Topic+3+Study+Notes

key personal features in establishing a business • entrepreneurship • personal qualities — motivation, experience, expectation • other influences — cultural background, gender identifying business opportunities • sources of information • considerations such as skill requirements, finance, competition • the business idea identifying the target market • potential customers and their needs • identifying intermediate and/or final customer markets – mass markets, niche markets, potential markets • determining competitive advantage — value, benefits, price key considerations in setting up a business • establishment options – new – existing – franchise • location – visibility – cost – proximity to suppliers – customers – support services • capital – source – cost – gearing • legal – registration of business name – zoning – health regulations – trade practices – patents • establishing supply and distribution networks • hiring staff • outsourcing — operations, staffing, accounting, marketing • taxation and on-costs — federal and state taxes, superannuation, leave loading critical issues in business success and failure • the importance of a business plan • identifying and sustaining competitive advantage • avoiding over-extension of financing and other resources — SME, big business and government business • utilising and exploiting technology • managing cash flow.
 * Topic 3 - Establishing A Business**