Deca Buisness Management

Primary role of a business

Meets needs and wants

Good

Tangible product

Four inputs of business

Physical, human, financial, and enterprise

Enterprise

The idea and drive to make things function

Outputs of production

Goods and services

Primary sector

Acquiring or extracting raw materials from the earth

Secondary sector

Manufacturing and assembling products from raw materials

Tertiary sector

Services such as banks, schools, and restaurants

Quaternary sector

Knowledge-focused services, research and development, and consultancy

Example of primary sector activity

Coal mining

Entrepreneur

An individual who develops and runs a business, assuming the risks and rewards

Motivations for starting a business

Necessity, independence, and finding a gap in the market

Common challenge for new businesses

Difficulty raising finance and building brand awareness

Business plan growth statistic

Business plans help businesses grow up to 30% faster

Entrepreneur persistence statistic

Entrepreneurs with a business plan are 6 times more likely to persist with starting a business

High-growth businesses with a business plan

70%

Venture capitalists who won't invest without a business plan

Over 85%

Key purpose of a business plan

Help raise finance through investors and banks

Limitation of a business plan

It is only as good as the forecasts and research used to create it

What a standard business plan includes

Short-, medium-, and long-term goals; market analysis; competitor evaluation; and owner background

Why Emily started Bite Me Bagel Shop

She lost her job and needed to bring in income

Emily's initial sales channel

Instagram

Obstacle Emily faced when introducing bagels to local customers

Most locals did not know what a bagel was

Business sectors of Bite Me Bagel Shop

Secondary and tertiary

SWOT

Strengths, weaknesses, opportunities, and threats

KPI

Key Performance Indicator

Sales department KPI

Cost per lead, conversion rate, monthly sales growth, or total revenue