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8 Cards in this Set

  • Front
  • Back
operating business requires skills in:
management, financing, marketing
who owns a small business these days:
more educated, young, people mostly female and minorities
business plan
written description of the business idea and how it will be carried out.
business plan elements are:
6 steps
1. Description of business
2. Description of competition
3. Customer analysis
4. Operations plan
5. Marketing plan
6. Financial plan
start up financing
the money needed to open a business. includes costs of buildingsm equipment, inventory
short term financing
money needed to pay for the current operating activities of a business. often used for over a period of less than a year.
long term financing
money needed for important resources of a business (such as land, buildings, amd equipment) that will last for years
source of financing
proprietorship- one person supplys
partnership- both owners split cost
corporation- shareholders pay with money from loans being payed off and other financial institutions.