Consumer Services. Business Plan A plan that is created to summarize a new business and provide strategies for launching it.

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Presentation transcript:

Consumer Services

Business Plan A plan that is created to summarize a new business and provide strategies for launching it.

CEO- Chief Executive Officer The individual within the company who is responsible for the activities of the company.

CFO- Chief Financial Officer The individual within the company who is responsible for handling funds, signing checks, keeping financial records and financial planning.

COO- Chief Operations Officer The individual within the company who is responsible for the day-to-day management of the company. This individual may be the president or executive vice president.

Capital Funds necessary for startup and operation of a business.

C-Corporation Type of business ownership in which shareholders share in the profits, but the company operates as an individual. The company rather than the shareholders is responsible for taxes and lawsuits.

Corporation Type of business ownership in which the business operates separately from its owners, continuing on after the owners have sold their shares or their interest in the company.

Entrepreneur A person who owns and runs his or her own business.

Expense Account An account enabling an employee to make charges or be reimbursed for business expenses.

Gross Income Amount of revenue prior to any deductions being made.

Gross Profit Amount of sales minus the cost of goods that are sold. Also called gross margin.

Inventory Control Method of keeping track of all products produced and sold.

Liability The debt that is owed by a business.

LLC- Limited Liability Corporation Type of business ownership in which the owners share in the profits and taxes. However, they may not be held personally liable for the debts.

Manager The individual who runs the business and oversees the total operation.

Manufacturing Type of business that makes a product to sell such as clothing, automobiles, etc.

Market The public arena in which you plan to buy and sell your products or services.

Marketing Plan Strategies for targeting and promoting products and services to your specified market.

MBE- Minority Based Enterprise Type of business ownership in which the company is at least 51% minority owned. Minority may be based on race, ethnicity or gender.

Net Profit (Net Income) Amount of revenue remaining after all expenses have been deducted.

Partnership Type of business ownership in which two or more people agree to pool their funds and talents, and share in the profit and losses of the enterprise.

Personnel Person who works for an employer, company, or agency.

Profit and Loss Statement A summary of all revenues and expenditures of a company for a specified accounting period.

Quality Control Measures put into place in order to assure that products or services are produced to a consistently high standard of quality.

Retail Type of business that sells products to consumers.

S-Corporation- Sub Chapter-S Type of business ownership that has 35 or fewer shareholders and meets the requirements to be taxed as if it were a partnership.

Service Business Type of business that sells a service to consumers.

Shareholders Individuals who own a share of stock in a corporation.

Sole Proprietorship Type of business ownership that consists of an unincorporated business owned by a single individual.

Stock Shares representing ownership in a corporation that entitles the owner to claim a portion of the corporation’s earnings.

WBE- Women Based Enterprise Type of business ownership.

Wholesale Type of business that sells commodities in large quantities usually for resale.

3.2 Types of Business Ownership C-Corporation Corporation L.L.C. MBE Partnership S – Corporation Sole Proprietorship WBE

3.2.1 Different Business Ownership Alike Different 3.2.1

3.3.1 What is needed to be a Successful Entrepreneur Career Requirements Characteristics Personality Traits 3.3.1

3.3.2 Work Value Assessments 3.3.2

3.3.3 Prominent Entrepreneurs 3.3.3

3.4.1 Developing a Business Plan Business Description Facility Supplies and Equipment Organizational Chart Personnel Management Funding for Business Budget Laws, Regulations and Codes Advertising and Recruitment 3.4.1