Understand Opportunity 4.01

Entrepreneur Characteristics: Inquisitive Creative Persistent Goal- Oriented Independent Self- Confident Self- Demanding Action- oriented

Skills Communication- Human relations Problem solving Decision making Basic business Technical Math

Marketing Mix Define- Product Price Place Promotion

Market Segmentation Define- Geographic Demographic Psychographic Behavioral

Forms of Business Ownership Sole Proprietorship- Partnership- Corporation -

Franchises Businesses

Opportunity and Demand Marketing Objectives -

Understand test Feasibility and Accessing information 4.02

Financing Start-up Cost Continuing Cost Fixed cost Variable Costs

Entrepreneurial Characteristics to obtain Six C’s of Credit Character Capacity Capital Collateral Conditions Coverage

Sales Sales forecast Contingency Funds

Financial Statements Cash flow statement Balance sheet Income statement

Wages Vs. Salaries

Pricing Calculating mark up Break-Even point

Distrubtion

Product Development Prototype Quality Control Product Standard

Feasibility Analysis

Recognize the Importance of Community Outreach 4.03

Sources of Financing Banks 1. Secured vs. Unsecured loans * B. Family & Friends C. Personal Funds D. Venture- Capitalists E. Private Investors

Business Plan

Support Organizations Federal Resources : Small Administration ( SBA) Service Corps of Retired Executives Small Business Institute ( SBI) United Stated Department of Commerce Federal Trade Commission (FTC) Internal Revenue Service ( IRS) Small Business Development Center

State Resources Department of Development- Department of Labor Worker Compensation Board Department of Agriculture and Consumer Protection Office of the Secretary of State

Local Resources Chamber of Commerce Colleges, universities Technical schools Licensing and permit offices County health Department County Extension Services

Professional Services Attorneys - Accountants - Insurance Agents-

Services Vendors Sales Quota Pricing : Promotional Fixed Markup Odd/Even Pricing Psychological Unit Pricing Prestige

Understand Marketplace 4.04

Risk Types : -Human Risk -Economic Risk -Natural Risk -Risk Transfer

Evaluating Your Business Financials - Marketing - Operations - Standards -

Employee Complaints

Promotion Define A. Adversting B. Public Relations

Financial Plan

Risk Management -Avoidance -Control -Retention Transfer ( property insurance)

Opportunity Cost

Understand Future Directions 4.05

Advantages/ Disadvantages of: Corporations- Franchises- Sole Proprietorship -

Future of the Foodservice Industry Projections- Trends -

Post- Project Considerations Buying an Existing Business- Portfolios - Capacity -

Post Project Considerations Start up Cost Consultations Initial Inventory Reflection on project-