Small Business & New Venture Management

For exam in MGT310 class

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Small Business & New Venture Management Door Mind Map: Small Business & New Venture Management

1. IP

1.1. Trademark,Copyright, Trade secrets, Industrial designs

1.2. Law & Patents

1.3. Establishing

1.3.1. Who owns the technology?

1.3.2. Is it patentable?

1.3.3. Innovation patent?

1.3.4. Standard patent?

1.4. Evaluation

1.4.1. Does it work?

1.4.2. Better than rivals?

1.4.3. Applications?

1.5. Often valuable asset - important to keep identified and safeguarded

2. Starting a new business

2.1. Advantages

2.1.1. Shape your own vision

2.1.2. Flexibility

2.1.3. Cheap to start

2.1.4. New lifestyle goals

2.2. Finance

2.3. Market

2.4. Legal

2.4.1. Sole proprietorship

2.4.1.1. Also known as a sole trader. "A person who wholly owns and operates a business."

2.4.2. Partnership

2.4.2.1. "A relationship that exists between people carrying on a business in common with a view to making a profit."

2.4.3. Company

2.4.3.1. "A separate legal entity that has an existence independent of its owners and mangers."

2.5. Structure

2.6. Questions to ask

2.6.1. Evaluation

2.6.2. 5 tests!

2.6.3. Traps to avoid

2.7. 6 Steps when starting

2.7.1. Market Research

2.7.2. Statuory Requirements

2.7.3. Find resources

2.7.4. Evaluate

2.7.4.1. Buy an exisisting

2.7.4.1.1. Begin trading immediately

2.7.4.1.2. Easier to arrange finance

2.7.4.1.3. Easier to evaluate performance

2.7.4.1.4. Questions to ask

2.7.4.2. Start-up

2.7.4.3. Franchise

2.7.4.3.1. Relationship between owner and entrepreneur concerning

2.7.4.3.2. Licensing for permission to sell. Remain independent from parent company

2.7.4.3.3. Advantages

2.7.5. Financial projections

2.7.6. Business plan

3. Business plan

3.1. What?

3.1.1. A communication tool

3.1.2. A sales tool

3.1.3. A road map

3.1.4. A blueprint

3.1.5. An agreement

3.1.6. A proposition

3.1.7. A research paper

3.2. 5 tests

3.2.1. Comprehension

3.2.2. Appropriateness

3.2.3. Sustainability

3.2.4. Feasibility

3.2.5. Accountability

3.3. Why?

3.3.1. Clear statement of direction and purpose

3.3.2. Encourages goal setting

3.3.3. Holistic perspective

3.3.4. Encourages better research

3.3.5. Used to raise finance

3.3.6. Integrates operations, finance and marketing aspects

3.4. Why not?

3.4.1. Not a guarantee of success

3.4.2. Cannot eliminate uncerrtainty

3.4.3. Inaccurate or outdated info - Reliance on a predetermined plan can do damage

3.5. For who?

3.5.1. VC

3.5.2. Bankers

3.5.3. Investors

3.5.4. Large customers

3.5.5. Laywers

3.5.6. Suppliers

3.6. How to write it

3.6.1. Brief, professional, point of view, self-explanatory

4. Definition

4.1. "Small business: a small-scale, independent firm, which is usually managed, funded and operated by its owners, and whose staff size, financial resources and assets are comparatively limited in scale."

4.2. Characteristics

4.2.1. 1-2 owners

4.2.2. Financed by the owner

4.2.3. Limited market share

4.2.4. Limited life span

4.2.5. Part-time basis

4.2.6. Low net profit

4.3. Entrepreneur

4.3.1. "The process, brought by individuals, of identifying new opportunities and converting them into marketable products and services."

5. Market

5.1. Research

5.1.1. Market led

5.1.1.1. Macro-environment (that is uncontrollable factors)

5.1.1.2. Industry

5.1.1.3. Market

5.1.2. Research led

5.1.2.1. Firm resources

5.1.2.2. Entrepreneur's knowledge

5.1.2.3. Social networks

5.1.3. "The function that links the consumer, customer and public to the marketer through information"

5.1.4. Constrains

5.1.4.1. Cost

5.1.4.2. Experience & Competence

5.1.4.3. Reliability

5.1.4.4. Prejudices of researcher

5.1.4.5. Uniqueness

5.1.4.6. Time

5.2. Determining attractiveness

5.2.1. Risk of new competitors entering

5.2.2. Threat of substitutes

5.2.3. Bargaining power of buyers

5.2.4. Bargaining power of suppliers

5.2.5. Degree of rivalry from competitors

6. Finance

6.1. Profit & Loss statement

6.1.1. For Financial performance

6.1.1.1. Depreciation

6.2. Assets

6.3. Balance sheet

6.4. Financing

6.4.1. Debt

6.4.1.1. The bank

6.4.1.2. Creditors

6.4.1.3. Public money

6.4.1.4. > Risk (Debt holders and sell you up)

6.4.1.5. > Reward (If successful debt is almost always cheaper)

6.4.1.6. Trade credit (buy now pay later)

6.4.1.7. Bank overdraft

6.4.1.8. Term loan

6.4.1.9. Secured loan

6.4.1.10. Current and non current

6.4.1.11. Leasing and hire purchase

6.4.2. Equity

6.4.2.1. Equity via partner

6.4.2.2. Profits (Owners equity)

6.4.2.3. < Risk (E holders are the lowest ranked creditors)

6.4.2.4. < Reward (if successful)

6.4.2.5. To get money, the firm has sold it's upside

6.4.2.6. Business angels

6.4.2.7. Venture capital

6.4.2.8. IPO - Initial Public Offering

6.4.3. Own money (E & D)

6.4.4. Family & Friends (E & D)

6.5. Bootstrap finance

6.6. GANTT p. 226 in textbook

6.7. Ratio analysis

6.7.1. Efficiency

6.7.2. Profitability

6.8. Start-up costs

6.8.1. Licenses & Permits

6.8.2. Working capital

6.8.3. Equipment

7. Success & Failure

7.1. Statistics

7.1.1. 7.5% of all business exit each year

7.1.2. 1/3 after 15 years

7.1.3. 1/2 after 10 years

7.1.4. 2/3 after 5 years

7.2. Factors

7.2.1. Finance

7.2.2. Marketing

7.2.3. Production

7.2.4. Personnel

7.2.5. Personal skills & attributes

7.2.6. External Competition

7.2.7. Changing External environment

8. Strategic planning

8.1. "The business's direction and scope"

8.2. Reflects owner-manager priorities

8.3. Benefits

8.3.1. Statement of goals & objectives

8.3.2. Efficient use of time

8.3.3. Consider alternatives

8.3.4. Management and staff development

8.3.5. Financial management

8.4. Key points to know about SME:s and strategy

8.4.1. Strategy or improvisation

8.4.2. Lack of planned strategy

8.4.3. Strategy constricted by financial constraints

8.4.4. More unplanned / guessed work

8.4.5. Formal planning is rare

8.4.6. Owner manager sees no advantage

8.4.7. Lack of strategic planning but not strategic thinking

8.4.8. Trial & Error learning

9. Operational Management

9.1. "The control of the process by which a firm makes a product"

9.2. Three basic steps

9.2.1. Inputs (Stuff and labour)

9.2.2. Transformation (Combining inputs)

9.2.3. Outputs (The end result)

9.3. Business premises

9.3.1. Home Based

9.3.2. Serviced Office

9.3.3. Business Incubator

9.3.4. Rented Premises

9.3.5. Purchased Site

9.4. Location

9.4.1. Geographic

9.4.2. Public transport

9.4.3. Environmental aspects

9.4.4. Competitors

9.4.5. Context

9.5. Workflow

9.5.1. Straight line, L, U, S shape

9.6. Floor plan

9.6.1. Grid Layout

9.6.2. Open-plan

9.6.3. Botique

9.6.4. Manufacturing

9.6.5. Labyrinth

9.7. Inventory and Supply

9.7.1. Economic Order Quantity (EOQ)

9.7.2. Environment

9.7.3. Just-in-time

9.8. Operation Equipment

9.8.1. Phased Purchase Stategy

9.8.2. Hire & Lease

9.8.3. Buy new or second-hand

9.9. Evaluating, Improving & Securing

9.9.1. Set standards

9.9.2. Measure

9.9.3. Compare measured with standards

9.9.4. Make corrections

9.9.5. GANTT, PERT, CPM

9.10. Assessing & Controlling

9.10.1. Scheduling mechanisms

9.10.2. Inspection regimes

9.10.3. Productivity indicators

9.10.4. Timing of evaluation

9.11. Procedural systems

9.11.1. Quality assurance (QA)

9.11.1.1. ISO12001 (environment stuff)

9.11.1.2. ISO9001 (quality and procedure stuff)

9.11.1.3. Six Sigma (for production > highest standards)

9.12. Risk management

9.12.1. Contingency plan

9.12.2. Risk number

9.12.3. Security

9.12.4. Insurance

10. Business advisors

10.1. Accountants

10.2. Lawyers

10.3. Management consultants

10.4. Bank managers

10.5. Financial planners

10.6. Publicly funded small business agencies

10.7. How to pick one

10.7.1. Qualifications

10.7.2. Conflicts of interest

10.7.3. Price

10.7.4. Service provided

10.7.5. Experience and industry knowledge

10.7.6. Friendliness /personal rapport

10.7.7. Networking