1. Entrepreneurship 3209
Unit 1 - Section 2

2. Operating a Business Primary tasks in Running a Business_
Successful operation of a business requires attention to all of these areas of operation

3. Management and Human Resources
Planning, Organizing and controlling business operations
Wants to improve
_________: The resources used and the products or services that results. _______ resources used, ______ productivity
_________:The amount of time or effort put in to get a product or service. ______ effort/time, ________ efficency.
_________________: Depends on need, qualifications, training etc.
__________________: keeping good employees; depends on wages, perks, location, safety age etc.

4. Production The factors of production
_______________: The raw material that we get from the earth, water and air. Primary/extractive industries
_______________: Ingredients that are transformed into another product
________: All the physical or mental work needed to produce a good or service
__________: The money invested into a business
__________: to be competitive, a business must have this. About technology, competition, sources of supply etc.
______________:The people who control the factors of production.

5. Production cont… Steps in producing goods or services_
How can production be improved?

6. Financial Planning and Analysis
__________The process of recording, analyzing, and interpreting the financial or economic activities of a business.
_______: something that has value and is owned by someone (eg. ________)
________: Debts or amounts that are owed to another
______________________: What you have left after all your debts are paid off _
___________:Net worth for a business

7. Financial Planning and Analysis
Reading/interpreting financial statements
___________: summarizes information about assets, liabilities, and owners equity. (Shows how a business is doing on a certain day.) Pg. 282
__________: the ease of converting an asset into cash (cash is the easiest converted, where a building much harder – it must be sold!)

8. Financial Planning and Analysis
_____________: A second financial statement used to help a business report its profit or loss on business operations (shows how a business is doing over time) pg. 287
Revenue (_________________)
Expenses (________________)
Net income (_______________) _

9. _______________: The movement of cash in and out of a business
_____________________: reports on a businesses cash flow over a period of time pg. 293

10. Marketing and Advertising
_____________: is used to sell what a business makes and to manage a business’s brand(s) _
________________: the paid use of various types of media to try and convince consumers to buy a particular product or service

11. The 4 P’s and 2 C’s of marketing
______________: good product (or service) development look at: quality, design, features and benefits
__________: How high or low the price is can effect profit. How ________________is the product? (how will sales change with a change in price)
__________: the path that a product goes in from producer to consumer (can be direct, indirect or specialty)
_____________:Any attempt to sell a product – advertising, coupons, contests, premiums, samples and special events

12. The 4 P’s and 2 C’s of marketing cont…
___________: All sellers of a particular product.
_____________: the percentage of the market that a company or brand has
_______: Characteristics of people who buy our products
___________________________(research)

13. Advertising *A reason to buy NOW!* Rules for good advertising:
1: ____________– headline that mentions the brand
2: ____________– simple, easy to read: clear to the point
3. _____________– help the customer want the product (a problem that your product can solve
4: ___________(to buy) – summarize the reasons to buy and where to get it (phone number, map)
*A reason to buy NOW!*

14. Legal Issues and Responsibilities
Regulations that govern business:
___________________(___): Businesses show this through their values, ethics and contributions to the community.
Companies that ________________community projects, keep employees safe and healthy etc.
_____________: companies must disclose all important information to shareholders, business partners etc.
Employees must report if it comes to there attention that a law, regulation or policy has been violated.

15. Legal Issues and Responsibilities cont.
6 major areas of laws for a business in Canada: _
Should a company have Ethical or moral obligations?

16. Primary tasks in Running a Business_
Which three do you think are the most important? Why?

17. Businesses are Dynamic
Businesses are always changing as a result of the changing needs and wants of humans. _

18. Product Life Cycle
All products have a limited life
Stages: _

19. Business Life Cycle Businesses often grow and then age Stages:_
The Challenge: Businesses must _______to remain _________ in todays marketplace

20. Economic (Business) cycle
Economy-wide fluctuations (months to years)
Stages:
_____________(expansion or boom)
Businesses increase production and sales
______________(recession)
Businesses have less output, profit and employees

21. A Successful Business
One that earns a profit while meeting a need in the marketplace
Factors: _

22. Effective Leadership
Also a significant factor in running a successful business.
Desirable traits include:
calculated risk taking,
vision and passion,
perseverance,
teamwork.

23. Attracting and retaining customers
Successful businesses work diligently at this
Businesses pay ______________to:
providing excellent _____________,
determining ______________and providing it,
producing _____________.

24. ethical behavior and social responsibility
Consumer and public expectations in _______________ and _______________over the past several decades have ___________
A greater awareness about consumer choice _