ENTREP

• Product Process

  -          Transformation or conversion process whereas the raw materials are transformed into final products
• Output

  -          Represents the final product form the production process
• Three Elements of production process

  -          Input

  -          Product Process

  -          Output
• Heterogenous Products – has dissimilar characteristics, parts, and physical appearance. Can be easily distinguished.
• Product – Physical outputs, tangible and should be valuable and beneficial to the consumers.
• Homogenous Products – has similar content and hardly be distinguished from that of the other products.
• Product Description – promotes and explains what is a product is and why it is worth buying. Provide customers a detail around the features and benefits of the product so they are obliged to buy.
• Prototype – duplication of a product as it will be produced, which may contain such details.
• Supply Chain – management systems automate the flow of information among members of the supply chain so that they can use it to make better decision about when and how much to purchase, produce, or ship.

  -          Structure of organizations in moving a product or service from supplier to customers.
• Value Chain – method or activities by which a company adds value to an item, with production, marketing and the provision of after-sales service. To make or support a competitive benefit.
• Revenue – sales exceed the cost to produce goods.

  -          Recognized when earned whether pain in Cash or charged in account
• Sales – used especially when the nature of business is merchandising or retail
• Service Income – used to record revenues by rendering services
• Mark up – refers to the amount added to the cost to come up with the selling price.
• Operating Expenses - such as payment on Internet connection, Utilities expense (i.e.Electricity), Salaries and Wages and Miscellaneous are essential in the operation of the business; this allows the business to continue operate in a given period of time.
• Cost of Good Sold - refer to the amount of merchandise or goods sold by the business for a given period of time. This is computed by adding the beginning inventory to the Net Amount of Purchases.
• Merchandises Inventory Beginning - refers to goods and merchandise at the beginning of operation of business or accounting period.
• Purchases - refer to the merchandise or goods purchased.

  Merchandise Inventory, end refers to goods and merchandise left at the end of operation or accounting period.
• Marketing plans can include different marketing strategies for various marketing teams
• Freight-in refers to amount paid to transport goods or merchandise purchased from the supplier to the buyer. In this case, it is the buyer who shoulders this cost.

  marketing plan is a strategic roadmap that businesses use to organize, execute, and track their marketing strategy over a given period.
• Merchandise Inventory, end refers to goods and merchandise left at the end of operation or accounting period.
• financial plan section is the section that determines whether or not your business idea is viable, and is a key component in determining whether or not your plan is going to be able to attract any investment in your business idea.
• Financial Plan Consists of:

  -          Income Statement

  -          Cash Flow Statement

  -          Balance Sheet
• entrepreneur is one who organizes, manages and assumes the risk of an enterprise. An entrepreneur should be aware of the ethics and social

  standard follow them.
• Employees are the true assets of an organization. They are the ones who contribute effectively towards the success of every business so, in return entrepreneur has responsibilities and accountabilities to fulfil for the safety and welfare of their employees.
• suppliers are also important for any business because they supply raw materials, machinery, labor, and other materials. Without hem, the smooth operation of the business is quite difficult.
• Balance Sheet - estimates the firm's worth on a given date; built on the accounting equation:
• Balance Sheet – A financial statement that summarizes a company's assets, liabilities and shareholders' equity at a specific point in time.
• Statement of Cash Flows - shows the change in the firm's working capital over a period of time by listing the sources of funds and the uses of these funds.
• Asset – useful, or valuable thing; property owned by a person or company
• Liabilities – a thing for which someone is responsible especially a debt or financial obligation
• Owner’s Equity – represents the owner’s investment; total asset of an entity, minus total liabilities
• CASH - It describes money, either in paper or in coins.
• CAPITAL - It describes the original and additional investment of the owner.
• Account Receivable - It describes collectibles from customers who made transactions on credit.
• INVENTORY - It refers to goods that remain unsold at unconsumed at the end of the accounting period
• Income Statement - A formal record of the company’s financial activities that shows revenues, expenses and profit/loss for a particular period
• ACCOUNTS PAYABLE - It describes the financial obligations from goods purchased or services received
• TRANSPORTATION PLAN - It describes the expenses on travel or fare of personnel
• Cash Flow Statement - A summary of the actual or anticipated incomings and outgoings of cash in a firm over an accounting period.