Business Fundamentals was developed by the Global Text Project,
which is working to create open-content electronictextbooks that are freely available on the website
http://globaltext.terry.uga.edu. Distribution is also possible viapaper, CD, DVD, and via this collaboration, through Connexions.
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Editor: Molly Lavik (Vatel International Business School Los Angeles, USA)
Reviewer: Debbi D Brock (Berea College, USA)
Sales: the essential rim of the wheel
The Business Eco-System Wheel and sales
What will i sell?
You can sell a product or service. A product is a physical item while a service is something you would implement or execute on behalf of someone else.
Product ideas to consider selling
Hand-crafted art and artifacts for exporting
Fruit for selling at a fruit stand or using in the production of cosmetics
Honey that you produce as a bee keeper
Mustard condiments produced from mustard seeds
Handcrafted furniture
Paintings by emerging artists
Recycled goods made into products such as purses made from recycled juice and soda containers
A restaurant that offers food menus that others enjoy eating
Yogurt served in containers that are edible
Ideas for services to consider offering
Providing education to children as well as adults in a school
Purifying water at the site of wells that may be tainted with arsenic
Providing guide services to travelers
Developing marketing campaigns for local businesses
Running food stands for others
Providing tailoring services
Manufacturing furniture for businesses and residences
Offering cooking services to families
Selling wireless phones for phone corporations
Providing people to build buildings, houses, roads and or bridges
Offering out-sourced from other countries call center services
Providing computer consulting services
Places for inspiration
"
Kiva (
www.kiva.org ) is the world's first person-to-person micro-lending website, empowering individuals to lend directly to unique entrepreneurs in the developing world.”
Kiva, “About: What is Kiva?,”
(External Link) (Accessed January 11, 2009). Kiva provides a list of entrepreneurs who seek loans and a description of these entrepreneurs’ business concepts. Visit the Kiva website to read the inspirational stories of these entrepreneurs. http://www.kiva.org/app.php?page=businesses.
Kiva, “Lend,”
(External Link) (Accessed January 11, 2009).
“
Aid to Artisans (ATA), (
(External Link) ) an international nonprofit organization, is a recognized leader of economic development for the craft industry. By linking artisans to new markets and buyers to culturally meaningful and innovative products, ATA provides needed economic opportunities to artisans while preserving the beauty of global handmade crafts.”
Aid to Artisans, “About Us,”
(External Link) (Accessed January 12, 2009).
Financing: the fundamental rim on the wheel
One of the greatest talents that most successful entrepreneurs possess is the ability to persuade others to invest funds and resources in a startup during the idea creation phase of a new venture. You are not alone if you have major concerns about attracting the finances you need to get your startup idea “off the ground”. If you are reading this and thinking you do not know anyone who would consider investing in your startup we suggest transforming your thinking into a more constructive thought process in which you believe in yourself and your own ability to achieve financing.
Financing opportunities
Micro-financiers (Do a Google search at www.google.com using the key word "micro-finance" to find potential micro-financiers that you may want to research as one method of financing your startup costs.)
Family traditionally is the first place to look for funds to pay for some of the startup costs associated with a new venture. Even if your family has no resources to offer you can still talk to family members about introducing you to people they know who might be able to help. More money then you can imagine has been raised in this manner.
Friends , even casual acquaintances, can at times provide financing and resources for a startup. Even if a friend is not able to directly help, you should ask each friend or person you contact for help to also provide you with 3 names of others they know who may be able to help.
Governmental support is also a possibility. If applicable, you can also let the local non-governmental agency associated with what you are doing know your needs in case there is some support available.
Barter or trade is a method by which you could provide a needed service such as consulting/management advice in return for the resources needed for your startup.
Savings take a long time and effort to accumulate in the amount most people need to start a new venture. There are many risks involved and you may not ever be able to replenish the amount of money you took from your savings to invest in a startup. On the positive side though, if you use your own savings you do not have a loan to pay back.
Bank loans are not usually available to early-stage entrepreneurs unless you have a track record of a previous success and/or the assets to put up such as a home you own in return for securing the bank loan.
Networking refers to attending events, conferences, seminars, and any activity where by you can meet others who might be able to help your further your startup's development.
Online networks are online websites where you can connect with people you know to ultimately gain connections to people they know. One well-known online network is LinkedIn at
www.linkedin.com . According to the About LinkedIn website, “LinkedIn is an online network of more then 30 million experienced professionals from around the world, representing 150 industries.”
LinkedIn, “About LinkedIn,
(External Link)&trk=hb_ft_abtli (Accessed August 15, 2008). LinkedIn is available in English, French and Spanish. You can use the search field at the top of every LinkedIn web page to search for people and companies that might be willing to finance your startup. You can sign onto LinkedIn and connect with others that would in turn potentially be willing to connect you to the people you are trying to meet.
Memberships in community organizations may be a place where you can meet like-minded individuals interested in your startup idea. Use the opportunity to share some information about your startup with the people you meet. You may find others who want to help you make your startup a success.
Read on :
[link] contains more material on financing your business.
Wayne and Dennis like to ride the bike path from Riverside Park to the beach. Dennis’s speed is seven miles per hour faster than Wayne’s speed, so it takes Wayne 2 hours to ride to the beach while it takes Dennis 1.5 hours for the ride. Find the speed of both bikers.
from theory: distance [miles] = speed [mph] × time [hours]
info #1
speed_Dennis × 1.5 = speed_Wayne × 2
=> speed_Wayne = 0.75 × speed_Dennis (i)
info #2
speed_Dennis = speed_Wayne + 7 [mph] (ii)
use (i) in (ii) => [...]
speed_Dennis = 28 mph
speed_Wayne = 21 mph
George
Let W be Wayne's speed in miles per hour and D be Dennis's speed in miles per hour. We know that W + 7 = D and W * 2 = D * 1.5.
Substituting the first equation into the second:
W * 2 = (W + 7) * 1.5
W * 2 = W * 1.5 + 7 * 1.5
0.5 * W = 7 * 1.5
W = 7 * 3 or 21
W is 21
D = W + 7
D = 21 + 7
D = 28
Salma
Devon is 32 32 years older than his son, Milan. The sum of both their ages is 54 54. Using the variables d d and m m to represent the ages of Devon and Milan, respectively, write a system of equations to describe this situation. Enter the equations below, separated by a comma.
please why is it that the 0is in the place of ten thousand
Grace
Send the example to me here and let me see
Stephen
A meditation garden is in the shape of a right triangle, with one leg 7 feet. The length of the hypotenuse is one more than the length of one of the other legs. Find the lengths of the hypotenuse and the other leg
however, may I ask you some questions about Algarba?
Amoon
hi
Enock
what the last part of the problem mean?
Roger
The Jones family took a 15 mile canoe ride down the Indian River in three hours. After lunch, the return trip back up the river took five hours. Find the rate, in mph, of the canoe in still water and the rate of the current.
Shakir works at a computer store. His weekly pay will be either a fixed amount, $925, or $500 plus 12% of his total sales. How much should his total sales be for his variable pay option to exceed the fixed amount of $925.
I'm guessing, but it's somewhere around $4335.00 I think
Lewis
12% of sales will need to exceed 925 - 500, or 425 to exceed fixed amount option. What amount of sales does that equal? 425 ÷ (12÷100) = 3541.67. So the answer is sales greater than 3541.67.
Check:
Sales = 3542
Commission 12%=425.04
Pay = 500 + 425.04 = 925.04.
925.04 > 925.00
Munster
difference between rational and irrational numbers
Jazmine trained for 3 hours on Saturday. She ran 8 miles and then biked 24 miles. Her biking speed is 4 mph faster than her running speed. What is her running speed?
