Business Operations at Cologne Business School

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5 reasons to start a business right away?

No mortgage or kids

Can survive on little funds and work long hours

No disruption in career path as it hasn’t yet started

More energy enthusiasm

If success = long term financial gains

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What is an intrapreneur?

Creative people who work as entrepreneurs within corporations

Use a company’s existing resources to launch new products for the company

E.g. 3m the maker of post it notes, encourages intrapreneurship among employees by requiring the. To devote at least 15 percent of their time to think about new products

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Micropreneurs what are they

Entrepreneurs willing to accept risk if starting and managing a business that remains small, let’s them do the work they want to do and offers them a balanced lifestyle

Nearly 60 percent of home based micropreneurs are men

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Definition small business vs large business

Owned by an individual or a small group

Independently managed (not part of a larger business)

Relatively little influence in its market (not dominant in its field)

Meet certain standards of size (in terms of employees or annual receipts)

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What are small business strategies?

react more quickly to changing market forces (examine areas for growth)

develop innovative product ideas faster, with fewer financial resources and people (invest in sales training & tech)

serve specialized markets

offer higher level of personal service

streamline business and eliminate waste

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Developing the business plan KEY FEATURES

General discription of the company

Qualifications of the owners

Description of the product or service

Analysis of the market

Financial plan

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Outline for business plan

Title page

Table of contents

Executive summary

Vision and mission statement

Company overview

Product and/or service plan

Marketing plan

Management plan

Operating plan

Financial plan

Appendix of supporting documents

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Financing your small business

Sources of capital

Personal savings

Family

Business associates

Banks and finance institutions

Government agencies

Angel investors

Venture capitalist

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Managing a small business

Market research

Managing your employees

Keeping records

Looking for help

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The four functions of management

Planning

leading

organizing

controlling

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Functions of management
Planning

Setting organizational goals

Developing strategies to reach those goals

Determining resources needed

Setting precise standards

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Functions of management

Leading

Guiding and motivating employees to work effectively to accomplish organizational goals and objectives

Giving assignments

Explaining routines

Clarifying policies

Providing feedback on performance

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business operations at Cologne Business School

Flashcards and summaries for business operations at the Cologne Business School

Study with flashcards and summaries for the course business operations at the Cologne Business School

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Exemplary flashcards for business operations at the Cologne Business School on StudySmarter:

Exemplary flashcards for business operations at the Cologne Business School on StudySmarter:

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Business at

Business Operation Key Terms at

Foundation of Business at

Business Translations at

Prozesse & Operations at

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business operations at Cologne Business School

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Exemplary flashcards for business operations at the Cologne Business School on StudySmarter:

Exemplary flashcards for business operations at the Cologne Business School on StudySmarter:

Exemplary flashcards for business operations at the Cologne Business School on StudySmarter:

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Exemplary flashcards for business operations at the Cologne Business School on StudySmarter:

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Business at

Business Operation Key Terms at

Foundation of Business at

Business Translations at

Prozesse & Operations at

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