Finance and Business

athletic field Guide Test 1 Small traffic BSMG 2410 TEST 1 REVIEW MULTIPLE CHOICE 1. How a communication channel plan rump be useful. A working blueprint outlining ? nances and direction for a parvenue start-up or expansion. Gives you something you see. 2. The doorways to small caper ownership. There argon cardinal doorways to small business organization sector ownership. 1. Buy an existing business. 2. Buy a prerogative 3. Start a brisk business. 3. not i of the ten orca factors. The Ten Killer Factors for Entrepreneurs 1. Weak personality 2. The loner syndrome 3. Nebulous business ideas 4. No plan 5. Too little financial backing 6.Cash-flow troubles 7. No marketing strategy 8. No controlling 9. The wrong raft 10. Underestimating the contestation 4. non one of the ten success factors. The Ten Success Factors for Entrepreneurs 1. Willingness to make it 2. Self-confidence 3. A clear business idea 4. The Business platform 5. Exact control of finances 6. Targeted marke ting 7. A step earlier of the competition 8. Management support 9. Cooperation 10. Clear comp each structure 5. Not good advice for a budding entrepreneur. When you are the boss, you do-nothing take it easy. 6. Not one of the key points for successful entrepreneurs.Entrepreneur A visionary self-starter who loves the adventure of a new-fangled enterprise and is willing to risk his or her own property 7. Characteristics of todays changing family. 8. Impact facts closely the baby boomer generation. Baby boomers Persons born between 1946 and 1963 Increase in population retreat age. They will probably be your customers. Pg. 33 Baby boomers make up 70% of the population. Have a steady income. 9. Not an example of the new living arrangements. Living arrangements are changing and evolving. 10. What is accomplished by the probability Selection Funnel 11.Not one of the product life-cycle stagesThe Life Cycle Stages A. fertilized egg B. Growth C. Mature D. Decline 12. What is include in primary seek? Secondary query Reading and using previously published (primary) research 13. Steps in luck selection. Pg. 56 1. Keep personal and business objectives in mind through the filtering process 2. Learn more about your favorite industry. 3. Identify 3 to 5 promising segments 4. Through research, lay 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 secondary research? From my understanding, primary coil and Secondary research are the difference in conducting the research. In primitive research, there is no information available for the researcher hence the researcher has to start from scratch. This essence that the researcher needs to design questionnaires, collect entropy from respondents and then analyses the result. If you are doing secondary research, the researcher have the necessary entropy available. These inf o are made available through other publications or reports, 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 of the essence(p) thing is that there are advantages and harms 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. Parts of the NAICS structure. Pg. 62 uniting Ameri throw out Industry compartmentalization System (NAICS) 1. Industry sector (20 major sectors) 2. Industry subsector 3. Industry group 4. Industry . U. S, Canadian, or Mexican subject specific industry 17. How trade shows work. 18. How to conduct primary research. Interviews 19. How to use a matrix grid. Measurement tool with which ideas are screened and evaluated in order to ? nd solutions 20. What can be gain from m arket research. Collection and analysis of data pertinent to current or potential viability of a product or service. Do the research up front will save you funds in the long run. 21. What is included in a media turnout. 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 target customers. Persons who have the highest likelihood of buying a product or service 23. Other things included in a media kit. Readership pro? les, and information, and market research developed by times for potential advertisers 24. Helpful websites in profiling target customers. www. newslink. org www. mediafinder. com www. brint. com www. sba. gov 25. What Claritas information is base on.A company 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 termination Systems Psychographic Descriptive information on values, attitudes, and lifestyles SHORT ANSWER Chapter 1 26. inform two (2) reasons why a business plan is critical to a small business. 27. Provide two (2) reasons for and two reasons against starting your own business. For specu upstart Security, in todays economy this is one way of curb an income. You get to choose your schedule and work with flexibility- This has its benefits for sure.Being able to schedule more or less 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 prepared for this Against It takes a potful of work. Ive been seeing with entrepreneurs for more than 30 years now, and Ive never seen even one of them who worked less while building a business than when he or she was an employee, or a student, or something else. Failure can cost yo u big time. Businesses do fail, and not always through the duty period of the owner. Even good decisions have bad outcomes. There are a lot of factors you cant control.I know people whose business calamity cost them their sense of self, plus their life births. If you cant deal with the possibility, dont go there. 28. Provide an advantage and a disadvantage of each of the tierce methods of getting into business. Starting from scratch, buying an existing business, enfranchisement 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 want to avoid because this means you an a downhill ride and there is no more opportunity for expanding. 31. Explain the concept of brainstorming. It refers to focusing on one subject and transcription many id eas and different direction that idea takes you down so you can expand upon them in future works you create. Dont be afraid to deliberate and follow wandering thoughts. 32. Explain how the changing family could open up any two (2) possible small business opportunities. The number 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 forum business information. (pg. 62) The North American Industry Classification System (NAICS, pronounced Nakes) was developed as the standardised for use by Federal statistical agencies in classifying business establishments 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 Office of Management and budget (OMB), and adopted in 1997 to replace the old Standard Industrial Classification (SIC) system.It was also developed in cooperation with the statistical ag encies of Canada and Mexico to establish a 3-country standard that allows for a high level of comparability in business statistics among the cardinal countries. NAICS is the first economic classification system to be constructed based on a single economic concept. The Standard Industrial Classification (SIC) was to begin with developed in the 1930s to classify establishments by the type 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 mesh 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. Discuss any terce (3) traits from Successful Small Businesses Share Five Traits. 37. Discuss any three (3) points from Getting a business of the ground is hard work. 38. Discuss the relationship between happiness, passion, and owning a sm all business.