MGT 4113 Study Guide - Final Guide: Small Business, Strategic Planning, Chapter 7, Title 11, United States Code
Document Summary
Small business entrepreneurship: chapter 7 small business strategies, what is a strategy? the ideas and actions that explain how a firm will make its profit. Good strategy leads to greater chances for survival and higher profits for small businesses. What makes a strategy good is its fit to the particulars of your business and the resources you can bring to it. Pre strategy: the first step of strategic planning. Where do you plan to sell locally, regionally, nationally, globally: what is entry wedge, an opportunity that makes it possible for a new business to gain a foothold in a market. Supply shortages occur when a new product is in demand. Unutilized resources unutilized resources can be a physical resource like gravel in a farm field or even entire inner cities. The key benefits are lower costs, scale savings or organizational practices.
