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36 Cards in this Set
- Front
- Back
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85% innacurate and 15% right
- Not based on fact - Somewhat controllable - How people perceive you When we establish that impression... - Put them into category - To hire or to have conversation with - 5-7 years to overcome predjudices and pre-conceived notion - Re-think about people. It is what you believe |
First Impression
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- Entrepreneurial management; start small, grow big, initial start-up growth has passed will
continue to seek ways to grow - Traditional management; large company, stable, managing managers - Small business management; risk adverse, content with satisfactory profit and lifestyle |
Three basic forms of management
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a person who undertakes a new idea or creates a new twist on an old idea (innovativeness) and turns it into a productive, growing business. There is only one entrepreneur per company known as the CEO.
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Entrepeneur
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________ is the oldest form of business
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Entrepenurship
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Entrepeneur can ____ be risk averse
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Not
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3 Rules for success
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- Focus on the customer
- Keep turn around time short - Always give customer value |
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Business process consists of 3 elements...
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- Revenue
- Cost - Capital |
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- Revenue and Cost are _________ part
- Capital is not operations |
Operations
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Basic formula for business
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R-C=P
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Profit is not an element, it is an __________ of a business in free enterprise system
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Objective
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Capital is the _______ business
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Financial
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Revenue =
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P*V
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Price is set by the ________
- The market is customers and competitors |
Market
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Creating volume is the hardest aspect in succeding in business.
3 steps to creating volume... |
- Target your market
- Communicate with your target market - Persuade target market to do buinsess with you |
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- If supply is held static and demand increases, prices will rise.
- If supply is static and demand falls, prices will fall. - If demand is static and supply increases, prices will fall. - If demand is static and supply decreases, prices will rise. |
Supply/Demand Equation
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Projections of the three basic financial statements common to all ventures. Fundemental accounting equations
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- Cash Flow Statement
- P&L Statement - Balance Sheet |
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One of the main purposes of GAAP requirements is income received must be placed in the same accounting period of the _______
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Cost
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You can't manage what you don't _______
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Measure
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P&L Statement demonstrates the equation....
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R-C=P
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Gross profit is the same as ________
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Gross Margin
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The greatest opportunity is the one that gives...
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- Gross Profit
- Gross Margin - Volume |
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The cost of goods sold are all the cost to except...
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- G&A
- Selling Costs |
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3 major elements of the balance sheet...
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- Assets (Current, Fixed and other)
- Liablity (Current & Long-term) - Net Worth |
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3 categories of the P&L Statement...
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- Costs of goods sold
- Selling Costs - G&A |
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To see the value of a business 3 annual balance sheets are required...
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- Only good for things produced
- Cash Flow projection is the best tool to determine the amount of capital required to start up a business - Equity is ownership, debt is borrowing |
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Sole proprietorships can only have ___ owner. The oldest common form of private business ownership
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1
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The corporate form of the entity protects the owner from ________
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Personal Liablity
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An artificial legal entity, typically chartered by a state, that is usually formed to operate a business A ________ is a legal entity
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Corporation
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The C-corporation is taxed twice on its profits - once as a corporation and a second time when those profits are dispersed as dividends or when the company is liquidated
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Double taxation
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4 elements of economy
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- Fiscal Policy
- Monetary Policy - Financial Sector - Real Economy |
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The government controls fiscal and _______ policy
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Monetary
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The private sector includes financial and _____ economy
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Real
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Fiscal policy is headed by...
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Secretary of the treasury
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Monetary Policy is controlled by...
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The Federal Reserve
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The Financial sector's objective are to facilitate transactions and make a
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Profit
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The _______ creates productivity, pays taxes, and support governemnt
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Real economy
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