...Anyone can decide to start a business but there is much more to the process than just coming up with the initial capital. There are three main points to starting a business. The first one is to decide whether if it is in the best interest of the aspiring entrepreneur to start the business. The second is to choose every detail of how this business is going to run. The third is to find ways to maintain and improve the business efficiently. There is no shortcut to a successful business, but with this list of guidelines and lots of hard work anyone can be headed in the right direction. What is an entrepreneur and how does a person become one? According to Vincent Ryan in his article, “Anatomy of an Entrepreneur,” an entrepreneur is “one who organizes, manages and assumes the risks of a business or enterprise” (36-44). That is exactly what starting a business is, a risk. To avoid this risk, the first thing to think of when starting a business is whether it is in the best interest to run this business. Barbara Weltman said in her book, The Complete Idiot’s Guide to Starting a Home-Based Business, when choosing a business there is nothing better than to “turn a passion into a product or service.” From there she claimed one should play to their strengths and weaknesses to decide what kind of business to run (17-21). When a business is chosen it is best to know all the ins and outs of that business. According to Mark Warda, knowing the business at hand “might be the most valuable preparation...
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...Making a success of your business Essential checklists sponsored by sponsored by With more than 64,000 small and midsize customers worldwide, SAP is a leading provider of business applications and an established and highly successful player in the small and midsize enterprise (SME) market. SAP offers a broad and innovative solution portfolio for small businesses and midsize companies to meet the heterogeneous demands of SME customers. SAP solutions for small businesses and midsize companies include SAP(r) Business One, a single integrated application for successfully managing small businesses; SAP(r) Business ByDesign(tm), the software industry’s most complete, integrated and adaptable on-demand solution for midsize companies; and SAP(r) Business All-in-One, a customizable and extensible solution for midsize companies with deep industry best practices built in. Sold, implemented and maintained through SAP and an expanding network of qualified partners, all of the solutions are competitively priced, easy and quick to implement and scalable to customers’ growing business needs. The SAP solutions specifically designed for SMEs help enable small businesses and midsize companies to lower operating costs, improve operational excellence, gain better business insight and control, and grow their businesses flexibly. Additional information is available at www.sap.com/sme Chartered Management Accountants are the first choice for financially qualified business leaders. The Chartered...
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...Title: Creating Premium Select David Clark University Of Phoenix BUS/210 - FOUNDATIONS OF BUSINESS SWOT Analysis Business Plan I have created a business were there is an opportunity for any person from no through little experience. The business would be called Premium Select. In Premium Select we seek out a group of people who are looking for an opportunity to grow. We select individuals who take their work seriously and completing their task in a corporate and professional manner. To build this business, we would need to start different departments so that the company would be able to function and to compete with other companies. The different departments that I would have would be Payroll, Finance, Human Resource, and Accounting. The Payroll department would make sure that each employee of the company would be getting their salary correctly and on time. They would also seek out employee’s attendance, which includes sick, vacation, and personal days. The Finance department would make sure the company would be budgeting correctly and keeping track of all outside bills that would need the company to be more efficient. This includes things such as Internet, Computers, Food, etc. The Human Resource department would seek out other employees and select a group of people that are the right fit for the company to make sure the employee would be a benefit to the company. Human Resources would also look out for the employees to make sure they have policies that need to followed so...
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...First Things First An opening check list is a great place to start. Remember that airline pilots are required to use a checklist before they take off! Here are items you should have on your opening checklist. Add additional items that would be appropriate for your own business. Do I have a one-year cash flow projection prepared to insure there will be ongoing liquidity? Do I have the necessary e-commerce tools in place? Are all insurance policies in force? If I plan to sell on credit terms, is my credit rating policy in place to avoid taking on customers with poor credit ratings? (The last thing you need is to have customers who don't pay on time, and good customers will respect you for this policy). Is my business plan complete and in written format? Does it include pre-opening, first year and long-range planning? It will play a key role in securing investors and will help uncover any weaknesses in the planning process. Have I taken the time to gain practical job experience and learn the basics of my business by first working in the business for someone else? (This is probably the best way to discover if you have made a choice that will be not only successful, but also satisfying to you.) Have I budgeted adequately for prototypes, research, sampling and trials? Have I successfully test-marketed my product or service? Was the response positive? (If not, you need to re-design, re-work and re-test.) Have I focused on selling...
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...[pic] Sample Business Plan (A Service) SMITH E-COMMERCE CONSULTING Mary Smith October 31, 2014 |Section 1: The Business Profile | |Description of My Business | | | |I plan to provide a complete service for the design, installation and maintenance of E-commerce marketing functions for my retail | |clients. I intend to evaluate the success of each installation and follow up to make changes to improve the effectiveness of the each | |site. | |Targeted Market and Customers | | | |My customers will be small businesses that can enhance their present sales by the utilization of E-commerce. Typical clients will | |require sites for the dual purpose of providing 24-hour information to customers as well as providing...
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...management tries to address the issue Jennifer feels devalued. In an effort to get Jennifer up to speed management should start by reviewing their training process as well as their approach to speaking with Jennifer regarding her inefficient use of the system. According to an article in the International Journal of Business and Management, “Training is a process which is planned to facilitate learning so that people can become more effective in carrying out aspects of their work.” (Canadian Center of Science and Education, 2012). Management should have a well organized training process which identifies training needs, generates training plan, implements and records training material, and evaluates training progress. Management should be assertive and follow the steps listed in; “the systematic training cycle” to ensure proper training is tailored to Jennifer’s individual learning needs (Canadian Center of Science and Education, 2012). 1. Identify training needs. Management should have a checklist that identifies minimum job requirements. The checklist should include the efficient use of the computer applications that are basic to the job function. Jennifer and management should go through the list and identify her strengths and weaknesses in each area. 2. Produce a training plan. Once management has identified Jennifer’s training needs, she should create an effective plan based on the checklist and Jennifer’s feedback. In this step management chooses with whom, when, and how Jennifer...
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...in Today's Business World Negotiation: To confer with another person as to arrive at a settlement of some matter; also to arrange for or bring about such conference” (Merriam-Webster Dictionary) The above connotation is a clear and concise definition of the negotiation process. This will give us the opportunity to take a moment to look back and retrospect on many activities we participate or perform certain realities will begin to come into fruition. This visualization really suggests that most of us engage negotiations daily in one way or the other. For most people these interactions usually occur in the form of mediation disputes, contractual agreements and conflict resolution without truly recognizing the interface transpiring. Most of us are engaging in some type of negotiation process visualizing the process in phases and what each phase entails might be the defining factor in what most negotiators consider a successful or unsuccessful negotiation. In this paper the subject to examine is four phase process that individuals including myself should take consideration before entering into any form of dialogue between parties or groups with conflicting views. The phases includes: 1) pre-negotiation or preparing, 2) conceptualization/presentation, 3) setting the details, 4) follow-up Phase 1; Pre-negotiation or Preparing Understanding the essentials of preparation was the first concept I adopted while aspiring to begin a catering and event planning business. I understand...
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...Ngan Truong TECA 1354 Prof. Jones February 20, 2015 Case Study #1 Introduction: I am observing a two-year old boy name Jayden, who will turn three this coming May. He stays at daycare from morning to 5 in the afternoon because his parents are all go to work in downtown. Jayden comes from a Vietnamese family where his parents are all together. His hair is black and he likes to keep it short about an inch. Jayden lives in a house with his parents, and he’s the only child. They live on the west side of Houston near highway 6 and Bellaire. Jayden’s parents used to be international students who are now working as business analyst for Shell company. His parents always work on the computer because the requirement of their job. Even a bathroom break is watched by the camera, so that their boss can spot them out easily. The reason I chose Jayden for my case study because I meet him quite a lot. I have gotten to know this family since last year when I joined the student project. Physical and Motor: Jayden can talk and understand a few words, but he can sing an abc song and count 10 pretty well. He’s an active kid. He loves using the iPad, running and jumping around the house. Observations of Jayden have spanned over the past year. His physical growth and motor development skills appear to be the most advanced. His family and her surroundings have contributed the most to her development in these areas. His parents both golf in their free time so that leads to a lot of...
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...Deciding on a Business Provided by My Own Business, Content Partner for the SME Toolkit OBJECTIVE: The most common serious mistake made in business is not picking the right business to begin with. This session will provide you with important evaluation techniques to decide which business is right for you. * Characteristics of a Successful Entrepreneur * Step-by-Step Approach * Decide if you really want to be in business * Decide what business and where * Decide whether to start full-time or moonlight * Selection Strategy * Things to Watch Out For * Required Activities * Comparative Evaluation * How to Evaluate a Specific Business you have in Mind * "For" and "Against" List * Get Completely Qualified * Decision Time * Top Ten Do's and Don'ts * Session Feedback and Quiz | [Back to top]Characteristics of a Successful Entrepreneur | Dr. Dan Nathanson Anderson Graduate School of Business UCLA | | | What are the biggest mistakes made when starting a business? | | Guts: Guts means you must have an entrepreneurial instinct, which is an overwhelming desire to start your own business. You must have the guts and dedication to be completely devoted to your goal. Incidentally, devotion to your goal is much more likely if you have a love for your intended business. Life is too short to start your own business only to discover that it doesn't give you satisfaction and joy. And, through good times and bad times, you...
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...Introduction Starting up a business is a large and complex undertaking which can overwhelm and take a lot out of a person, financially, emotionally, and physically. This new business of an organic restaurant in Gilbert, Arizona will be particularly difficult to begin. Not only can a restaurant be one of the hardest businesses to start and keep running, the target audience is much more particular also. The first question someone will have to ask when beginning any new business is, where is the money coming from? How will the business get bankrolled from startup costs to operating cost before enough transactions happen before profits start to show? This paper will analyze three options to financing this new restaurant. Financing Options The first consideration of where financing will come from is personal assets. According to the U.S. Small Business Association, a person is not eligible for any financial assistance without first "using alternative financial resources, including personal assets" . First, the amount of cash on hand needs to be determined that will be able to be used to help with startup costs. Because a solid business plan has already been put together, a close estimate to startup costs has been determined. The startup cash needed may come from money already set aside in a savings account, or it could come from selling personal items to help raise cash. Some items needed for business startup such as office furniture, storage equipment or computers may be used...
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...Attributes Checklist C. Minimum Wage Rates D. Human Resource Planning Checklist E. Management Assessment Form F. Personnel Policy Manual Template CTION Module 1 - p 1 1. INTRODUCTION Many business owners prepare a business plan before starting their business. However, small business owners often do not include human resource planning as part of their over-all business plan. They may start out with only a few employees or none at all. Over time, it is important to properly forecast employment needs. Just as failing to address potential threats in the marketplace can jeopardize the viability of your business, failing to anticipate personnel needs can impact on overall business success. The success of a business is directly linked to the performance of those who work for that business. Underachievement can be a result of workplace failures. Because hiring the wrong people or failing to anticipate fluctuations in hiring needs can be costly, it is important that you put effort into human resource planning. Planning for HR needs will help to ensure your employees have the skills and competencies your business needs to succeed. An HR plan works hand in hand with your business plan to determine the resources you need to achieve the business’s goals. It will better prepare you for staff turnover, recruitment, and strategic hiring – and alleviate stress when you have emergency/last-minute hiring needs. This module provides a detailed outline of how small business owners can...
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...43121_Cover_Marketing_Your_Business 10/8/05 8:28 am T: 01269 590219 Publication produced by:Carmarthenshire County Council Economic Development Division Business Resource Centre Parc Amanwy, New Road Ammanford Carmarthenshire SA18 3EP T: 01269 590200 E: economic@carmarthenshire.gov.uk W: www.carmarthenshire.gov.uk Publication funded under the Celtic Enterprise & Business Support Network, an Interreg IIIA funded project, in partnership with Waterford City Enterprise Board Ltd and South East Region Enterprise Boards Managing your business > Marketing your business For all your business enquiries contact:- Page 1 Managing your business > Marketing your business 03 43121_Marketing_Your_Business 10/8/05 8:06 am Page 1 Managing your business > Marketing your business 1. INTRODUCTION – WHY YOU NEED MARKETING In order to succeed, you need cashflow. To get cashflow, you need paying customers. To get customers, you need marketing. As your own marketing director, you have to make decisions about: 3. PRICING Every product or service has a price. In order to set a price, you need to consider: Distribution ■ Advertising ■ PR ■ Selling Your pricing strategy (Cost plus, Market minus, Penetration, Skimming, etc.) Customer service levels ■ How much are your customers motivated/influenced by price? Pricing ■ ■ The product or service ■ Your cost price calculations (including ...
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...Human Resources Management Plan and Job Aids Chase Smith HRM/240 3/11/12 Latrice Morrison Human Resources Management Plan and Job Aids Chasenurdreams.com is a small start-up company located in Las Vegas, Nevada. We offer Internet and Web-related services to small businesses in the Las Vegas and Phoenix areas. The services we offer include website development, design, hosting, maintenance, and marketing. We specialize in both commercial Web development and business-to-business sales. With this experience and expertise we believe chasenurdreams.com can offer a superior service to small business owners, with no current businesses cornering this market this move can turn into a large income for chasenurdreams.com. We believe the reason for this available market is due to expensive costs, the highest profit margins is in Web development for large- and medium-sized corporations. By reducing the company costs but maintain great web developers this will allow chasenurdreams.com to offer the same high-end Web development services as larger companies receive at a much lower cost to the client. In this paper you will see how the proper Job Analysis, Selection, Orientation, and Training will help chasenurdreams.com in the long run. The Right People An expensive cost to any company is training. Companies, on average, spend around $1,202 per employee on training (Bares, 2008). This number includes man hours, supplies, and paperwork. This number is projected to rise due to the overwhelming...
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...Sample Business Plan (A Service) SMITH E-COMMERCE CONSULTING Mary Smith July 12, 2011 Section 1: The Business Profile| Description of My BusinessI plan to provide a complete service for the design, installation and maintenance of E-commerce marketing functions for my retail clients. I intend to evaluate the success of each installation and follow up to make changes to improve the effectiveness of the each site.| Targeted Market and CustomersMy customers will be small businesses that can enhance their present sales by the utilization of E-commerce. Typical clients will require sites for the dual purpose of providing 24-hour information to customers as well as providing a purchasing venue. Potential clients are businesses in which E-commerce can provide additional incremental sales. The businesses will range widely: from restaurants to neighborhood drug stores.| Growth Trends In This BusinessThe market for my services is growing at an unprecedented rate. In 2004 and 2005, year-end holiday shopping increased 25% each year. Can you document from trade sources the anticipated rate of growth of your industry? If industry sources are not available, you will need to give a logical explanation as to the trend and potential of your intended market. This segment will provide you and your backers with information as to whether your market is growing or shrinking. | Pricing PowerInitially, my pricing power will be limited by what...
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...Proprietorship BUS 311: Business Law 7 Jul 2014 Sole Proprietorship Upon the decision to start a new business, one must ask the question of what type of business entity they intend to initiate. According to Rodgers, Author of the book Essentials of Business Law, “One of the most fundamental decisions all businesspersons face in starting a business is how that business will be organized,” (2012). There are several deferent business entities to choose from. The business owner would have to weigh the different possibilities and factors such as taxes and liability to find which entity fits their intentions best. Most new small businesses options come down to a sole proprietorship, a partnership, a Corporation, or a Limited Liability Company (LLC). “For many small business, the best initial choice is either a sole proprietorship or if more than one owner is involved a partnership,” (Steingold, 2003). Even though it possesses more liability on the owner, if I were to start a new business I would have to choose sole proprietorship as my business entity. “When you start a new business, you must choose a legal format,” (Steigold, 2014). This decision will be the blue print for how the new business will operate in the years to come. As such, the new owner must weigh the benefits and the consequences, examine liability, personal time, expenses and taxation. According to Steingold (2014), it’s in the best interest of the owner to follow a checklist for starting a new business. This check list...
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