Anime Business Plan

Exam 2 1. How a clearly defined mint helps a assembly line A. Vision produces direction companies who maculation out the vision for their family coun exchangeing every cardinals attention on the in store(p carmineicate) and detail the path a line line will take B. Vision determines ratiocination C. Vision motivates people- a clear vision excites and ignites people to action D. Vision allows for tenaciousness in the face of adversity. 2. Define strength, weakness, opportunity, and threats a.Strength- ar positive internal factors that inhabit a companys readiness to accomplish its missions goals and objects b. Weakness- ar negative internal factors that curb a companys ability to accomplish its missions goals and objectives c. Opportunitys- positive foreign forces that a firm can exercise to accomplish its missions goals and objectives. d. Threats- atomic number 18 negative outside factors that inhibit a companys ability to achieve its goals and objectives. 3. trip le types of contender Direct, prodigious competitors, and indirect competitors.Direct Competitors offer the corresponding products and work Customers often compare prices Deals among these competitors when they shop. Significant Competitors offer some of the aforementi unrivaledd(prenominal) operate or similar products or renovations Product or service lines crossing but non executely. Indirect offers same or similar products only in as bitty keep down of areas. 4. third types of strategies- a. Cost leadership- Strives to be the low be provider relative to its competition in the industry b.Differentiation- A Company seeks to get client loyalty by aligning its goods or services in a unique or different way. c. counselling (niche) a strategy in which a company selects one or more than market segments, identitys customer special needs wants & interests & offers them with excellent service designed to meet their needs. 5. Define complete advantage- the aggregation of factors that sets a small origin apart from its comptetiors and gives it a unique prospect in the market segments to its competition. 6. Purpose of easibility analysis- a process to determine whether or not an belief can be alter into a valid disdain. 7. Elements in 5 forces model- * Rivalry among competitors in the market(strongest force) Barraging power of suppliers to the industry, negotiate power of buyers, threat of advanced entrants to the industry, threats of replenishment products or services. 8. Definition of concern prototyping- a process in which enterprisers test their pedigree models on a small eggshell before committing serious resources to launch a business that might not work. . Three aspects considered in fiscal feasibility analysis- * primordial research- in normalation that the entrepreneur collects first cash in ones chips and analyses * Secondary research- information that has already been compiled and is analyze for wasting disease often at a very reasonable cost or sometimes even free. * Focus groups- a market research technique that involves sign up a small number of effectiveness customers (usually 8-120) to give an entrepurerure fed back on proper(postnominal) issues about a likely product or service.Or special idea its self. 10. Two functions of a business plan- * Guides an entrepreneur by charting the companys future course of action and invent a strategy for success. * Provides a onslaught of tools Mission asseveratements, goals, objectives, market analyses, budgets, financial forecasts, gull markets, strategys to help entrepreneur lead the company. 11. Most common form of business ownership- Sole proprietorship. 12. Advantages/Disadvantages of sole proprietorship Advantages Simple to create, least costly to being, government issue incentive, total decision making authority, No special legal restrictions, easy to expose Disadvantages * Un trammel personal responsibility, especial(a) skills & capabili ties, feelings of isolation, limited access to capital, lack of continuity in business. 13. Types of Corporations * Domestic- a throne that does business in the state it was founded in. * Foreign a company doing business in a state other that where it was founded. Alien a corporation found in another sylvan but doing business in the U. S * dummy uply held a corporation whose shares are controlled by a relatively small number of people Family elatives friends Employees. * Publicly Held A corporation who has a large number of linage holders usually traded on the stock exchange. 14. Advantagesdisadvantages of corporations- Advantages Limited liability of stock holders, ablitlty to commit capital , ability to continue indefinitely, movable ownership.Disadvantages Cost and time involved in the incorporation process, double tax, and dominance for bony four-in-handial incentive, legal requirements and regulatory red tape, potential loss of control by fo to a lower business offices. 15. Types of partnerships General alliance Partners who share in owning a business and who have unlimited personal liability for partners dept. Limited Partnership Partners, who make financial investments and partnership, do not take on an active social occasion in managing a business, and whose liability is limited to amount invested. 16.Define Franchising A system of diffusion in which semi-independent business owners pay fees and royalties to a parent company in return for the right to become identified with its trademark, to sell its products or services and often to use its business format and system. 17. Benefits of Franchise A business system that is proven , manager training and support, shop name appeal, exchangeable quality of gods and services, national advertising program, financial assistance, proven produces and business formats, combined purchasing power site selection and grease protecting, greater chance of success. 8. Three types of immunity * Trade name involves a brand name without distributing particular products exclusively to a lower place the franchiser name * Product Distribution Involves a franchises licensing a franchisee to sell specific products under the franchisors brand name and trademark though a selective limited dispersal network. * Pure involves providing the franchisee with a complete business format. 19.Definition of piggy back franchise- a system of franchising in which two or more franchises team up to sell eulogistic products or services under one roof. 20. Multiple unit Franchising a method in which a franchiser opens more than one unit in a bighearted territory with in a specific time period. 21. Franchise Disclosure inventory (FDD) a document that every franchisor is require by law to give potential franchisees before any offer or sale of a franchise outlines 23 important pieces of information. 2. Advantages /Disadvantages of buying an existing business * Advantages a successful business whitethorn continue to be successful a successful business may already have the outdo location employees and suppliers are already established, equipment is already installed and productive expertness is known inventory is in place and tide credit is established new business owners hit the ground running. Disadvantages Its a looser the previous owner may have created ill will Employees communicable with the business may not be sustainable the locating is unstable equipment and forwardnesss may be out of date change and innovation may be hard to implement inventory may be out of date or obsolete account receivables may be less that face value business may be overpriced. 23. Steps to getting a business the right way. a. psychoanalyst your skills and abilitys b. Prepare a list of potential medical prognosiss c. Investigate and respect candidate business to find the best one d. Explore financing options . fit smooth transition by discourse with employs. 24. Acquir ing procedures * Identify and approach candidate * Sign the nondisclosure statement * Sign letter of intent * Buyers due diligence investigation * Draft the purchase agreement * Close the final deal * Begin the transition 25. 5 Ps of negotiation * education examine the needs of both parties * balance Remain calm during the negotiation. * Patience dupet be in much(prenominal) a hurry * Persuasiveness- know what around important positions are articulate them. * labor dont give in a first sign of vindication to your position.