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Class: BUS 261 - BUSINESS ETHICS; Subject: Business; University: Rhodes College; Term: Fall 2014;
Typology: Quizzes
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A. Attention Getter: According to a study done in 2015 by Forbes, 69% of entrepreneurs succeed in ether turning a profit or breaking even. B. Reason to Listen: The tips and techniques you hear in this speech can help you someday to be successful in business and possibly even as an entrepreneur. C. Thesis Statement: with the right amount of planning and research anyone at any age can be successful entrepreneur TERM 2
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DEFINITION 4 a. What would happen if I fail, this is an important possibility that one must seriously consider. It takes money to make money and if the company fails the money that I invested, can I live without it. Its also important to consider the amount of time invested on starting a company and handling the various aspects that are involved take time to complete, so would you be comfortable TERM 5
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c. What if I do not try, this is a question that someone may not think to ask but; if you think about it, it can lead to some very interesting realizations. Let us say you come up with a product idea you decide not to try to run with it for one reason or another, 1 year down the line you come to find out that someone else had this idea shortly after you but have brought in 1,000,000 in their first 6 months of operation. Scary right, this thought can help keep you moving towards your goal as quickly as possible, and provide you with the drive to accomplish things so you dont miss out on this possibly profitable opportunity. TERM 7
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c. To see how this all plays out here is an example, you are trying to sell life alert. You know that the products are geared towards senior citizens, thus you advertise during the day because they are retired and go to bed early. You also find several polls on which programs they watch more and choose those stations to hold a commercial. With the minimal information we were able to figure when where and how to advertise showing that this can have a powerful effect on how this is just so useful. TERM 17
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DEFINITION 18 b. We spent all that time collecting the data, let us actually apply it and create an aggressive effective campaign to get the word out there and allow t it to spread like wild fire after a drought. As mentioned in the life alert example, when advertising look for who, when, what, and how and you will almost be guaranteed if the research is correct you will have a very effective campaign. TERM 19
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a. You should first start it with a Company summary on what the business and products are.b. Then, Include all of the customer research you have gathered on you target audience.c. Remember to include chain of command and what each persons responsibilities are.d. Its also wise to describe product or service in great detaile. Outline how additional capital would be used if you were to be talking to an investor. TERM 22
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DEFINITION 23 b. But you may be wonder how to keep consumers coming back for more, The way large companies handle this is by ether making you need to continual purchase replacements or they make the customer want to buy the latest and greatest. An interesting example of this the light bulb. The first light bulb lasted 20 years before burning out and needing replaced, companies realized this wasnt good for business so they agreed to use weaker materials so theyd onlylast a couple of months which raised annual profit intake by 425%. TERM 24
DEFINITION 24 These people can often have wisdom or insight into things that you might, or are facing currently. It would be wise to learn from them where possible so as to know what to do when you are presented with the same situation in the future.b. Its not just a one way street ether, let them learn from what you have accomplished, which can lead to valuable friendships and a sense of mutual trust TERM 25
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