Entrepreneur Topic Reflection Paper ESSAY

Entrepreneur Topic Reflection Paper

Topic Reflection: “Entrepreneur”

Please add rewriting to The Opportunity Search, break-even analysis, Inventory Management, Staffing.

Please add writing to the Business plan, Market Research, Forecasting, Purchasing.

Please Summarize key takeaways.

Please Put each key takeaway into 8 parts. I have the parts in the bullet points. I will be turning the paper into a PowerPoint presentation format. To give you an idea of how the paper should be.

(Important) Should be a clear, concise, and compelling entrepreneurial learning journey.

Please message me if you need me to explain how I want it to be. But I give you full reign because you are a professional thanks in advance.

Key Take-Aways

The Opportunity Search

Brainstorm an opportunity of work that makes you happy that gets you up every day. Something that you don’t mind heavily investing time and money on. An idea that will also benefit others. And the courage and resolve to see it through.

Business plan

Talk to a specialist to gain insight into the service or product you offering

Test the product or service

Get feedback on the product or service

Breakeven analysis

Break-even analysis tells our company how much revenues are necessary for each product to pay its costs. The break-even point is the total quantity of sales required by the company before profit can be achieved. And Breakeven aids in the elimination of product loss. When thoroughly examined, the break-even analysis also assists the company in identifying unnecessary fixed funds. The higher the number of units sold by the company, the lower the overhead cost per unit, enhancing profit margins.

Market Research

Product-Customer needs

Promotion-Communication

Price-cost

Place-convenience

Inventory Management

Good inventory management is crucial to running a retail business. Having too little stock on hand means customer selection will suffer, and lost sales may result. Ordering too much product can reduce working capital and increase costs.

Forecasting

Trying to forecast sales so that you can purchase the right amount of product can be one of the more difficult tasks in running your business.

Purchasing

Cost of goods

Cost of service

Staffing

The number of workers that should be in store at any given time is at least 2 workers. One to oversee the cash register and one to assist the customers. A one-man store is highly risky because you cannot monitor everything especially if there are huge demands or a large volume of customers. Hence, it is better to have at least 2 workers to ensure the efficiency of the store’s operations.

Entrepreneur Topic Reflection Paper ESSAY

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