...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...
Words: 1904 - Pages: 8
...Business Start With the economic downturn, students in all the major business schools have been dropping out of their entrepreneurship classes and transferring back to classes where they think they have a secure future. Students and professionals who were once planning to start businesses now have decided to go back to their cushy jobs. Everything is going back to normal. Or at least that is how it looks. Below are nine reasons why any student should start a business: 1. You gain experience. Owning and running your own business is an incredible way to gain experience and credentials regardless of whether you decide to stay in business once you graduate. Jaime Gonzalez of Oklahoma State University received the highest job offer in his entire graduating class. Now, there are two kickers: First, he was the founder of an IT consulting company, and second, he had a 2.4 GPA I wonder if starting a business helps in getting a better job when you graduate? 2. You have nothing to lose. I think it's safe to say that most students dip into their parents' checkbook when it comes time to pay the bills. In general, students aren't paying child support, rent, utilities and many other expenses. The worst thing that could happen if your business fails is that you get a job, have an incredible credential on your resume, and have experience that will increase your chances of success in the future. The best thing that can happen is that you'll become the next Microsoft. I don't know about...
Words: 891 - Pages: 4
...Universität Zürich Institut für Strategie und Unternehmensökonomik Lehrstuhl für Services und Operationsmanagement Dr. Patricia Deflorin Operations Management: A supply chain Approach (UE) Simulation Manual 1 Inhaltsverzeichnis I. Introduction to Marketplace ................................................................................................ 5 II. Game Scenario .................................................................................................................... 6 III. How To Win ....................................................................................................................... 7 IV. Table 1-1: Decisions to be Made by Quarter ...................................................................... 9 1. Chapter: Player Activities ................................................................................................. 11 1.1 1.2 1.3 1.4 Functional Organization of the Executive Team ................................................................... 12 Goals and Strategic Direction ................................................................................................ 14 Company Name ..................................................................................................................... 15 Executive Briefings ................................................................................................................ 15 2. Chapter: Market Research.....................................
Words: 73514 - Pages: 295
...Brochure More information from http://www.researchandmarkets.com/reports/1797569/ Toothpaste Market in India to 2014 (Oral Hygiene) Description: Introduction Toothpaste Market in India to 2014 (Oral Hygiene) is a comprehensive resource for market and segment level data including value and volume from 2004 to 2014, and market/company shares for 2008-09.This report also provides data on expenditure and consumption as well as key distribution channels, and reveals the leading companies in the Indian toothpaste market. Features and Benefits - Identify key market segments by analyzing market size data (value & volume) for categories - Design business strategies by gaining insight into quantitative market trends over 2004-09 and expectations for 2010-14 - Identify key companies in the toothpaste market in India and design M&A strategies by analyzing market share data - Predict how consumer preferences will change in the future by analysis of expenditure and consumption information from 2004 to 2014 Highlights -The toothpaste market in India increased at a compound annual growth rate of 6.6% between 2004 and 2009. - The standard category led the toothpaste market in India in 2009, with a share of 91.5%. -Leading player in toothpaste market in India is Colgate-Palmolive Company. Key questions answered - Which will be the fastest growing segment within the toothpaste market in India? - How will the forecast growth differ from the historic growth exhibited by the toothpaste market...
Words: 1142 - Pages: 5
...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...
Words: 2396 - Pages: 10
...Business Start Up Proposal for Bill I have included all of the necessary items for a startup business. I will first list all items that I believe will best suit you for what you need and then I will also list a few items that I recommend to make things more convenient. Hardware: Laptop It works well for both an office and on the go. I recommend the HP ENVY Touchsmart 17.3” touch screen laptop. It has 8GB of memory, and a 1TB hard drive. It has 4 USB ports so you would be able to plug in multiple items, memory card slot, Cloud storage, as well as Bluetooth compatible. This laptop has a program called Bit Locker, which creates encryption on your device for added security. Cost: $879.00 through Best Buy Tablet Microsoft Surface 2 is a great tablet for an on the go worker. It runs off of Microsoft Windows RT which would allow you to go back and forth between you laptop and tablet using Sync as well as front and rear facing cameras for video conferences. Microsoft Office comes pre-loaded on the device. You will also have access to the Cloud from this device as well. Cost: $449.99 at Best Buy Cell Phone I recommend a Windows cell phone such as the Samsung ATIV SE 4G LTE. It has 4G speeds which are the fastest currently out there, Bluetooth compatible, Microsoft Office, Cloud access, and front and rear facing camera. Cost of the phone will depend on if you currently have service and in you will be up-grading your current phone. Cost: $199...
Words: 430 - Pages: 2
...Task 1 In this task, I will develop a report which will guide the audience through the process of setting up a business. The first part of my report will include the following: 1.1 The range of decisions. In order to start my business, the first decision will be to choose between online or physical structure, in my case ,I will go with online business which I found very easy because of the development of new technology. You've made the decision to start a business. Now you're asking yourself, "What type of business should I start?" You already know that there's a world of possibilities out there for anyone who wants to start a business. How can you possibly win now them down to find the type of business that's right for you? The approach outlined in this report will help. Once you've worked your way through these five decisions, you will have a much better idea of exactly what type of business you want to start 1) Retail or wholesale type of business? Where do you want to be positioned on the supply chain? Retail businesses sell goods directly to consumers, usually in small quantities. Wholesalers buy goods (often in large quantities) from manufacturers or importers and then sell them to retailers and other distributors. 2) Franchise or independent type of business? Many established companies offer franchises, which are basically copies of their companies. If you buy a franchise, you are buying the right to sell the parent company's goods and/or services in a...
Words: 328 - Pages: 2
...How to start a Business More and more people are beginning to open their minds to new business ventures. It seems like it is becoming the popular move. By opening a business there could be huge profit to be made, depending on the market. On the other hand, there are risks and losses that may occur as well. It is said that there are two reasons why people start a business. The first reason is because they have inspiration for what they believe would be a great idea and the second is from desperation. People have a need to make money and there are no jobs out there, which they found, that suites them or their needs. First thing you'll need is the idea. It might be a product you've always wanted to make, or a service you feel people need. It might even be something people don't know they need yet, because it hasn't been invented. It can be helpful and fun to have people who are bright and creative to join you for a casual brainstorming session. Start with a simple question like: "what shall we build? The idea is not to create a business plan, just to generate some ideas. Many of the ideas will be new, and there will be quite a few ordinary ones, but a few will emerge that have real potential. Second, define your goals. Do you want financial independence, eventually selling your business to the highest bidder? Or do you want something small and sustainable, that you love doing and want to derive a steady income from? These are the things that are good to know very early. Define...
Words: 577 - Pages: 3
...* Explain how an individual may start an online business? As you know there are 10 steps to start an online business Step 1 : Start with an Idea Define your niche !!!! Which is more important than other steps .there are several question that you suppose to answer before getting started your business : * What is my goal? * Where am I now? * How much money can I invest? * How many hours can I work? * What product can I sell? * How do I get traffic? * Should I go in for outsourcing? If so, how? * Who are my competitors? And how can I do better than them? * What are my skills? * What am I good at? * What do I love to do? we have to make a good decision about what we want to sell .our own products or services ? other people’s products or services? We need to find exactly what we need for our upcoming event, and find exactly what we want for our life What do we love ? and what do we know? Any hobby can be turned into a successful online business that makes money for us Step 2 : Legal matters We cannot get started without a business license. Even though we are starting an online business, we still must have a business license. We need local authorities to accept our business as a legal entity. we have to follow in our city, county, state, or country of residence. Step 3 : Your domain name We need a place to send our potential customer where our website will come into play...
Words: 1814 - Pages: 8
...Are you one of those who dream of owning your own business? You'll be your own boss, and the captain of your destiny—–maybe even a captain of industry. Is it hard? Without a doubt. Is it challenging? Absolutely. Do you have to be wealthy and well-educated with a lengthy resumé? Not at all! Can you do it? As the magic 8-ball says, "All signs point to yes!" So how do you do it, and make it work? Plan, plan, plan! There are some tried and true ways head down the path of creating your own business, and there is no time like the present to get started! Have an idea. It might be a product you've always wanted to make, or a service you feel people need. It might even be something people don't know they need yet, because it hasn't been invented! * It can be helpful—–and fun—–to have people who are bright and creative join you for a casual brainstorming session. Start with a simple question like: "what shall we build?". The idea is not to create a business plan, just to generate some ideas. Many of the ideas will be duds, and there will be quite a few ordinary ones, but a few will emerge that have real potential. Define your goals. Do you want financial independence, eventually selling your business to the highest bidder? Do you want something small and sustainable, that you love doing and want to derive a steady income from? These are the things that are good to know very early...
Words: 264 - Pages: 2
...mistakes people make while starting the business---- According to the Bureau of Labor Statistics, 50 percent of all small businesses fail within the first five years. About 30 percent survive only two years. If you want to be on the positive side of those numbers, there’s a lot of hard work ahead. While every business is different, there are a few major mistakes that are among the most common people make when starting a business. 1. Thinking that all you need is an idea. There’s a lot more. First and foremost is a good work ethic. The idea is just the beginning. You need to frame all the details of your idea from beginning to end, including game-planning and preparing for ‘what-ifs.’ You’ve got to create a solid foundation that you can build on. If you don’t dot your ‘i’s’ and cross your ‘t’s’ you’ll never get out of the gate. 2. Not having a good lawyer and a good accountant. Starting a business is complicated and rife with landmines. There are laws that must be followed and those include tax laws. The IRS. doesn’t play around. Make the wrong move or don’t file the right paperwork and you could find yourself in some real trouble. Retaining a lawyer and an accountant with an expertise in your specific type of business cab save you from a serious crisis. 3. Spending too much money too soon. You may have the capital, but that doesn’t mean you should spend it all right up front. You need a balance between investing enough to make sure your business gets off the ground and not overspending...
Words: 547 - Pages: 3
...Transilvania University of Brasov Faculty: Economic Sciences and Business Administration Section: Business Administration Year: 1st STARTING A BUSINESS Student: CARBUNARU Dragos Nicolae Group: 8821 Contents Introduction 3 1. Choosing the company name 3 1.1 functionality 3 1.2 memorability 3 1.3 simplicity 4 2. Description of main activity 4 2.1 company summary 4 2.2 products and services description 6 2.3 future products and services 7 3. Choosing a managerial style 8 4. Requirements of a self-managed team leader 8 5. Leader skills 9 6. The general environment 9 7. Management functions 11 8. References 11 STARTING A BUSINESS Introduction CompTech Support is a consulting-oriented company, intending to fill in the market need for a professional, customer-focused computer company. The current trend towards an increase in the number of entrepreneurs and competition among existing companies presents an opportunity for CompTech Support to enter this market. We realize that, for us to bring a fresh breath of air, we need to be flexible and responsive, to delight clients by providing...
Words: 2553 - Pages: 11
...Top tips on creative thinking as a powerful business tool Do you remember playing the word association game? What is the first thing that comes to mind in response to 'creativity?' For most people it is probably 'art' or something similar, it is probably never 'business.' Creativity is not simply the preserve of the artist. It is something built into everyone, even the businessperson! Thinking creatively is a powerful business tool that can help businesses exploit new opportunities and solve problems, all of which can result in improved profitability. Mike Waddell of Adsidia offers tips on creative thinking as a tool to help you generate new thinking in your business. Edward de Bono, of 'lateral thinking' and 'Six Thinking Hats' fame, observed that the human mind is a very efficient pattern making and matching system. The problem is that our minds are lazy. This means that we tend to force fit new scenarios to old patterns instead of making new ones. De Bono called this 'cliché thinking.' These clichés include our responses and so we inherently limit our ability to exploit new opportunities. The question is how can we break through the clichés to benefit our business? This in essence is what creative thinking is about - it is the process of finding new perspectives and developing new thinking. The question is how can we break through the clichés to benefit our business? This in essence is what creative thinking is about - it is the process of finding new perspectives and...
Words: 3927 - Pages: 16
...venture into international market. The entry modes methods discussed are aimed to help businesses to formulate an effective international business strategy and to position themselves to be successfully established in the global market. The central theory introduced in this article is developed based on a comprehensive framework of the entry modes choices. These modes of choices would determine the success factor of the international business strategy, and to choose these choices there are several important factors to be considered. These factors include situational firm factors, foreign environment review, and moderating factors that would directly influence the firm’s desired mode of choice. Referring to Appendix A is the mode choice of framework by Driscoll that depicts the whole concept discussed. To briefly illustrate, the firm would need to evaluate the two situational factors that would directly affect its desired level of different modes of characteristics. Subsequent from the selected desired modes, the firm would also need to determine the potential moderating influences, which would affect the desired mode. Thus, reassessment based on the moderators would take place to determine the most effective modes of entry. By selecting the right mode of entry, the firm would incorporate an effective business strategy for its international business plans. The article written by Driscoll is set to present an argument for the development of a comprehensive framework for understanding...
Words: 2266 - Pages: 10
...Planning a Start-up Business Introduction Starting a business can be scary; especially if you do not know what you are doing, or if you are doing it by yourself. It can also be an exciting experience if you have done the research, established a business plan, and stay committed. There are facilities where start-up business can go for help, advice, and services to help them in getting started. These are called business incubators. Business incubators can be located in a rural or urban location, and provide skilled services, technology such as internet, or phone lines, and minor assembly of products (Schermerhorn, 2013). Discussion Content The importance of a feasibility study and a business plan. When thinking about a feasibility study and a business plan, one may think that they are the same thing. They are not. A feasibility study is a study that determines whether a potential business will be able to operate successfully. A business plan formulates how and where the business will go and how it will be financed. Usually, one would execute a feasibility study, and then prepare a business plan. A feasibility study can be very helpful initially. It assists the entrepreneur in addressing an important question, “should we proceed with the proposed project idea?” (Hofstrand & Holz-Clause, 2009). By researching and contemplating different ideas in the study, a person can determine which course of action will be the best to adapt. A feasibility study develops into the foundation...
Words: 1065 - Pages: 5
