Entre Buisness Plan Study Guide

Risk

A probability or likelihood of being exposed to danger, injury, or loss

Risk Analysis

An initial reflection that identifies the possible risks of entering a business

Risk Assessment

A specific business strategy that identifies potential risks to the business and outlines how the business will respond if they occur

SBA (Small Business Administration)

The government organization that provides resources to new and small businesses

Cost Benefit Analysis

A technique that weighs the benefits of a project against its costs to determine if the project or new business is worthwhile

SWOT Analysis

A study whose purpose is to identify the strengths, weaknesses, threats, and opportunities to new business

Strengths

The internal characteristics which may be deemed favorable for the organization

Weakness

The internal characteristics which may be deemed unfavorable for the organization

Opportunities

External characteristics which the organization may use to its advantage

Threats

External characteristics which may be potential sources of failure to the organization.

Buisness Plan

A document setting out a business's future objectives and strategies for achieving them.

Exectutive Summary

a short, quick overview of a big report or plan

Marketing Overview

A document or set of documents outlining the platforms and methods a company uses to reach its target market.

Development Plan

A document that outlines the goals, objectives, and actions needed to improve a specific area, project, or individual's skills over a defined period

Financial Report

A formal record of a company's financial activities and position over a specific period

Code of Ethics

A formal document that outlines the principles of conduct and behavior that a group or organization expects from its members

Conclusion

The final section of a document, such as a report or business plan, that summarizes the key points, findings, and often includes a call to action

Demographics

data that separates and distinguishes people by population

characteristics, such as age, race, gender, education, or income level

Geographics

segmenting the market based on where people live

Psycographics

segmenting the market based on lifestyle

Behavioral

segmenting the market based on product- related behavior that

involves the benefits sought by customers or shopping patterns

Surveys

interviewing people via telephone, online, or in person

Focus Groups

group of 8-12 people in a discussion led by a researcher

Cost Advantage

being able to sell your product at a lower cost than your competitors,

often giving up quality