Entrep

• Entrepreneurial skills include creativity, problem-solving, decision making, risk taking, leadership, communication, networking, financial management, marketing, and time management.

  
• Gross profit


  The profit of the company that made after deducting the cost
• Revenue


  The income generated from normal business operations and includes discounts and deductions for returned merchandise
• Projected five year forecast

  Shows the financial picture – assets, liabilities, and capital – at some specific moment
• Return of Investment


  The ratio between net profit and cost of investment
• Sales


  The money received from customer in exchange of products given to customer
• Cost of goods sold


  The price of all inventory sold which includes both fixed and variable costs
• Assets


  Anything with monetary value that a business owns
• Materials used


  • total revenue – total expenses = profit
  • The following belongs to the fixed costs EXCEPT
• Income statement


  One of the financial statements of a company and shows the company's revenues and expenses during a particular period
• Inventory


  The term used for the goods available for sale and raw materials used to produce goods available for sale
• Capital


  It is also called equity
• If it is only needed in normal situation


  It is favorable for the business to have high inventory
• Accountant

  His primary responsibility is the preparation & presentation of the financial statements of the entity
• By increasing promotion


  Business most likely to increase sales of a premium branded product
• Business objectives

  What does the overall marketing mix create?
• Marketing mix

  The way a business combines the main marketing elements to sell products that meet the needs and wants of customers
• Price

  The marketing mix which concerns on how much a customer pays for the goods or services being offered
• Create marketing plan

  4 P's achieve when these works together?
• Four Ps in the Marketing Mix

  • Product
  • Place
  • Price
  • Promotion
• Service

  One example is Beauty Salon that offers customers hair styling
• Recruitment

  The process by which a business hires staff
• Fits for the position

  Right person for a particular position
• It is a risk associated by a bad hire in the company

  It can create a negative atmosphere in the workplace
• Curriculum Vitae/resume usually find a summary of the work history of a prospective employee
• Short listing not usually part of the selection process
• Selection

  It is the process of collecting, measuring, and evaluating information from a pool of applicants
• Employees who never mind absences in work

  Has the least benefit for the company
• Skills

  An employer needs to choose applicants who possess the most necessary requirement
• Recruitment


  It is the process of generating a pool of capable and qualified people for the company/ business
• Factors in production


  • People
  • Machine
  • Method
  • Materials
  • Manpower
• Product to produce

  It determines what should be sold
• Employee qualifications

  • Family Connections
  • This is an employee qualification except one