Better Business, 5/e

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Book description

Conversational, question and answer approach to contemporary business

Better Business introduces the business content readers need--in a better way. By presenting the material in a stimulating, conversational, question and answer format, the text encourages readers to engage more fully with the material. Throughout the text, unique features illustrate positive and negative outcomes of relevant business ventures, while "Mini Chapters" focus in on key topics in business. The 5th Edition continues to feature updated social media strategies and technologies, reflecting the explosive growth of social media in the contemporary business environment. With Better Business, readers have a powerful learning tool that captures the evolving issues and opportunities of business.

Table of contents

1. with MyBizLab®
2. Better Business
3. Dedication
4. Brief Contents
5. Contents
6. About the Authors
7. Reviewers
8. New to the Fifth Edition
9. Letter from the Authors
10. Prologue The 10 Easy Steps for Better Business Success
11. Better Business
12. Part 1 Looking at the Business Environment
    1. Chapter 1 Business Basics
       1. Objectives
       2. Objective 1-1 The Business Landscape
          1. Business Defined
          2. The Factors of Production
          1. Competition
          2. Social Environment
          3. Globalization
          4. Technological Changes
          1. Local and Regional Businesses
          2. National Businesses
          3. Multinational (International) Businesses
          1. Life Skills for Business
          1. True/False
          2. Critical Thinking Questions
          1. The Competitive Edge
          1. Cultural Awareness: Unwritten Laws
          1. Objectives
          2. Objective 2-1 The Basics of Economics
             1. Economics Defined
             2. Economic Systems
             3. Planned Economic Systems
             4. Market Economies
             5. Mixed Economies
             6. Business and Economics
             1. Supply
             2. Demand
             3. Factors That Determine Price
             4. Factors That Affect Demand
             5. Factors That Shift Supply
             1. Monopolies
             2. Duopolies and Oligopolies
             3. Monopolistic Competition
             4. Perfect Competition
             1. Gross Domestic Product
             2. Consumer and Producer Price Indices
             3. The Unemployment Rate
             4. Productivity of Firms
             1. Economic Policies
             2. Fiscal Policy
             3. Monetary Policy
             4. Reserve Requirements
             5. Short-Term Interest Rates
             6. Open Market Operations
             1. True/False
             2. Critical Thinking Questions
             1. The Great Debate
                1. Debate Topics
                1. Economic Inequality
                   1. Questions for Discussion
                   1. Objectives
                   2. Objective 3-1 Ethics: The Basics
                      1. Ethics Defined
                      2. Systems of Ethical Conduct
                      3. Personal Ethics
                      1. You as a Person and as an Employee
                      2. Identifying a Company’s Ethics
                      1. The Five Pillars of Corporate Social Responsibility
                      2. The Conflict of CSR in the Business Environment
                      3. The Benefits of CSR
                      4. Measuring CSR
                      5. CSR and Social Networking
                      6. The Challenges of CSR
                      7. The Effects of CSR on Society
                      8. The Effects of Individuals on CSR
                      1. Legal Regulations and Legal Compliance
                      2. Recovering from Weak Ethical Conduct
                      1. Creating New Markets with an Ethical Focus
                      2. Businesses Going Green
                      1. Ethical Focus from the Start
                      2. Ethical Focus Every Day
                      1. True/False
                      2. Critical Thinking Questions
                      1. One Issue, Three Sides
                         1. Scenario
                         1. Personal and Business Ethics
                         1. Objectives
                         2. Objective 4-1 What Is Globalization?
                            1. The Effects of Globalization
                            2. Reasons for the Rise in Globalization
                            3. Global Business Trends
                            1. International Competition
                            2. Fostering Competitiveness
                            3. The Benefits and Costs of International Trade
                            1. Types of Trade Barriers
                            2. Trade Barriers: Winners and Losers
                            3. International Organizations Promoting Free Trade
                            4. Regional Free Trade Agreements
                               1. The European Union
                               2. The North American Free Trade Agreement
                               3. Other Free-Trade Areas
                               1. International Business Strategies
                               2. Entering Foreign Markets
                                  1. Exporting
                                  2. Turnkey Projects
                                  3. Franchising
                                  4. Licensing
                                  5. Joint Ventures
                                  6. Strategic Alliances
                                  7. Contract Manufacturing
                                  8. Wholly Owned Subsidiaries
                                  1. The Role of Exchange Rates
                                     1. Export and Import Prices
                                     2. Trade Deficits and Trade Surpluses
                                     3. Fixed and Freely Floating Exchange Rate Systems
                                     4. Nonconvertible Currency and Countertrade
                                     1. Economic Growth and Development
                                     2. Government Economic Policies
                                     3. Socioeconomic Factors
                                     1. Sociocultural Challenges
                                     2. Political Challenges
                                     3. Legal Challenges
                                     4. Ethical Challenges
                                     1. True/False
                                     2. Critical Thinking Questions
                                     1. The Devil’s Advocate
                                     1. Offshore Outsourcing
                                        1. Scenario
                                        2. Questions for Discussion
                                        1. The U.S. Legal System
                                           1. Sources of Law
                                           1. Running a Business: Essential Concepts of Business Law
                                              1. Contract Law
                                                 1. Elements of a Contract
                                                 2. Breach of Contract
                                                 1. Advertising Laws
                                                 2. Employment and Labor Law
                                                 1. Bankruptcy
                                                 1. Chapter 5 Small Business and the Entrepreneur
                                                    1. Objectives
                                                    2. Objective 5-1 Small Business: The Mainstream of the American Economy
                                                       1. Small Business and the Economy
                                                       2. Small Business and the Workforce
                                                       3. Reasons for Starting a Small Business
                                                       4. The Impact of Technology on Small Businesses
                                                       5. Social Media and Mobile Marketing
                                                       1. The Traits of Successful Entrepreneurs
                                                       2. Types of Entrepreneurs
                                                       3. Entrepreneurial Teams
                                                       1. Franchising Basics
                                                       2. Pros and Cons of Franchising
                                                       3. Franchising Considerations
                                                       4. Buying an Existing Business
                                                       1. Why So Many Small Businesses Fail
                                                       2. Getting Help
                                                       1. Cash and Credit
                                                       2. Small Business Loans and Grants
                                                       3. Angel and Venture Capital Financing
                                                       1. True/False
                                                       2. Critical Thinking Questions
                                                       1. Starting a Business: Brainstorming
                                                       1. Social Entrepreneurship: Start Some Good
                                                       1. Objectives
                                                       2. Objective 6-1 Sole Proprietorships
                                                          1. Starting a Sole Proprietorship
                                                          2. Advantages and Disadvantages
                                                          1. Advantages and Disadvantages of Partnerships
                                                          2. Elements of a Partnership Agreement
                                                          3. Types of Partnerships
                                                          1. Advantages of Incorporation
                                                          2. Structure of a Corporation
                                                             1. Shareholders
                                                             2. Directors
                                                             3. Officers and Line Managers
                                                             1. Not-for-Profit Organizations
                                                             2. Cooperatives
                                                             1. Mergers versus Acquisitions
                                                             2. Advantages of Mergers and Acquisitions
                                                             3. Types of Mergers
                                                             4. Disadvantages of Mergers
                                                             1. True/False
                                                             2. Critical Thinking Questions
                                                             1. What’s the Plan?
                                                                1. Process
                                                                1. Code of Ethics
                                                                   1. Questions for Discussion
                                                                   1. Planning—It’s Never Too Late
                                                                   2. The Purpose of a Plan
                                                                   3. Business Plan Competitions
                                                                   4. Before the Business Plan: Finding the Right Fit
                                                                   5. Components of a Business Plan
                                                                      1. The Cover Sheet and Table of Contents
                                                                      2. The Executive Summary
                                                                      3. The Company and Management Team
                                                                      4. Market Analysis
                                                                      5. The Product
                                                                      6. Sales and Promotion
                                                                      7. Financials
                                                                      8. Appendices
                                                                      1. Chapter 7 Business Management and Organization
                                                                         1. Objectives
                                                                         2. Objective 7-1 The Foundations of Management
                                                                            1. Business Management
                                                                            2. Levels of Management
                                                                            3. The Skills of Successful Managers
                                                                            1. Strategic Planning
                                                                            2. Vision and Mission Statement
                                                                            3. SWOT Analysis
                                                                            4. Tactical and Operational Planning
                                                                            5. Contingency Planning
                                                                            1. Organizational Structures
                                                                            2. Changing Structures
                                                                            3. Alternative Organizational Structures
                                                                            1. Controlling to Stay on Course
                                                                            2. Control Strategies
                                                                            1. True/False
                                                                            2. Critical Thinking Questions
                                                                            1. On a Mission
                                                                            1. Assessing Social Responsibility
                                                                            1. Objectives
                                                                            2. Objective 8-1 Motivation
                                                                               1. Personal Motivation
                                                                               2. Motivating Employees
                                                                               3. Traditional Theories of Motivation
                                                                               4. Motivational Theories in the Modern Workplace
                                                                               5. Evolution of Motivational Theories
                                                                               1. Traits of Leadership
                                                                               2. Leadership and Corporate Culture
                                                                               1. The Advantages of Teams in the Workplace
                                                                               2. The Challenges of Teams in the Workplace
                                                                               3. Best Practices for Teams
                                                                               4. Your Role on a Team
                                                                               1. True/False
                                                                               2. Critical Thinking Questions
                                                                               1. Forming a Successful Team
                                                                               1. Ethics in Teamwork
                                                                                  1. Scenario
                                                                                  2. Questions for Discussion
                                                                                  1. Objectives
                                                                                  2. Objective 9-1 Human Resource Management
                                                                                     1. Managing Staffing Needs
                                                                                     2. Hiring
                                                                                     1. Training Methods and Requirements
                                                                                     2. Performance Appraisals and Alternatives
                                                                                     1. Compensation Strategies
                                                                                     2. Benefits
                                                                                     3. Alternative Scheduling and Work Arrangements
                                                                                     4. Contingent Workers
                                                                                     5. Promotions
                                                                                     6. Terminating Employees
                                                                                     7. Retirement
                                                                                     1. Benefits and Challenges of Diversity
                                                                                     1. Organized Labor
                                                                                     2. Collective Bargaining
                                                                                     3. The State of Labor Unions
                                                                                     1. True/False
                                                                                     2. Critical Thinking Questions
                                                                                     1. Seeing Both Sides
                                                                                     1. The Ethics of Interviewing
                                                                                        1. Scenario
                                                                                        2. Process
                                                                                        1. Objectives
                                                                                        2. Objective 10-1 Online Business
                                                                                           1. Marketing Online
                                                                                           2. Types of Online Business Transactions
                                                                                           3. Challenges of E-Commerce
                                                                                           1. The Information Technology Organization
                                                                                           2. Information Systems
                                                                                           1. Threats to Online Business
                                                                                           2. Privacy
                                                                                           1. Social Networking
                                                                                           2. Mobile Devices
                                                                                           1. True/False
                                                                                           2. Critical Thinking Questions
                                                                                           1. The Winds of Change
                                                                                           1. Computer Hacking: A High Price to Pay
                                                                                              1. Questions for Discussion
                                                                                              1. Objectives
                                                                                              2. Objective 11-1 The Production of Goods and Services
                                                                                                 1. The Importance of Production
                                                                                                 2. Moving to a Service-Based Economy
                                                                                                 3. The Global Production Landscape
                                                                                                 1. The Make-or-Buy Decision
                                                                                                 2. Common Production Processes and Techniques
                                                                                                 3. Social Media and Manufacturing
                                                                                                 1. Capacity Planning
                                                                                                 2. Facility Location
                                                                                                 3. Facility Layout
                                                                                                 4. Production Technology
                                                                                                 1. Production Process Control
                                                                                                 2. Purchasing and Inventory Control
                                                                                                 3. Quality Management
                                                                                                 1. Supply Chains
                                                                                                 1. True/False
                                                                                                 2. Critical Thinking Questions
                                                                                                 1. To Outsource or not to Outsource … That is the Question
                                                                                                    1. Scenario
                                                                                                    1. Environmental Shipping Concerns
                                                                                                       1. Questions for Discussion
                                                                                                       1. Improving Your Presentation Skills
                                                                                                       2. Improving Your Writing Skills
                                                                                                          1. Business Letters
                                                                                                          2. Memos
                                                                                                             1. Memo Writing Tips
                                                                                                             1. E-Mail
                                                                                                                1. Tips For Writing An Effective Business E-Mail
                                                                                                                1. Videoconferences
                                                                                                                2. Collaborative Editing
                                                                                                                3. Blogs
                                                                                                                4. Podcasts
                                                                                                                1. Chapter 12 Marketing and Consumer Behavior
                                                                                                                   1. Objectives
                                                                                                                   2. Objective 12-1 Marketing Fundamentals
                                                                                                                      1. The Evolution of Marketing
                                                                                                                      2. Marketing for Not-for-Profits and Others
                                                                                                                      3. Benefits of Marketing
                                                                                                                      4. Criticisms of Marketing
                                                                                                                      1. Marketing Strategy: The Four Ps of Marketing
                                                                                                                         1. Product
                                                                                                                         2. Price
                                                                                                                         3. Promotion
                                                                                                                         4. Place
                                                                                                                         1. The Competitive Environment
                                                                                                                         2. The Economic Environment
                                                                                                                         3. The Technological Environment
                                                                                                                         4. The Social and Cultural Environment
                                                                                                                         5. The Political, Legal, and Regulatory Environments
                                                                                                                         6. The Global Environment
                                                                                                                         1. The Market Research Process
                                                                                                                         2. The Marketing Plan
                                                                                                                         3. Target Markets
                                                                                                                         1. B2C Markets
                                                                                                                         2. B2B Markets
                                                                                                                         1. True/False
                                                                                                                         2. Critical Thinking Questions
                                                                                                                         1. Brand Analysis
                                                                                                                         1. Patagonia and Common Threads Partnership
                                                                                                                            1. Questions for Discussion
                                                                                                                            1. Objectives
                                                                                                                            2. Objective 13-1 New Product Development
                                                                                                                               1. The New Product Development Process
                                                                                                                               2. The Product Life Cycle
                                                                                                                               1. The Total Product Offer
                                                                                                                               2. Product Differentiation
                                                                                                                               3. Product Lines and the Product Mix
                                                                                                                               4. Consumer Products and Business-to-Business Products
                                                                                                                               5. Consumer Product Classifications
                                                                                                                               6. B2B Classifications
                                                                                                                               1. Branding Benefits
                                                                                                                               2. Brand Loyalty and Brand Equity
                                                                                                                               3. Branding Strategies
                                                                                                                               4. Packaging
                                                                                                                               5. The Importance of Labels
                                                                                                                               1. Product Pricing and Pricing Objectives
                                                                                                                               2. Pricing Strategies and Price Perceptions
                                                                                                                               3. Adjusting Prices
                                                                                                                               1. True/False
                                                                                                                               2. Critical Thinking Questions
                                                                                                                               1. Developing A New Product
                                                                                                                               1. The Ethics of RX
                                                                                                                                  1. Scenario
                                                                                                                                     1. Questions for Discussion
                                                                                                                                     1. Objectives
                                                                                                                                     2. Objective 14-1 Promotion and the Promotional Mix
                                                                                                                                        1. Promotion
                                                                                                                                        1. The Role of Advertising
                                                                                                                                        2. Types of Advertising
                                                                                                                                        3. Advertising Media
                                                                                                                                        4. Internet Advertising
                                                                                                                                        5. Social Media
                                                                                                                                        6. Mobile Marketing
                                                                                                                                        7. Product Placement
                                                                                                                                        8. Infomercials
                                                                                                                                        9. Global Advertisements
                                                                                                                                        10. Public Relations
                                                                                                                                        1. Personal Selling
                                                                                                                                        2. Sales Promotions
                                                                                                                                        3. Social Media Promotions
                                                                                                                                        1. Distribution Channels and Marketing Intermediaries
                                                                                                                                        2. Wholesalers, Agents, and Brokers
                                                                                                                                        3. Retailers
                                                                                                                                        4. Distribution Logistics
                                                                                                                                        5. The Benefits and Costs of Transportation Modes
                                                                                                                                        6. Warehousing and Inventory Control
                                                                                                                                        1. True/False
                                                                                                                                        2. Critical Thinking Questions
                                                                                                                                        1. Developing a Promotional Mix
                                                                                                                                        1. Just What the Doctor Ordered?
                                                                                                                                           1. Scenario
                                                                                                                                              1. Questions for Discussion
                                                                                                                                              1. Marketing Yourself
                                                                                                                                                 1. Developing a Résumé
                                                                                                                                                    1. Getting Started
                                                                                                                                                    2. Contact Information
                                                                                                                                                    3. Objective
                                                                                                                                                    4. Education
                                                                                                                                                    5. Experience or Work History
                                                                                                                                                    6. Skills/Interests
                                                                                                                                                    7. References
                                                                                                                                                    1. Tip #1: Tailor Your Cover Letter to Fit the Job You’re Applying For.
                                                                                                                                                    2. Tip #2: Indicate What You Can Do for the Employer.
                                                                                                                                                    3. Tip #3: Clearly Explain Why the Company Should Hire You.
                                                                                                                                                    4. Tip #4: Keep It Short.
                                                                                                                                                    1. Networking
                                                                                                                                                       1. Spot the Truth
                                                                                                                                                       1. Interview Red Flags
                                                                                                                                                       2. Preparing for the Interview
                                                                                                                                                       3. Interview Questions
                                                                                                                                                       4. During the Interview
                                                                                                                                                       5. Interview Take-Alongs
                                                                                                                                                       6. Negotiating Strategies
                                                                                                                                                       1. Chapter 15 Financing and Accounting for Business Operations
                                                                                                                                                          1. Objectives
                                                                                                                                                          2. Objective 15-1 Financial Management
                                                                                                                                                             1. The Financial Manager
                                                                                                                                                             2. Planning for a Firm’s Financial Needs
                                                                                                                                                             3. Addressing Cash Flow and the Budget
                                                                                                                                                             1. Short-Term Financing Options
                                                                                                                                                             2. Short-Term Loans and Grants
                                                                                                                                                             3. Social Funding
                                                                                                                                                             1. Short-Term Financing Options
                                                                                                                                                             2. Long-Term Financing Options
                                                                                                                                                             3. Financing with Bonds
                                                                                                                                                             4. Financing with Equity
                                                                                                                                                             1. Accounting Fundamentals
                                                                                                                                                             2. Types of Accounting
                                                                                                                                                             3. Accounting Standards and Processes
                                                                                                                                                             1. The Balance Sheet
                                                                                                                                                             2. Assets
                                                                                                                                                             3. Liabilities
                                                                                                                                                             4. Owners’ Equity
                                                                                                                                                             5. Analyzing a Balance Sheet
                                                                                                                                                             6. Balance Sheet Ratios
                                                                                                                                                             7. Income Statements
                                                                                                                                                             8. Revenue
                                                                                                                                                             9. Cost of Goods Sold
                                                                                                                                                             10. Operating Expenses
                                                                                                                                                             11. Analyzing Income Statements
                                                                                                                                                             12. Income Statement Ratios
                                                                                                                                                             13. Statement of Cash Flows
                                                                                                                                                             14. Components of a Statement of Cash Flows
                                                                                                                                                             15. Analyzing a Statement of Cash Flows
                                                                                                                                                             1. True/False
                                                                                                                                                             2. Critical Thinking Questions
                                                                                                                                                             1. Industry Analysis
                                                                                                                                                             1. Getting to the Bottom of the Sarbanes-Oxley Act
                                                                                                                                                                1. Exercise
                                                                                                                                                                   1. Questions for Discussion
                                                                                                                                                                   1. Objectives
                                                                                                                                                                   2. Objective 16-1 Investment Fundamentals
                                                                                                                                                                      1. The Risks and Rewards of Saving and Investing
                                                                                                                                                                      2. Investment Risk
                                                                                                                                                                      1. Primary and Secondary Security Markets
                                                                                                                                                                      2. Types of Stocks
                                                                                                                                                                      3. Changing Stock Prices
                                                                                                                                                                      1. Bond Basics
                                                                                                                                                                      1. Mutual Funds
                                                                                                                                                                      2. Risk-and-Return Relationships of Different Types of Mutual Funds
                                                                                                                                                                      3. Other Investment Opportunities
                                                                                                                                                                      1. True/False
                                                                                                                                                                      2. Critical Thinking Questions
                                                                                                                                                                      1. Take This $50,000 and Invest It!
                                                                                                                                                                      1. Can Investments be Socially Responsible and Lucrative?
                                                                                                                                                                      1. Do You Need Tools to Help Manage Your Money?
                                                                                                                                                                      2. Creating a Financial Plan
                                                                                                                                                                         1. Step 1: Take a Financial Inventory
                                                                                                                                                                         2. Step 2: Set Financial Goals
                                                                                                                                                                         3. Step 3: Know Where Your Money Goes
                                                                                                                                                                         4. Step 4: Create a Budget
                                                                                                                                                                         5. So You Want to Be a Millionaire?
                                                                                                                                                                         6. Step 5: Execute the Plan
                                                                                                                                                                         7. Step 6: Monitor and Assess Your Plan
                                                                                                                                                                         1. Know Your Credit Score
                                                                                                                                                                         1. Getting Wheels
                                                                                                                                                                         2. Insurance and Investments
                                                                                                                                                                         3. Insuring Your Present and Your Future
                                                                                                                                                                         4. Investing Now and for the Future
                                                                                                                                                                         5. How Fast Can Your Investment Double in Value?
                                                                                                                                                                         6. Investing for Retirement
                                                                                                                                                                            1. Individual Retirement Accounts
                                                                                                                                                                            2. Roth IRAs
                                                                                                                                                                            3. Simplified Employee Pension Individual Retirement Arrangement
                                                                                                                                                                            4. Pension Plans
                                                                                                                                                                            5. 401(k), 403(b), and 457 Plans
                                                                                                                                                                            1. How Much Tax Are You Paying?
                                                                                                                                                                            1. Part 1. Introduction
                                                                                                                                                                               1. Business Name
                                                                                                                                                                                  1. What is the name of your business?
                                                                                                                                                                                  1. What will your business do?
                                                                                                                                                                                  1. What form of business ownership (sole proprietorship, partnership, LLC, or corporation) will your business take? Why did you choose this form?
                                                                                                                                                                                  1. Describe your ideal customers. What are they like in terms of age, income level, and so on?
                                                                                                                                                                                  1. Why will customers choose to buy from your business instead of your competition?
                                                                                                                                                                                  1. The Mission Statement
                                                                                                                                                                                  2. Mission Statement
                                                                                                                                                                                     1. Write a brief mission statement for your business.
                                                                                                                                                                                     1. All businesses must deal with ethical issues. One way to address these issues is to create a code of ethics. List three core (unchanging) principles that your business will follow.
                                                                                                                                                                                     1. A business shows social responsibility by respecting all its stakeholders. What steps will you take to create a socially responsible business?
                                                                                                                                                                                     1. Describe the industry and sector in which your company operates.
                                                                                                                                                                                     1. Describe the opportunities and threats that face your company.
                                                                                                                                                                                     1. What are three business goals you want to achieve in the first year? What are two intermediate to long-term goals you want to achieve in the next three to five years?
                                                                                                                                                                                     1. Describe the strengths of your company.
                                                                                                                                                                                     1. Explain what raw materials and supplies you will need to run your business. How will you produce your good? What equipment do you need? What hours will you operate?
                                                                                                                                                                                     1. Describe any weaknesses or potential challenges that face your company.
                                                                                                                                                                                     1. Describe any plans you have to address these weaknesses and anticipated challenges.
                                                                                                                                                                                     1. Who are the key individuals that will manage the business?
                                                                                                                                                                                     1. Show how the “team” fits together by creating a simple organizational chart for your business. Make sure the organizational chart indicates who will work for each manager as well as each person’s job title.
                                                                                                                                                                                     1. Market Analysis
                                                                                                                                                                                     2. Market Research
                                                                                                                                                                                        1. Describe your target market in terms of age, education level, income, and other demographic variables.
                                                                                                                                                                                        1. Describe three companies that you see as your main competitors.
                                                                                                                                                                                        1. Describe the features and benefits of your product or service.
                                                                                                                                                                                        1. How will you make your product(s) stand out in the crowd?
                                                                                                                                                                                        1. What pricing strategy will you choose for your product(s), and why did you choose this strategy?
                                                                                                                                                                                        1. Where will customers find your product or service? (That is, what distribution channels should you consider?)
                                                                                                                                                                                        1. How will you advertise to your target market? Why have you chosen these forms of advertisement?
                                                                                                                                                                                        1. What other methods of promotion will you use and why?
                                                                                                                                                                                        1. Expected Revenue
                                                                                                                                                                                           1. How much will you charge for your product? How many products do you believe you can sell in one year (or how many customers do you think your business will attract)? Multiply the price that you will charge by the number of products that you hope to sell or the amount you hope each customer will spend. This will give you an estimate of your revenues for one year.
                                                                                                                                                                                           1. What are the costs of doing business? Equipment, supplies, salaries, rent, utilities, and insurance are just some of these expenses. Estimate what it will cost to do business for one year. Include any assumptions you use in generating cost estimates.
                                                                                                                                                                                           1. How much money will you need to get your business started?
                                                                                                                                                                                           1. How will you finance your business? For example, will you seek out a bank loan? Borrow from friends? Try crowdfunding? Sell stocks or bonds initially or as your business grows?
                                                                                                                                                                                           1. Create a balance sheet and an income statement for your business.
                                                                                                                                                                                           1. Cover Sheet and Table of Contents
                                                                                                                                                                                           2. Cover Sheet
                                                                                                                                                                                              1. Create a cover sheet for your business plan.
                                                                                                                                                                                              1. Create a table of contents for the plan so a reader can quickly find information.
                                                                                                                                                                                              1. After you’ve finished your business plan, write an executive summary that contains the key points of the business plan. The summary should be brief—no more than two pages—and cover the following points:
                                                                                                                                                                                              1. A
                                                                                                                                                                                              2. B
                                                                                                                                                                                              3. C
                                                                                                                                                                                              4. D
                                                                                                                                                                                              5. E
                                                                                                                                                                                              6. F
                                                                                                                                                                                              7. G
                                                                                                                                                                                              8. H
                                                                                                                                                                                              9. I
                                                                                                                                                                                              10. J
                                                                                                                                                                                              11. K
                                                                                                                                                                                              12. L
                                                                                                                                                                                              13. M
                                                                                                                                                                                              14. N
                                                                                                                                                                                              15. O
                                                                                                                                                                                              16. P
                                                                                                                                                                                              17. Q
                                                                                                                                                                                              18. R
                                                                                                                                                                                              19. S
                                                                                                                                                                                              20. T
                                                                                                                                                                                              21. U
                                                                                                                                                                                              22. V
                                                                                                                                                                                              23. W
                                                                                                                                                                                              24. X
                                                                                                                                                                                              25. Y
                                                                                                                                                                                              26. Z
                                                                                                                                                                                              1. Chapter 1 Business Basics
                                                                                                                                                                                                 1. Self Test Multiple Choice
                                                                                                                                                                                                 2. Self Test True/False
                                                                                                                                                                                                 1. Self Test Multiple Choice
                                                                                                                                                                                                 2. Self Test True/False
                                                                                                                                                                                                 1. Self Test Multiple Choice
                                                                                                                                                                                                 2. Self Test True/False
                                                                                                                                                                                                 1. Self Test Multiple Choice
                                                                                                                                                                                                 2. Self Test True/False
                                                                                                                                                                                                 1. Self Test Multiple Choice
                                                                                                                                                                                                 2. Self Test True/False
                                                                                                                                                                                                 1. Self Test Multiple Choice
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                                                                                                                                                                                                 Product information

                                                                                                                                                                                                 • Title: Better Business, 5/e
                                                                                                                                                                                                 • Author(s): Michael R. Solomon, Mary Anne Poatsy, Kendall Martin
                                                                                                                                                                                                 • Release date: January 2017
                                                                                                                                                                                                 • Publisher(s): Pearson
                                                                                                                                                                                                 • ISBN: 9780134522746