Homework 1 Flashcards
Business
Any activity that provides good or services to consumers for the purpose of making a product.
Small Business Definition and Requirements
Companies that employ fewer than 500 employees. 1. Organized for profit 2. in the US 3. Independently owned and operated 4. not dominate in it’s field 5. can be any legal form of business
Entrepreneur
A person who organizes and manages any enterprise, especially a business, usually with considerable initiative and risk
Lifestyle Entrepreneur
Develops a business to alter his or her own lifestyle, not for the sole purpose of making money
Social Entrepreneur
Acting as agents of change for society
Serial Entrepreneur
Continually generates new ideas and starts new businesses, one after the other
Business Plan
Executive summary, company description, market analysis, organization and management, service or product lines, marketing and sales, funding request, financial projections, appendix
Executive Summary
Where your business is, where you want to take it, and why you will be successful. Most important section of business plan. Including: Mission statement, company info, growth highlights, your product/services, financial info, future plans.
Company Description
High level overview of the different elements of your business. Why your company works and where to take it.
Market Analysis
Illustrate your industry and the market, including research.
Organization and management
Your company’s organizational structure, details about the ownership, profiles management team, and qualifications of board.
Service or product line
Describe your service or product including benefits to potential and current customers.
Marketing and sales
Creating customers with marketing strategy and sales strategy
Funding request
Current funding requirement, future funding requirements in next 5 years, usage of funds, strategical plans for future
Financial Projections
allocating resources efficiently with historical data and prospective data
