BES

• Work Immersion is a course requirement for graduation where students are exposed to work-related environments related to their field of specialization to enhance their competence
• Important terms to remember:

  • ROI: Return on investment refers to all benefits received from an investment
  • Incentivize: Provide motivation for using a product or service
  • Monetize: Make money from a product or activity
  • Margin: Profit from a product or service after all expenses have been covered
  • Accounts Payable: A record of the money owed to people and businesses that helped create a product or service
• Accounts Receivable: A record of the money that other people and businesses owe to you
• Capital often refers to money, but it can also be used to refer to everything your business owns and uses to function
• Fixed Costs are expenses you must pay whether your business is doing well or not, like utilities, rent, and employee salaries
• Variable Costs are expenses that fluctuate based on your volume of business, including shipping, commissions, supplies, and hourly wages
• Gross refers to the total amount or quantity BEFORE deductions or expenses, while Net refers to the amount or quantity AFTER deductions or expenses
• SWOT analysis examines Strengths, Weaknesses, Opportunities, and Threats
• B2B stands for business-to-business, B2C for business-to-consumer, and B2G for business-to-government transactions
• Unique Selling Proposition is a specific factor that differentiates your product or service from your direct competitor
• Niche Market is a very specific segment of a larger market
• Market Research gathers information about consumers’ needs and preferences to provide the right product or service
• Market Penetration measures the extent of a product’s sales volume relative to the total sales volume of all competing products
• Brand refers to a product, identity, or image that generates awareness and separates your business from others
• Digital Marketing is marketing conducted solely on the internet
• Infographic is content that combines words and images to make complex information easy to understand
• Feasibility Study is an analysis that looks into all essential parts of a potential business to determine the probability of succeeding
• A Business Plan is a formal written document containing the goals of a business, the methods for attaining those goals, and the timeframe for their achievement
• Categories of a Business Plan include:

  • Business Plan for Profit, Marketing Plan, Project Plan
  • Business Plan for Non-profit and government agency, Operational Plans
• Contents of a Business Plan:

  • Executive Summary, Project Background and History
  • Management and Personnel Feasibility, Production Feasibility
  • Financial Feasibility, Socio Economic Feasibility
  • Project Implementation and Timetable
• The Mission Statement in a business plan answers questions like who the customer is, what they need, what’s in it for the customer, and how the company satisfies its stakeholders
• Advantages of writing down the results of the feasibility study include:

  • Findings can be sent to potential lenders to understand possible risks/advantages
  • Helps entrepreneurs focus on their ideas and plan long-term development
  • Helps entrepreneurs decide on the needed capital
• Comparison between a Feasibility Study and a Business Plan:

  • A feasibility study is conducted before a decision to proceed, providing an investigative function
  • A business plan is prepared after a decision to proceed, providing a planning function