Study Guide Test 1
BSMG 2410 TEST 1 REVIEW
1. How a business plan can be useful.
A working blueprint outlining ﬁnances and direction for a new start-up or expansion. Gives you something you “see”. 2. The doorways to small business ownership.
There are three doorways to small business ownership. 1.
Buy an existing business.
Buy a franchise
Start a new business.
3. Not one of the ten killer factors.
The Ten Killer Factors for Entrepreneurs
The loner syndrome
Nebulous business ideas
Too little financial backing
No marketing strategy
The wrong people
Underestimating the competition
4. Not one of the ten success factors.
The Ten Success Factors for Entrepreneurs 1.
Willingness to succeed
A clear business idea
The Business Plan
Exact control of finances
A step ahead of the competition
Clear company structure
5. Not good advice for a budding entrepreneur.
When you are the boss, you can take it easy. 6. Not one of the key points for successful entrepreneurs.
Entrepreneur A visionary self-starter who loves the adventure of a new enterprise and is willing to risk his or her own money 7. Characteristics of today’s changing family.
8. Impact facts about the baby boomer generation.
Baby boomers Persons born between 1946 and 1963: Increase in population: Retirement age. They will probably be your customers. Pg.33: Baby boomers make up 70% of the population. Have a steady income.
9. Not an example of the new living arrangements.
Living arrangements are changing and evolving. 10. What is accomplished by the Opportunity Selection Funnel
11. Not one of the product life-cycle stages
The Life Cycle Stages A.
12. What is included in primary research?
Secondary research Reading and using previously published (primary) research 13. Steps in opportunity selection.
1. Keep personal and business objectives in mind through the filtering process 2. Learn more about your favorite industry.
3. Identify 3 to 5 promising segments
4. Through research, identify problems that need solutions.
5. Brainstorm for solutions
6. Mesh possible solutions with your objective
7. Concentrate on the most promising opportunities.
14. What is gained by doing primary and secondary research?
From my understanding, Primary and Secondary research are the difference in conducting the research. In Primary research, there is no data available for the researcher; hence the researcher has to start from scratch. This means that the researcher needs to design questionnaires, collect data from respondents and then analyses the result. If you are doing secondary research, the researcher have the necessary data available. These data are made available through other publications or reports, like newspaper or annual reports of companies. If the researcher is doing secondary research, there is no need to start from scratch; he or she uses the data or information done by other organizations or publications. The important thing is that there are advantages and disadvantages for both methods. Primary research is more time consuming and costly. While some secondary research may not suit the researcher's needs. 15. Consider industry breakthroughs.
16. Parts of the NAICS structure.
Pg. 62: North American Industry Classification System (NAICS) 1. Industry sector (20 major sectors)
2. Industry subsector
3. Industry group
5. U.S, Canadian, or Mexican national specific industry
17. How trade shows work.
18. How to conduct primary research.
19. How to use a matrix grid.
Measurement tool with which ideas are screened and evaluated in order to ﬁnd solutions
20. What can be gain from market research.
Collection and analysis of data pertinent...
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