To make the session interactive and engage with chamber members, a small group exercise took place, designed by Tilley, a business administration instructor in accounting and human resource management at the College of the North Atlantic in Stephenville.
This involved the participants ranking a list of business plan components and then participating in a discussion on the topics to determine if there was any change in their initial perceptions.
Topics and commentary included:
- Feasibility study: will the business earn enough money for your needs?
- Identifying that one key customer: overreliance on a few key customers.
- Human resource plan: the ideal business requires no labour.
- Business possesses some proprietary rights: intellectual property and trademarks.
- Industry analysis: some industries that receive considerable encouragement from the government in the form of financial incentives or tax treatment.
- Competition analysis: many Canadian entrepreneurs omit this from their business plan.
- Promotion plan: use of social media; growing trend in seniors’ use of social media.
- Running business from one’s home: tax advantages.
- Financing: majority of entrepreneurs take out loans from financial institutions.
- Purchase a business or start from scratch: seller-financed sales.
To make the session interactive and engage with chamber members, a small group exercise took place, designed by Tilley, a business administration instructor in accounting and human resource management at the College of the North Atlantic in Stephenville.
This involved the participants ranking a list of business plan components and then participating in a discussion on the topics to determine if there was any change in their initial perceptions.
Topics and commentary included:
- Feasibility study: will the business earn enough money for your needs?
- Identifying that one key customer: overreliance on a few key customers.
- Human resource plan: the ideal business requires no labour.
- Business possesses some proprietary rights: intellectual property and trademarks.
- Industry analysis: some industries that receive considerable encouragement from the government in the form of financial incentives or tax treatment.
- Competition analysis: many Canadian entrepreneurs omit this from their business plan.
- Promotion plan: use of social media; growing trend in seniors’ use of social media.
- Running business from one’s home: tax advantages.
- Financing: majority of entrepreneurs take out loans from financial institutions.
- Purchase a business or start from scratch: seller-financed sales.
