...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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...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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...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...
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...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...
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...Key terms: •PRICE: The amount paid by a consumer to purchase one unit of a product. •TOTAL REVENUE: the income received from an organisation’s activities. Total revenue= price per unit x quantity of units sold. •PROFIT: the difference between the income of a business and its total costs. Profit= total revenue – total costs Total revenue Total revenue may also be described by the following terms: • Income • Revenue • Sales Revenue • Sales Turnover • Turnover The total revenue (TR) can be calculated by multiplying the average selling price (p) by the quantity sold (q): TR= pxq e.g. Selling price= £8; Items sold= 5; Total revenue= £40 Similarly, if the total revenue is £48 and the selling price (sp) is £4 the quantity sold (qs) is £48/£4= 12 units QS= tr/sp Also if TR is £60 and QS is 10 units, the selling price is £6 (£60/10) SP= tr/qs Profit Profit is the prime objective of most firms. There are two ways of improving profit: • Increase sales revenue • Decrease costs A combination of both would be the ideal way of achieving additional profit. Costs Some functional areas of a business (e.g. production or administration) can help to achieve rising profits by reducing costs. A business can increase profit by using different methods like: • cutting down on staff • reducing the amount of wastage on the production line However businesses have to be careful because these savings should not compromise the quality of their products or service. If this...
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...How to start online business in Malaysia. * Effective 1st July 2013, all online businesses need to comply with the Malaysian Consumer Protection (Electronic Trade Transactions) Regulations 2012. * As reported in all major newspapers on 16th Sept 2014, Chief Executive Officer of the Companies Commission of Malaysia (SSM), Datuk Mohd Naim Daruwish had again reminded people that do business online to register with SSM. This includes business that sells their product through social networking sites such as Facebook and Instagram. * It is an offence punishable under the Registration of Business Act, if they failed to do so. The maximum fine is RM50,000 or jailed up to two years. This is not a small matter and for people that try to supplement their existing income, it is not worth the risk. * Datuk Mohd Naim mentioned that cost of registration is only RM30 and the registration is a simple process. They will also gain from other benefits such as access to microloans and insurance coverage. * To catch these errant online shop bosses, SSM is working together with Malaysian Communications & Multimedia Commission to identify these people. How to Do Online Business in Malaysia To recap, to start an online business in Malaysia, you need to: 1. Register with MMC, if your business activity relates to telecommunication sector. 2. Register with CCM as a business enterprise 3. Get a domain name, a hosting account and a properly designed website. If you want...
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...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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...Vegetable oil refers to oil products derived from plants through a pressing process. Every year in the market there will be a lot of vegetable oil is remanded. Do you know how to start oil extraction business(http://www.oil-processing.com/PRODUCTS/Oil-Extraction-Machine/)? The follow five steps is a detail introduction. Step 1 Conduct research on the requirements of a vegetable oil extraction business in terms of capital, market size and trends, competition and further insights on the business. For example, visit websites like IBISWorld to acquire knowledge on the economical statistics on vegetable oil extraction businesses in America. Conduct an online search on established businesses or personally visit the premises to gain insight on the establishment and operation of the business. Examples of vegetable oil extraction companies in America include, C P Vegetable Oil located in Fort Lauderdale and American Vegetable Oil in California. Step 2 Make a business plan including the proposed location; finances, both start-up capital and operational costs; target market, for example, the food industry or manufacturing companies and the marketing strategy. Obtain the necessary funding for the business and its requirements; for example, as of the year 2011 an olive oil processing machine, which can process 350 to 600 lbs. of olive seeds, costs approximately $60,000. Consider transportation costs of the vegetables unless you own a vegetable farm, extraction costs and testing procedures...
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...Startups A Small Business Start-Up Checklist 1. Conduct Research and Development *First, answer the following questions: · Is there a current or potential demand for your product or service? · Who makes up your target market? · Does the demand have potential staying power? · What does the current competition look like? · What are the anticipated production/operation costs? (This includes the average cost of any necessary supplies, equipment, and facilities as well as the cost to hire employees.) 2. Make a List of Available Resources *Determine all the assets, knowledge, and expertise that will be needed to start the business *Get an adviser. For free counsel: · Service Corps of Retired Executives (SCORE) · The Small Business Association (SBA) · Micro Mentor · Additional online business resources 3. Create a Start-up Budget *Calculate your start-up costs and complete a start-up budget worksheet 4. Develop a Business Plan *Define your company's mission, the product/service you intend to offer, the industry and market segments you want to enter, the setup and structure of your business, and a financial analysis *Some free online business resources: · Myownbusiness.org - free online business course · Small Business Association - a collection of basic articles on writing a business start-up plan. · Allbusiness.com - specific articles on business plan creation as well as some downloadable templates. · SCORE - an online business workshop · Bplans.com -...
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...up a new business or buying an existing one in New Zealand. We will begin by explaining why new ventures appear attractive to those entering the world of business, and then describing the more undesirable aspects of new start-ups. We will then continue on to explain the benefits of purchasing an existing business, and then the downfalls of this approach. Lastly, we shall compare the two options and arrive at a summarising conclusion. Making the transition into becoming a business owner in New Zealand can be highly beneficial for many people; however the appropriate groundwork and research must first be completed in order to make informed decisions regarding how the business is going to pan out. Starting a new business is an attractive option for many New Zealanders as it offers capacious benefits and a potential vast improvement in lifestyle. Some of the advantages available include increased income, tax benefits, flexibility and the ability to determine all aspects of the business. Sole proprietors and owners of companies can increase their income exponentially if the business is a success, which can be a great improvement if one is unhappy with the wage they are on in their current employment. Business owners can legitimately use the tax system to their advantage, for instance if one decides to work from home, they have the option to write off a percentage of their rent or mortgage, as well as their utilities and practically anything that is related to the business, thus reducing...
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...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.....................................
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...We want to start up a solar energy company, which manufactures products utilizing solar energy work. Below are several reasons why we would like to start up this company. Solar products have a huge market in domestic and overseas. Because solar products haven't promoted on a large scale yet. If we start up the solar energy company now, we will capture a large market share; Besides solar energy is a kind of free resource, people don't need to spend money on it, so people can be more pleased to accept solar products，and now we can manufacture many solar products, such as solar power generation system,solar cells, solar water heater, etc. Solar products will go into people's life soon. Here is another reason,solar products is the trend of future prouducts. Because exploiting and utilizing solar energy is becoming popular, and many countries have established "sunshine plan" already; The most important is that Solar energy can replace increasing shortage of natural resources, such as oil,coal and other non-renewable resources， it can relieve the current energy crisis; Meanwhile solar energy is a kind of clean resource. there is no pollution,when we use it, therefore I believe that most people will choose our products. In my opinion, the nature resource is impossible to satisfy the needs of the long-term development of human. Human must look for alternative sources of energy, and solar energy is the best choice of human. The future of solar energy's development will bright...
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...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...
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...Comparing Two Magazines For my compare and contrast essay, I have decided to compare two magazines in the financial business. The name of the first magazine is” The economist” and the second magazine is “Forbes” The theme of the first magazine is to highlight, how and what type of businesses to start and make money without putting in much of the hard work. The very first page of the magazine shows an absolute image of the man and women dressed up with lots of money and a road of success. The magazine rapidity claims” Sure ways to make money”. It seems like editor is personally involved in guaranteeing the success of the business with highlighting text displaying “Make $40 Million with eco-friendly herbs and sprouts” or “Make 15 million in the first year with Dollar Varity stores” As I am turning and reading pages more and more, I realize that this magazine is not meant to show issues, techniques, pros and cons of starting up a business but it is more like infomercials showing the top returns one can reap from his investments. The magazine forces me to realize that I am missing an essential experience in my life by not starting up the business. The magazine displays beautiful color and picture schemes. The magazine also highlights few of the success stories of the entrepreneurs. Overall this magazine makes business as a seamless transition of normal day today activity to a profit generating machine, but to some extent it also highlights few realistic...
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...Starting a business takes determination and passion and excitement don't run away from Initial failure. One of the most exhilarating things a person can do is starting a new business But unfortunately, a few bad decisions and some poor breaks and it can also be one of the most stressful and disappointing events in a person's life and a complete waste of time and money. The most practical examples of successful businesses and instructions on how to be like them, from using Social Media to networking clubs to build business and your job is to figure out what market you can best serve, then develop a strategy and budget to go after them. You must know three things which you should ever consider when you start a business and want to succeed: Passion, Excitement and Faith. If you don't love what you do, if you don't put passion in it, and feel motivated to wake up early in the morning, that business will never grow. It will find a way to survive in time but will never grow. The first thing you must know that when you are starting a business it won't start giving profit instantly from the time you start it. Hence you must wait and learn and apply new ways of doing business to succeed, not leave it after initial failure. My advice to a friend starting a new business is as follows. Vision. Never let money get in the way of vision. Ideas and concepts are free. Always do yourself the legwork prep work and homework. Prove to the people around you that you are dedicated and committed...
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