| A | B |
|---|
| entrepreneurs | people who own, operate, and take the risk of a business venture |
| opening a business disadvantages | too risky, uncertain income, work long hours, and make all decisions |
| meeting manners | shake hands, eye contact, show interest, speak clearly, do not appeared rushed, thank person at end |
| problem solving model | define, gather, identify solutions, select best, take action, evaluate |
| market economy | USA |
| command economy | communist country |
| advantages of buying existing business | already has customers, seller may train new owner, prior financial records |
| disadvantages to buying existing business | not making profit, serious problems from last owner, need $$$$$ to buy |
| business plan | written document that describes all the steps necessary to open and run business |
| business plan licensing iinformation | legal issues section |
| executive summary | short restatement of a report, keeps readers interest |
| target market | individuals or companies that are interested in a product or service and will and able to pay for it |
| customer profile | description of the characteristics fo the person likely to purchase a product/service |
| primary market research study | define question, select research method, collect data, analyze data, draw conclusions |
| customer loyalty | ask what they want/need, offer great service, have convenient hours, easy return policy, store credit cards, frequent buyer programs |
| bank declines your request | inexperience, poor business plan, just starting up |
| property, casualty, life, workman's comp | insurance your business needs |
| trade area map | area from which you expect to draw your customers from |
| rent per customer | monthly rent/number of customers |
| quote | estimate for how much you will pay for the merchandise or service |
