Entrep

• signifies "WHERE YOU SHOULD CHOOSE TO DISTRIBUTE" or allow access to your product or service

  Place
• -the "PRICE YOU SET" should reflect your customer's perceived value of your product and "SHOULD CORRELATE WITH YOUR BUDGET"

  Price
• -The way that you "CHOOSE TO COMMUNICATE WITH YOUR AUDIENCE" and "PROMOTE YOUR OFFERINGS" will have a direct impact on the success of your brand

  Promotion
• its important for consumers to know the brand they're purchasing from or interacting with "ARE LEGITIMATE" and well, "ACTUALLY EXIST IN REAL LIFE"

  Physical
• -"INVOLVES ANYONE" directly or indirectly, "INVOLVED" in the business side of the enterprise


  People
• -describes "A SERIES OF ACTIONS" that are taken in delivering the product or service to the customer

  Process
• -refers to the system and "STEP BY STEP PROCESS IN THE BUSINESS"

  Method
• -"THIS IS THE WORKER" when setting up a business, "FINDING HONEST and CAPABLE PEOPLE is ALWAYS A CHALLENGE"-it is "RARE TO FIND SOMEONE" WITH ALL THE IDEAL QUALITIES"


  ManPower
• -"SOURCING RAW MATERIALS" is critical in any business endeavor as the businessman would want to have the cheapest possible at the highest quality

  Material
• -Machinery is IMPORTANT. WITHOUT PROPER EQUIPMENT, you will not be able to perform the needed task efficiently

  Machines
• Who is this product for?-The "TARGET AUDIENCE" can be a gender, an age group or some defined group of people
• -is a "SHORT" MEMORABLE" PHRASE USED" in marketing campaigns to "CONVEY THE VALUE OF A BRAND or ITS PRODUCTS"

  Tagline
• -is "NOT TANGIBLE" physical product. you "CANT TOUCH IT"-it is the BENEFIT OF THE PRODUCT that makes it valuable to you

  Core product
• -is the "TANGIBLE" you can get some use out of it.-you can touch it

  Actual product
• -is the "NON PHYSICAL PART OF THE PRODUCT" -it could be a warranty, the customer service support offered-can be converted in to benefits for individuals.

  Augmented product
• -it must "SOLVE A PROBLEM" fulfill a need or offer something the market wants

  Do your research
• -"a BUSINESS PLAN is a "BLUEPRINT" that will guide your business from start up phase through establishment and eventually business growth

  Make a plan
• starting a business doesn't have to require a "lot of money" but it will "INVOLVE INITIAL INVESTMENT as well as the ability to cover "ON GOING EXPENSES" before you are turning a profit-put together a spreadsheet that "ESTIMATES THE ONE TIME START UP "COSTS" for your businsss"

  Plan your finances
• -your business can be sole proprietorship, a partnertship, a limited liability or corporation

  Choose a business structure
• -your "BUSINESS NAME" plays a role in almost every aspect of your business-make sure you think through all the potential implication "AS YOU EXPLORE YOUR OPTIONS and "CHOOSE YOUR BUSINESS NAME"


  Pick and register your business name
• -"PAPER WORK" is a part of the process when you start your own business-there are a variety of small business "LICENSES AND PERMITS" that apply to your situation

  Get licenses and permits
• -your "ACCOUNTING SYSTEM IS NECESSARY" in order to create and manage your budget, set your rates and prices, conduct business with other AND FILE YOUR TAXES

  Choose your accounting system
• -you will need to think "ABOUT YOUR LOCATION" and "OVER ALL SET UP" make sure your "BUSINESS LOCATION WORKS FOR THE TYPE OF BUSINESS YOU WILL BE DOING


  Set up your business location
• Get your team ready-make sure you take the time to OUTLINE THE POSITIONS you need to fill, and the JOB RESPONSIBILITIES 


  Get your team ready-make sure you take the time to outline the positions you need to fill, and the job responsibilities that are part of each position
• decide "HOW TO PROMOTE YOUR BUSINESS MOST EFFECTIVELY"-you'll start with the basics by writing a "UNIQUE SELLING PROPOSITION (USP) and creating a marketing plan

  Promote your small business
• -are "EXPENSES INCURRED" "BEFORE THE BUSINESS IS RUNNING"

  Start up cost
• -these are expenses or "UPFRONT COSTS" that happen "BEFORE YOU LAUNCH and "START BRINGING ANY REVENUE"


  Start up expenses
• -these are costs associated "WITH LONG TERM ASSETS PURCHASED IN ORDER TO START YOUR BUSINESS"Cash in the bank is the "MOST BASIC STARTUP ASSETS

  Startup assets
• -uses STARTUP WORKSHEETS"

  Traditional Method
• -different and probably "MORE INTUITIVE WAY TO ESTIMATE START UP COSTS"

  Live Plan Method
• -refer to expenses "REQUIRED FOR THE DAY TO DAY ADMINISTRATION AND MAINTENANCE

  On going expenses
• -is actually a Latin term meaning "FOR FORM" or FOR THE SAKE OF FORM, AS A MATTER OF FORM-based on HYPOTHETICAL SCENARIOS-it may happen in the future

  Pro Forma
• this type of pro forma projection takes into account all of your financials for the "YEAR UP" UNTIL THE PRESENT TIME"-that can help you show investors or partners what business finances could look like "BY THE END OF THE YEAR" 


  Full year pro forma projection
• -you may be "COURTING INVESTOR" or trying to "CONVINCE YOUR BUSINESS PARTERS OF THE "VALUE OF FINANCING YOUR BUSINESS"-an "INJECTION OF CASH" from an outside source

  Financing or Investing pro forma projection
• -this type of pro forma projection "LOOKS AT THE PAST FINANCIAL STATEMENTS" of your business-you can use this SCENARIO AS A MODEL" what what may "HAPPEN IN THE FUTURE" if you by the other business now.


  Historical with acquisition pro forma projection
• -"LOOKING AT BOTH BEST CASE AND WORST CASE SCENARIOS-lets you "TAKE THE FUTURE FOR A TEST RIDE and "TRY DIFFERENT OUTCOMES

  Risk analysis pro forma projection