Entrepreneurship 3209 Unit 1 Section 2 Operating a

Entrepreneurship 3209 Unit 1 - Section 2

Operating a Business • Primary tasks in Running a Business –_ –_ –_ • Successful operation of a business requires attention to all of these areas of operation

Management and Human Resources • Planning, Organizing and controlling business operations • Wants to improve – _____: The resources used and the products or services that results. _______ resources used, ______ productivity – _____: The amount of time or effort put in to get a product or service. ______ effort/time, ____ efficency. – _________: Depends on need, qualifications, training etc. – _________: keeping good employees; depends on wages, perks, location, safety age etc.

Production • The factors of production – ________: The raw material that we get from the earth, water and air. Primary/extractive industries – ________: Ingredients that are transformed into another product – ____: All the physical or mental work needed to produce a good or service – _____: The money invested into a business – _____: to be competitive, a business must have this. About technology, competition, sources of supply etc. – _______: The people who control the factors of production.

Production cont… • Steps in producing goods or services –_ –_ –_ • _ • How can production be improved? –_

Financial Planning and Analysis • _____The process of recording, analyzing, and interpreting the financial or economic activities of a business. – _______: something that has value and is owned by someone (eg. ____) – ____: Debts or amounts that are owed to another – ___________: What you have left after all your debts are paid off • _ – ______: Net worth for a business • _

Financial Planning and Analysis • Reading/interpreting financial statements – ______: summarizes information about assets, liabilities, and owners equity. (Shows how a business is doing on a certain day. ) Pg. 282 • _____: the ease of converting an asset into cash (cash is the easiest converted, where a building much harder – it must be sold!)

Financial Planning and Analysis – _______: A second financial statement used to help a business report its profit or loss on business operations (shows how a business is doing over time) pg. 287 • Revenue (_________) • Expenses (________) • Net income (________) • _

• ________: The movement of cash in and out of a business • ___________: reports on a businesses cash flow over a period of time pg. 293

Marketing and Advertising • _______: is used to sell what a business makes and to manage a business’s brand(s) –_ • ________: the paid use of various types of media to try and convince consumers to buy a particular product or service

The 4 P’s and 2 C’s of marketing • _______: good product (or service) development look at: quality, design, features and benefits • _____: How high or low the price is can effect profit. How ________is the product? (how will sales change with a change in price) • _____: the path that a product goes in from producer to consumer (can be direct, indirect or specialty) • _______: Any attempt to sell a product – advertising, coupons, contests, premiums, samples and special events

The 4 P’s and 2 C’s of marketing cont… • ______: All sellers of a particular product. – _______: the percentage of the market that a company or brand has • _______: Characteristics of people who buy our products – ______________(research)

Advertising • Rules for good advertising: • 1: ______– headline that mentions the brand • 2: ______– simple, easy to read: clear to the point • 3. _______– help the customer want the product (a problem that your product can solve • 4: ______(to buy) – summarize the reasons to buy and where to get it (phone number, map) –*A reason to buy NOW!*

Legal Issues and Responsibilities • Regulations that govern business: • __________(___): Businesses show this through their values, ethics and contributions to the community. – Companies that ________community projects, keep employees safe and healthy etc. • _______: companies must disclose all important information to shareholders, business partners etc. – Employees must report if it comes to there attention that a law, regulation or policy has been violated.

Legal Issues and Responsibilities cont. • 6 major areas of laws for a business in Canada: –_ –_ –_ • Should a company have Ethical or moral obligations?

• Primary tasks in Running a Business –_ –_ –_ • Which three do you think are the most important? Why?

Businesses are Dynamic • Businesses are always changing as a result of the changing needs and wants of humans. –_ –_ –_

Product Life Cycle • All products have a limited life • Stages: –_ –_ –_

Business Life Cycle • Businesses often grow and then age • Stages: –_ –_ –_ • The Challenge: Businesses must _______to remain _____ in todays marketplace

Economic (Business) cycle • Economy-wide fluctuations (months to years) • Stages: – _______(expansion or boom) • Businesses increase production and sales – _______(recession) • Businesses have less output, profit and employees

A Successful Business • One that earns a profit while meeting a need in the marketplace • Factors: –_ –_ –_

Effective Leadership • Also a significant factor in running a successful business. • Desirable traits include: – calculated risk taking, – vision and passion, – perseverance, – teamwork.

Attracting and retaining customers • Successful businesses work diligently at this • Businesses pay _______to: – providing excellent _______, – determining _______and providing it, – producing _______.

ethical behavior and social responsibility • Consumer and public expectations in ________ and ________over the past several decades have ______ • A greater awareness about consumer choice –_ –_