Finance and Business

Study Guide Test 1 Babyish Business BSMG 2410 TEST 1 REVIEW MULTIPLE CHOICE 1. How a business plan can be useful. A alive adapt analogue ? nances and administration for a new start-up or expansion. Gives you article you “see”. 2. The doorways to babyish business ownership. There are three doorways to babyish business ownership. 1. Buy an absolute business. 2. Buy a authorization 3. Alpha a new business. 3. Not one of the ten analgesic factors. The Ten Analgesic Factors for Entrepreneurs 1. Weak personality 2. The beatnik affection 3. Nebulous business account 4. No plan 5. Too little banking abetment 6. Cash-flow troubles 7. No business action 8. No authoritative 9. The amiss bodies 10. Underestimating the antagonism 4. Not one of the ten success factors. The Ten Success Factors for Entrepreneurs 1. Willingness to accomplish 2. Self-confidence 3. A bright business abstraction 4. The Business Plan 5. Exact ascendancy of affairs 6. Targeted business 7. A footfall advanced of the antagonism 8. Management abutment 9. Cooperation 10. Bright aggregation anatomy 5. Not acceptable admonition for a beginning entrepreneur. Back you are the boss, you can booty it easy. 6. Not one of the key credibility for acknowledged entrepreneurs. Entrepreneur A abstracted self-starter who loves the chance of a new action and is accommodating to accident his or her own money 7. Characteristics of today’s alteration family. 8. Impact facts about the babyish boomer generation. Babyish boomers Persons built-in amid 1946 and 1963: Increase in population: Retirement age. They will apparently be your customers. Pg. 33: Babyish boomers accomplish up 70% of the population. Accept a abiding income. 9. Not an archetype of the new active arrangements. Active arrange are alteration and evolving. 10. What is able by the Befalling Alternative Funnel 11. Not one of the artefact life-cycle stagesThe Action Aeon Stages A. Embryo B. Growth C. Mature D. Decline 12. What is included in primary research? Accessory assay Reading and application ahead appear (primary) assay 13. Steps in befalling selection. Pg. 56: 1. Keep claimed and business objectives in apperception through the clarification action 2. Learn added about your admired industry. 3. Analyze 3 to 5 able segments 4. Through research, analyze problems that charge solutions. 5. Brainstorm for solutions 6. Cobweb accessible solutions with your cold 7. Concentrate on the best able opportunities. 4. What is acquired by accomplishing primary and accessory research? From my understanding, Primary and Accessory assay are the aberration in administering the research. In Primary research, there is no abstracts accessible for the researcher; appropriately the researcher has to alpha from scratch. This agency that the researcher needs to architecture questionnaires, aggregate abstracts from respondents and again analyses the result. If you are accomplishing accessory research, the researcher accept the all-important abstracts available. These abstracts are fabricated accessible through alternative publications or reports, like bi-weekly or anniversary letters of companies. If the researcher is accomplishing accessory research, there is no charge to alpha from scratch; he or she uses the abstracts or advice done by alternative organizations or publications. The important affair is that there are advantages and disadvantages for both methods. Primary assay is added time arresting and costly. While some accessory assay may not clothing the researcher's needs. 15. Consider industry breakthroughs. 16. Parts of the NAICS structure. Pg. 62: North American Industry Allocation Arrangement (NAICS) 1. Industry area (20 above sectors) 2. Industry subsector 3. Industry accumulation 4. Industry . U. S, Canadian, or Mexican civic specific industry 17. How barter shows work. 18. How to conduct primary research. Interviews 19. How to use a cast grid. Measurement apparatus with which account are buried and evaluated in adjustment to ? nd solutions 20. What can be accretion from bazaar research. Accumulating and assay of abstracts pertinent to accepted or abeyant action of a artefact or service. Do the assay up advanced will save you money in the continued run. 21. What is included in a media kit. A media kit is a packet of advice about your business that is created for use by the press. Its purpose is to accommodate media associates with the all-important abstracts to address on your business. Business Facts History Products/Services Bios Accepted News 22. Examples of ambition customers. Persons who accept the accomplished likelihood of affairs a artefact or account 23. Alternative things included in a media kit. Readership pro? les, and information, and bazaar assay developed by magazines for abeyant advertisers 24. Helpful websites in profiling ambition customers. www. newslink. org www. mediafinder. com www. brint. com www. sba. gov 25. What Claritas advice is based on. A aggregation accouterment a domiciliary assay apparatus that concisely describes and categorizes bodies by their age, assets level, and amusing preferences. It is a sister aggregation of Civic Decision Systems Psychographic: Descriptive advice on values, attitudes, and lifestyles SHORT ANSWER Chapter 1: 26. Explain two (2) affidavit why a business plan is analytical to a babyish business. 27. Accommodate two (2) affidavit for and two affidavit adjoin starting your own business. For: Job Security, in today’s abridgement this is one way of assure an income. You get to accept your agenda and assignment with flexibility- This has its allowances for sure. Being able to agenda about activities and practices and academy is nice. However, it can additionally beggarly that you are alive backward into the evening. Just apperceive that you accept to be able for this! Against: It takes a lot of work. I’ve been ambidextrous with entrepreneurs for added than 30 years now, and I’ve never apparent alike one of them who formed beneath while architecture a business than back he or she was an employee, or a student, or article else. Abortion can amount you big time. Businesses do fail, and not consistently through the accountability of the owner. Alike acceptable decisions accept bad outcomes. There are a lot of factors you can’t control. I apperceive bodies whose business abortion amount them their faculty of self, additional their action relationships. If you can’t accord with the possibility, don’t go there. 28. Accommodate an advantage and a disadvantage of anniversary of the three methods of accepting into business. Starting from scratch, affairs an absolute business, authorization Chapter 2: 29. Explain through the use of an archetype what is meant by “new eyes” research. Trends, what bodies will be accomplishing in the future. Helps accommodate acknowledgment 30. What are the four (4) stages of a artefact action aeon and explain which one should be avoided. A. Embryo B. Growth C. Mature D. Decline: you appetite to abstain because this agency you an a decline ride and there is no added befalling for expanding. 31. Explain the abstraction of brainstorming. It refers to absorption on one accountable and recording abounding account and altered administration that abstraction takes you bottomward so you can aggrandize aloft them in approaching works you create. Don't be abashed to anticipate and chase abnormality thoughts. 32. Explain how the alteration ancestors could accessible up any two (2) accessible babyish business opportunities. The cardinal of grandparents adopting their grandchildren has increased. Chapter 3: 3. Explain how the NASIC/SIC codes are accoutrement and how they can be acclimated for acquisition business information. (pg. 62) The North American Industry Allocation Arrangement (NAICS, arresting Nakes) was developed as the accepted for use by Federal statistical agencies in classifying business establishments for the collection, analysis, and advertisement of statistical abstracts accompanying to the business abridgement of the U. S. NAICS was developed beneath the advocacy of the Office of Management and Budget (OMB), and adopted in 1997 to alter the old Accepted Industrial Allocation (SIC) system. It was additionally developed in cooperation with the statistical agencies of Canada and Mexico to authorize a 3-country accepted that allows for a aerial akin of allegory in business statistics amid the three countries. NAICS is the aboriginal bread-and-butter allocation arrangement to be complete based on a distinct bread-and-butter concept. The Accepted Industrial Allocation (SIC) was originally developed in the 1930's to allocate establishments by the blazon of action in which they are primarily affianced and to advance the allegory of enactment abstracts anecdotic assorted facets of the U. S. economy. 34. Explain how a cast to cobweb desires with account works for the entrepreneur. Chapter 4: 35. Describe how an administrator can use a mass- bazaar annual to accomplish a contour of its ambition customers. Handouts 36. Discuss any three (3) ancestry from “Successful Babyish Businesses Share Five Traits. ” 37. Discuss any three (3) credibility from “Getting a business of the arena is adamantine work. ” 38. Discuss the accord amid happiness, passion, and owning a babyish business.

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