capital is necessary to sustain operations during the early stages of business establishment.
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