Business Environment and Market Flashcards
refers to the number of people the business needs to hire to do the work required in the running of the business
Manpower
refers to the amount of money or other assets invested in the business
Capital
refers to the machinery and equipment available for use in the business
Technology
refers to the target clientele of the business
Market
refers to the ease of obtaining the resources needed by the business
Availability of Supplies
Factors to be Considered in Pursuing a Business in Commercial Cooking
Manpower Capital Technology Market Availability of Supplies
Steps in Formulating a Business Plan
Make a list of possible business products
Make a survey of the needs and wants of people in your community
Assess your potentials
Make a research of marketable products
Conduct a SWOT analysis
What must be included in the survey?(Step 2)
monthly income of the person
how they divide and allocate their budget according to the things they buy
what they do for leisure
items that they buy
S in SWOT
Strengths
W in SWOT
Weaknesses
O in SWOT
Opportunities
T in SWOT
Threats
attributes or factors internal to the business venture that contribute to the success of the business
Strengths
factors or attributes internal to the business venture that may be harmful or detrimental for the business
Weaknesses
external elements or factors that may affect the business venture positively
Opportunities
