The Teen
Entrepreneur
Sections 1-4 Discussion Questions to get
you started.
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Why would you want to start your own business?
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What is an entrepreneur?
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To work for yourself
Do not have to report to a superior or someone
Use your talents or gifts or hobbies
A person who brings together productive resources to produce a
good or service and then assumes the risk of taking that product or
service to the marketplace
What is a business plan?
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A form stating a set of goals for your business, giving the reasons
why they are expected to be achievable and the plans for attaining
those goals.
Business Plan Components
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What are the components of a business plan?
Business Plan Components
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What are the components of a business plan?
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Why is it important for every business to have a business plan?
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What are some advantages to owning your own business?
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It provides directions for the business and those individuals or financial
institutions who will loan you money.
It will provides if the business will survive before investing time and effort
to establish it.
Your own boss; In control of the assets
What are some disadvantages to owning your own business?
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Everything falls on “your shoulder” for losses
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Who is Shaun Decker? (read the passage)
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Why does Shaun Decker need a business plan?
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To convince his parents that his new business has the potential to be
successful, so that they would provide him a startup loan to start it.
Project 1: Choosing Your Teen-based
Business:
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What is a sole proprietorship?
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What is a partnership?
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An unincorporated business owned by two or more persons. Each share
the potential for profit and risk of loss.
What are the advantages and disadvantages to owning your own
business as a teenager?
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An unincorporated business owned by one person and bears the
responsibilities for the debts and the risk of loss if the business fails
Advantage – you can start now understanding the ways to develop a
business
Disadvantage – doesn’t have much knowledge on starting a business
List and discuss some possible teen-based businesses you could
feasibly start.
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Babysitting, car washing, tutoring and training, music, exercise training, etc.
Project 1 – continue…
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What special skills or talents do you possess that might assist you in
starting your own business?
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What talents or abilities do you possess that you can turn into a
profit-making venture?
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Persuader, multi-task, doer, accomplish things on time, posses time
management, leadership skills, self motivated, etc (think of the
Management skill Pyramid)
What business did Shaun Decker decide to start?
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Drawing, cooking, good with math, enjoying reading, understanding the
techniques in playing video games, training or helping others
Desktop publishing
Why did Shaun Decker choose his business?
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To provide the community a one-stop source of quality desktop publishing
products and services in producing high quality documents.
Project 2: Creating the Company Description
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Company name
Business Summary
Form of Ownership
Industry Classification
Location
Year Established
Primary Function
Employees
Business Advisors
Project 2: Creating the Company Description
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What is the purpose of the Company Description of a business
plan?
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Why is it necessary for a business plan to include a Company
Description?
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So that others can understand your overall productivity of your work or
business without questions or insecurity for investments
Why is the name of a business so important to its success or
failure?
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To provide detail information on what you are trying to accomplished,
explanation of your products or services; a clear picture; Your objective
Your business name represents who you are and your vision; A name that
would be an “eye catcher” to others. The name could “make your business
successful or cause your business to fail”. It’s all in the name.
What are some business names that “jump out” at you?
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My business name is “Training Just For You”
Project 2: Creating the Company Description Cont..
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Why is it important to not use a business name that already exists?
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Why is it important to get other people’s opinions before deciding
on a business name?
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Having more than suggestions can help you decide on a name that is
more attractive to the public
What is Shaun Decker’s business name?
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It could cause many problems with the city; your title issues; Better
Business Bureau,
Decker’s Digital Desktop
Do you think Shaun Decker made the right choice in choosing his
business name?
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Yes, Digital Desktop is representing many types of documents or electronic
products and services
Project 3: Creating a Logo and Tagline
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What is a logo? http://www.logobee.com/feature3.htm
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Why are logos so important to a business?
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This is a design that is used for company’s letterhead, advertising
material, and signs as an emblem by which the organization can easily
be recognized.
How does a logo help create an identity and image for a business?
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A design symbolizing ones organization.
It It is a graphic representation or symbol of a company name,
trademark, abbreviation, etc. and often uniquely designed
Why is it important for a company’s logo to be simple in design
and color?
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It’s has to be done in a stylish manner yet remaining conservative so that
it’s easier for the eye to catch and the brain to memorize your logo
design
Project 3: Creating a Logo and Tagline
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Why is it important to sketch several logo designs on paper
before creating it on a computer?
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Logos can be very different with shapes.The best shapes to use are
symmetrical geometrical shapes.These shapes can be placed
almost anywhere.
What are some popular logos you can think of?
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http://picdorsey.com/work/view/various-logos-designs
http://www.joseguizar.com/753995/Various-Logos
Do you recognize these logos?
Project 3: Creating a Logo and Tagline
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What is a tagline?
http://www.powerhomebiz.com/vol112/tagline.htm
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Why are taglines so important to a business?
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The one or two line descriptor that often comes after a product logo
or company name. Another name is called slogans.
They efficiently manipulate the mind and enhance your desires
to believe that this product is the best the world has to offer
What are some popular taglines you can think of?
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Nike – “Just do It”;
Taco Bell – “Think outside the bun”
Subway – “ Eat Fresh”
http://www.buzzle.com/articles/ad-slogans.html
Project 3: Creating a Logo and Tagline
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What do you think about Shaun Decker’s logo and tagline?
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“The Image for Your Future”
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What are some possible elements you can include in your company logo?
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Catchy slogans are short, crisp, unique, relevant, and personalized
from the consumer's point of view are the ones that manage to win the
heart and influence the mind.
It is connected to the brand – must make sense, consistent with your company’s
vision, culture and values.
It’s is “ownable” – tie into the core of your company
It is dead simple – No one has time for complexity -if it needs to be explain it is
obviously no good.
It is clear
It is consumer-focused – why should buy from you.
http://ethnicomm.com/blog/marketing/5-elements-of-a-great-tagline/
Project 4: Creating the Description of Products and
Services
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What is the Description of Products and Services section of a
business plan? http://www.business-plans-guide.com/products-and-servicesdescription.html
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A brief definition of your industry – describe what your business is about
Products and service you will provide
Nature of work or what is your responsibility in getting the job completedwhat will the consumer see or receive or obtain
http://retail.about.com/od/businessplans/p/products.htm
What is the purpose of the Description of Products and Services
section of a business plan?
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To provide to consumer detail information about how your business
works; what they can expect
To describe what products and services are offered, any plans for
future goods or product lines.
Project 4: Creating the Description of Products and
Services
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What is usually included in the Description of Products and Services
section of a business plan?
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o
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What kinds of products and/or services are offered in the type of
business that you selected?
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The uniqueness of the product or service
The method in which the items are sold – how it is sold
Benefits to the customer
Why customers will purchase it from your business
Vendor details, noting any exclusive dealerships
How does your products differ from the competition
The products and services section is not intended to list each and every product, but to
give an overview of the product lines and the associated research. (list enough so that
consumers can become well knowledgeable of what your business
Shaun Decker business offered: flyers, newsletters, business cards, etc
What must be done to produce the products and/or services in the type
of business that you selected?
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Research the type of business you have and identify the type of products or services they
have produced.
Project 5: Creating the Market Analysis:
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What is the Market Analysis section of a business plan?
http://www.netmba.com/marketing/market/analysis/
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I.
II.
III.
IV.
Analysis of the Target Market
Analysis of the Competition
The Outlook of the Industry
Owner’s Personal Strengths
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What is the purpose of the Market Analysis section of a business plan?
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To determine the attractiveness of a market and to understand its evolving opportunities
and threats as they relate to the strengths and weaknesses of the firm
What is a target market? (Analysis of the Target Market)
 Specifically categorized group of consumers that a business "targets" when
developing products/services and marketing strategies for its company.
 To build the success of the company; to make yourself known
 Basic information about the target consumers, such as age, gender,
income/occupation, and marital status; Lifestyle - areas of living (urban or
rural); hobbies, interests, and extracurricular activities
 Important to try and determine how frequently the product or service will
be used
 Must discover what the target market needs and desires so that it can
appeal to those things through advertising and develop fresh ideas that
address those specific needs
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http://www.entrepreneur.com/startingabusiness/businessplans/businessplancoachtimberry/article78002.html
Project 5: Creating the Market Analysis:
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Why is it important to understand who your competitors are
and what they do? (Analysis of Competition)
To see what you can do better or different from their business structure
Saying “Keep your enemy closer than your friend”; you need to have
detailed information about the planning strategy, new product launch
and various promotional mediums undertaken by your competitor.
to study your competitor closely and gain knowledge about the
products, services offered by him, pricing and distribution strategies
adopted by him and the goodwill the rival firm carries in the market.
competitor's strength and weakness will help you to evaluate the
areas where you can successfully attack your competitor. For
example, if your competitor has a strong product offering but has a
weak distribution network, you could strengthen your logistics by
which your product can easily reach the customer within no time.
Look in the Local Chamber of Commerce
Look in www.switchboard.com
Project 5: Creating the Market Analysis
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What resource can be used to research the future outlook of the industry
category your business falls in? (The Outlook of the Industry)
 Use the Occupational Outlook Handbook and look under the section “Outlook” ; Type
your industry in the Search box: Example: Childcare industry
 http://www.bls.gov/oco/
Why is it important to research the future outlook of the industry category
your business falls in?
 To be able to plan your prospective position as where you would like to direct your
company products and services compared to your competitors.
Who is Shaun Decker’s target market?
 Small businesses who does have the need for a full-time desktop publisher for which
they can purchase brochures, business cards, etc..
Who are Shaun Decker’s competitors?
 The Printed Page
 Paper Stocks
 Noffri’s Publishing
 Electronic Publishers, Inc. ***
Project 5: Creating the Market Analysis:
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Who are some of your competitors?
What are his future outlook of the industry?
 Shaun discovered that “firms are finding it more profitable to
print their own newsletters and other reports than to send”
so his focus will be on small business who can not afford to
hire a full-time publisher. Therefore, it will be strong and
growing.
What are some his your personal strengths as the owner
of the business? (Owner’s Personal Strength)
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Being able to operate out of his parent’s home
Minimal cost for overhead expenses (rent, utilities, miscellaneous,
What is saved from overhead can built a more competitive market
Project 6: Creating a Business Card
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What is the purpose of a business card?
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For these reasons: students on the look out for jobs, people who want
to change their professions, those having a side-business / planning to
start one and individuals who are passionate about something and want
to network with similar or like-minded people and to help advertise your
business as well as provide customers your information
What is usually included on a business card?
 Company’s Name, Logo, contact number, website, tagline, explanation of
about your business
Why is it important to have a business card?
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They are used by several professions, businesses and individuals to pass
information to potential customers and other professionals for
networking.
Read more: What Is the Purpose of a Business Card? | eHow.com http://www.ehow.com/facts_4894286_what-purpose-businesscard.html#ixzz1ntD5bZuZ
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As a business owner, when do you think you will use your business
card?
 Business cards are an easy marketing tool used by professionals to
advertise their services. They are used when a person's contact
information is requested, at professional conferences or meetings,
and to refer another person to a business or person with whom
you've worked. Anytime you are traveling or socializing
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Why is it important to sketch several business card designs on
paper before creating it on a computer?
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Read more: What Is the Purpose of a Business Card? | eHow.com http://www.ehow.com/facts_4894286_what-purpose-businesscard.html#ixzz1ntDY9zS2
To have multiple opportunities to choose the best layout for your business
as well as for your clients for an interpretation of your business;
Why is it important to include your company logo on your business
card?
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It’s identifies you or your business or interest
Project 7: Creating Company Letterhead:
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What is company letterhead?
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Why is it important for businesses to use letterhead when
corresponding with customers?
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Customers would know who you are representing
Why is it important to sketch several letterhead designs on paper
before creating it on a computer?
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A letter that is used from your business to display the company name,
address, contact numbers, website, logo, and sometimes VP, CEO, important
individuals.
To have a variety of choices and what is best for your business
Why is it important to include your company logo on your
letterhead?
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To display your business so that others would know how to recognize your
business
Project 8: Creating the Marketing Plan
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What are the 4 P’s of marketing?
http://www.witiger.com/marketing/4Ps.htm
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Product: the physical aspects of the product – Making something people
want to buy with the right attractive features
Place: distribution channels – getting it to the customer, middlemen and
wholesalers, shipping costs; decisions about where to sell the product
Promotion: Telling customers about the product, personal selling, mass
selling, advertising, publicity, sales promotion
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Mass selling – Advertising – you pay for; Publicity – is free
Sales Promotion – stuff you do in the store to get the customer to try the
product such as contests, coupons, free samples
Personal Selling – direct contact person2person with a potential customer like a
high quality consumer products such selling a car
Price: pricing objectives, skimming, profit oriented, discounts, competition’s
price
Project 8: Creating the Marketing Plan
Cont.
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http://sbinfocanada.about.com/cs/businessplans/a/bizplanmarkplan.
htm
What is the Marketing Plan section of a business plan?
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What is the purpose of the Marketing Plan section of a business
plan?
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Section that explains how you are going to get your customers to buy your
products and/or services
To detail your plan regarding Products and/or Services and your Unique
selling proposition; pricing strategy; sales/distribution plan, and advertising
and promotions plan
Why is it important to research the prices your competitor’s charge
for the products and/or services you will be selling?
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So that you will know how to set your prices in a more competitive market;
not too high and no to low but somewhere in between.
Project 8: Creating the Marketing Plan
Cont.
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What are some ways that you can promote your business?
Newspaper ads
 Social Networks such as LinkedIn, Facebook, Twitter
 Use your vehicle for posting or window or door sticker
 Add comments at the bottom of web postings
 Advertise on Craiglist
 Place poster in windows (get permission)
 Free directory websites (Yellow pages
http://www.businesshelper.co.uk/top-ways-advertise-business-for-free-5.htm
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Where will you operate your business?
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Check out your demographics such as traffic, neighborhood, retailers like
industrial or office parks, schools, colleges, hospital
http://www.entrepreneur.com/startingabusiness/startupbasics/location/articl
e73784.html
Project 8: Creating the Marketing Plan
Cont.
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Where will Shaun Decker operate his desktop publishing
business?
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What products and/or services will Shaun Decker offer
through his business?
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Conducted at the owner’s resident and within Pleasant Landing city
limits for delivery
Business Cards, Letterhead, brochures, etc..
What products and/or services will you offer through your
business?
Do you think you will charge more or less for your products
and/or services than your competitors? Why?
Project 9: Creating the Operating Plan:
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http://www.youtube.com/watch?v=0Jd34WCmBMM
What is the Operating Plan section of a business plan?
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“describes the physical necessities of your business' operation,
such as your business' physical location, facilities and
equipment.”
“it may also include information about inventory requirements
and suppliers, and a description of the manufacturing process.”
What is the purpose of the Operating Plan section of a
business plan?
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To explain the ways you will serve customers
http://sbinfocanada.about.com/cs/businessplans/a/bizplanoperplan.htm
Project 9: Creating the Operating Plan
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What are the five categories usually included in the Operating
Plan section of a business plan?
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Purchasing - What supplies or materials will you need? What is
the name of the company or companies that will deliver your
materials? How often will they delivery or when is delivery
turnaround? (Example: truck deliveries or Fed-X or UPS orders)
Production – relating to the length of time it will take to
accomplish your job or the complete your product or services
(getting the job done) (Example – daycare – hours of operation)
Sales & Marketing - how much time will spend marketing your
products…relates to your Market plan
Project 9: Creating the Operating Plan
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Accounting – how will you keep your records regarding how much
is spend (expenses) and how much is earn (revenue). You will do
this by keeping an accounting system known as a General Journal
which is balance each month. Accounting records are keep each
time a purchases is made or lost which is balance weekly.
Distribution – how will you deliver your product/services and the
length of time will take to deliver to your customers.
Why is it important for a business to have an operating plan?
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So that you will have a clear understanding on how your
business will be conducted day to day.
Project 10: Creating a Schedule of
Startup Funds Required
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What is a Schedule of Startup Funds Required?
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Why is it important for a business owner to know how much money will
be required to start the business?
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Computers, cameras, printers, toners, etc.
What materials and supplies did Shaun Decker need to start Decker’s
Digital Desktop?
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Equipment needed, materials/supplies, and advertisement
What equipment did Shaun Decker need to start Decker’s Digital
Desktop?
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Knowing how much capital or funds is needed will make it much easier in
getting organized in starting your business by purchasing your necessarities.
What is usually included in a Schedule of Startup Funds Required?
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To determine how much capital or funds is needed to start your business
which will identify cost of equipment, materials/supplies, and advertisement
Reams of paper, brochures papers, business cards paper, miscellaneous
What equipment and materials will you need to start your business?
http://www.ehow.com/how_2314968_fund-small-business-startup.html
Project 11: Creating a Customer Prospect
Database
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What is a Customer Prospect Database?
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What does a Customer Prospect Database consist of?
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the analysis of databases keeping information about present or
potential customers
consist of basic personal details of customers along with details
of their past transactions
Why is it important for a business to keep a database of
prospective new customers?
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it can then be broken down into specific groups and analyzed
to produce valuable financial customer database marketing
information.
http://pritecho.com/2010/09/prospective-database-program-lucratively-targetpotential-customer/
Project 11: Creating a Customer Prospect
Database
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What are some sources you can use to gather information
about prospective customers for your business?
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What sources did Shaun Decker use to gather information for
his Customer Prospect Database?
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Local or regional Phone book, Chamber of Commerce, Social
Network
Ex. Daycare – neighbor schools; Lawn care – churches, schools, etc
He used business owners
How is Shaun Decker going to use his Customer Prospect
Database to attract new customers for Decker’s Digital
Desktop?
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To have ongoing business services
Project 12: Creating an Introductory
Promotional Letter:
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What is an Introductory Promotional Letter?
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How can a promotional letter help a new business?
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To introduce or explain to your prospect customers what you can
offer and what your business is about
Provide 'necessary information‘ that you've have to mention
briefly about your firms potential
Example of Promotional Letter:
http://www.buzzle.com/articles/business-introduction-lettertemplate.html
What is a “premium offer?”
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An offer you would like to present to your customer such “Free
Estimate” Free cookie with a purchase five” to help build your
business by allowing them to try your products.
Project 12: Creating an Introductory
Promotional Letter:
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What premium offer did Shaun Decker include in his
Introductory Promotional Letter?
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Offer 100 free Business Cards with a purchase of 500
What are some possible premium offers you can include in
your Introductory Promotional Letter?