Small Businesses Quizlet

Small Businesses Quizlet – 2 DECA’s site home is a school-based enterprise (SBE). This specialty coffee shop was opened in January 2009. Basics of School Based Enterprise (SBE) 1.2

3 What is a school-based organization? “School enterprises are effective educational tools that help prepare students for the transition from school to work or college. For many students, they provide their first work experience, while for others they provide an opportunity to develop management, supervisory and leadership skills. Box 1.2 Source : www.schoolbasedenterprises.org

Small Businesses Quizlet

4 DECA DECA stands for Marketing Student Association. DECA’s mission is to prepare students for careers in marketing, management, and entrepreneurship. DECA is a collaborative student organization. A co-curricular program means that DECA activities are directly related to classroom instruction. Frameworks 1.3 Source: www.deca.org

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5 DECA has more than 185,000 high school DECA students in more than 5,000 chapters in the United States, Canada, Germany, Mexico, Puerto Rico and Guam. DECA helps students develop skills for successful business careers, develop self-esteem, learn leadership skills, and engage in community service. Frameworks 1.3 Source: www.deca.org

6 Entrepreneur  An entrepreneur is a person who takes a risk to start a new business.  Entrepreneurship is the planning, creation and management of new businesses. Fred Smith, the founder of FedEx, wrote a business plan as a student at Yale University outlining his business idea for shipping packages across the United States overnight. Box 1.4 Source: Marketing, 3e, p. 587

7 Advantages of an Entrepreneurial Career  Entrepreneurs often start their business while working for another company, which allows them to supplement their income while working for another company.  Personal satisfaction by turning an idea into a business, creating jobs for people in the community, completing interesting tasks and controlling the company’s profits. Box 1.4 Source: Marketing, 3e, p. 587

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8 Entrepreneurs Growing Small Businesses  More than 600,000 small businesses (with 20 or fewer employees) are started each year.  More than 10% of the US working age population is self-employed.  Small businesses make up 97% of all businesses.  Small businesses employ 52% of non-government workers and 38% of workers in high-tech occupations.  Small enterprises are responsible for more than half of all goods and services produced.  More than 95% of all exporting companies are small businesses. Box 1.4 Source: Marketing, 3e, page 590 – Figure 21-1

9 characteristics of entrepreneurs  Vision and mission.  Risk taking is the willingness to risk the possibility of failure in order to achieve success.  effort to achieve.  Independent thinker.  Self-confidence – belief in oneself and one’s abilities and expectation of success.  Creativity is the ability to use imaginative skills to find unique ways to solve problems. Box 1.6 Source: Marketing, 3e, p. 593

10 Forms of Business Ownership  Sole Proprietorship – A business owned and operated by one person. The owner is the person who has sole ownership of the business.  A partnership is a business owned and operated by two or more individuals who participate in the decision-making and profitability of the enterprise. A partnership agreement is a legal document that defines the obligations and financial relations of partners.  A corporation is a business owned by individuals who purchase shares in the company. Corporations are chartered by the state in which they are incorporated. Framework 1.7 Source: Marketing, 3e, p. 603

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11 A corporation’s charter is a legal document that allows a corporation to operate as a person. Source: Marketing, 3e, pp. 605-606

12 Ownership: Advantages  Ownership is the most common form of small business ownership.  The owner is the boss and makes all the decisions.  The owner gets all the profits from the business activities.  It is the most flexible form of ownership.  It is the easiest form of property to create. Framework 1.7.1 Source: Marketing, 3e, p.604

13 Ownership: Disadvantages  The owner may not have all the skills needed to run the business.  Most new businesses require a lot of start-up money, which can be provided by more than one employer.  The risk is very high and involves personal liability and must be addressed by the employer.  If the owner becomes ill or dies, the business cannot be continued. Framework 1.7.1 Source: Marketing, 3e, p.604

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16 Proprietorship Shelby’s is a family business with a 25-year tradition in the Ozark area. Pictured left to right: Shirley, Heidi, Erin, Shelby (owner), Susan, Ada and Genie.

17 Collaboration: Advantages  Partners can pool their knowledge, skills and abilities.  Partners usually have more financial resources to bring to the business.  If a partner decides to leave the business, there is no need to close the business. Framework 1.7.1 Source: Marketing, 3e, p. 605

18 PARTNERSHIP: DISADVANTAGES  Disagreement may arise between partners on important decisions.  All partners are responsible for any actions and decisions taken by other partner.  Profits as well as losses are shared by the partners. Framework 1.7.1 Source: Marketing, 3e, p. 605

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21 Partnerships Neighbors Mill Bakery & Cafe is owned by Mike and Karin Nabors. The business specializes in handmade, all-natural breads, grilled and cold sandwiches, soups, salads, pizzas, desserts and espresso coffee.

22 Corporation: Advantages  Provides limited liability to owners.  The business is unlimited for the lifetime of the owners.  It is easy to transfer ownership by selling shares. Framework 1.7.1 Source: Marketing, 3e, p.606

23 Corporations: Disadvantages  Corporations face more government rules and regulations than other forms of business ownership.  Shareholders focus only on profit.  Individuals are not responsible for the actions of the corporation.  Corporations are generally taxed at a higher rate than other forms of ownership. Framework 1.7.1 Source: Marketing, 3e, p.606

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25 Corporation FedEx Express was founded in 1971 by Fred Smith. The corporation was founded in 1998 as FDX Corporation and became FedEx Corporation in January 2000. The company carries out more than 6 million shipments every day. FedEx employs more than 250,000 people.

26 Corporation Pace Industries, Inc., a 635,000 square foot facility located in Harrison, Arkansas, specializes in commercial and consumer casting.

27 Developing a Business Plan  A business plan is a written document prepared for the development and operation of a new business. -Sections of a business plan usually include: Executive Summary – This provides an overview of the business concept and the important points covered in the business plan. A description of the proposed business, product/service, community, potential target market, organizational structure and owners. Description of proposed marketing activities. Description of proposed financial plans. Framework 1.8 Source: Marketing, 3e, p. 609

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28 End of Unit 1  Visit www.quizlet.com to review the terms and conditions associated with this unit.  Create an account on Quizlet.com if you haven’t already done so.  Use your first and last name (without spaces) as login.  Use your name as a password (or something you can remember!).  Using Quizlet.com’s search function, cdorman and mr. Get to know the Dorman dashboard.  Open the “Small Business Activities” topics folder.  Study the cards.  Use the test feature and use the scatter feature.

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However, the average response time by businesses is 12 hours. Poor customer service is one of the leading causes of business failure. And for small business owners, the impact is immediate and devastating. Have you ever wanted Genie to handle your customer support and engagement tasks while you focus on growing your business?

Chatgpt For Small Businesses: How Is It Changing The Way We Communicate?

Well, ChatGPT is here to make your wishes come true, so you may not need Genie anymore! In this article, we’ll take a look at how ChatGPT is changing the game for small businesses and what we should look out for to get the most out of this new technology. We discuss how ChatGPT works, its benefits for small businesses, and potential challenges and limitations. So let’s get started!

ChatGPT is an AI-powered chat agent that uses state-of-the-art Natural Language Processing (NLP) technology to conduct human-like conversations with users. Essentially, ChatGPT is an advanced chatbot designed to understand and interpret natural language questions and provide accurate answers.

ChatGPT is based on the GPT-3.5 architecture, a high-level neural network-based language model developed by OpenAI. This technology is designed to allow machines to process and understand human language in a similar way to human language processing. Open AI recently introduced ChatGPT Plus,

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