Identifying New Markets flexible tactical and short term oriented First an

Identifying new markets flexible tactical and short

This preview shows page 15 - 24 out of 44 pages.

Identifying New Markets flexible, tactical and short-term oriented. First; an entrepreneur can transfer a product or service that is well established in one geographic market to a second market. Second; entrepreneurs can sometimes create entire industries
Image of page 15
Understanding Distinctive Competencies of SMEs 3. First-mover advantage is any advantage that comes to a firm because it exploits an opportunity before any other firm does Large organisations make decisions slowly, put a great deal of their assets at risk
Image of page 16
Starting and Operating a New Business It Begins with an Idea Learning about Business, Getting Experience Step 1: Read about business Step 2: Talk to knowledgeable people Mentors People working in the industry Trade Associations Step 3: Get experience
Image of page 17
Starting and Operating a New Business Business plan Document in which the entrepreneur describes her or his business strategy for the new venture and demonstrates how it will be implemented Why is it important? Crafting a Business Plan Setting Goals and Objectives Sales Forecasting Financial Planning
Image of page 18
Starting the Small Business Buying an Existing Business Franchising Starting from Scratch
Image of page 19
Starting a Small Business Franchise arrangement in which a buyer (franchisee) purchases the right to sell the good or service of the seller (franchiser) The start-up cost for most franchises is around $50,000 and the royalty fee is usually between 6 and 10 percent.
Image of page 20
Think-Pair-Share What are the advantages and disadvantages of franchising ?
Image of page 21
Franchising Advantages Proven business opportunity Own your own business Access to management expertise Receive marketing support Receive management and financial support Disadvantages Start-up costs Need to share sales with franchisor Management rules and restrictions
Image of page 22
Starting from Scratch Who and where are my customers? How much will those customers pay for my product? How much of my product can I expect to sell?
Image of page 23
Image of page 24

You've reached the end of your free preview.

Want to read all 44 pages?

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern

Stuck? We have tutors online 24/7 who can help you get unstuck.
A+ icon
Ask Expert Tutors You can ask You can ask You can ask (will expire )
Answers in as fast as 15 minutes