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CASE STUDY- JMD ELECTRICAL - MOCK EXAM (MEASURING BUSINESS SUCCESS…
CASE STUDY- JMD ELECTRICAL - MOCK EXAM
BEING AN ENTREPRENEUR
CHARACTERISTICS OF ENTREPRENEUR?
CREATIVE
DECISIVE
WORKS ON INITIATIVE
ENERGETIC
POSITIVE
FLEXIBLE
ADVANTAGES?
KEEPS ALL PROFITS
OWN BOSS - CALLS ALL SHOTS!
PERSONAL SATISFACTION
EXCITEMENT/VARIETY EXPERIENCED
DISADVANTAGES?
STRESS - MENTAL & PHYSICAL HEALTH
RISK LOSING EVERYTHING!!
MAKES ALL DECISIONS ALONE!
SUFFERS ALL LOSES!
BEING EMPLOYED
ADVANTAGES?
SECURE PAY
SET HOURS
GUARANTEED JOB - CONTRACT
RISK FREE
LEGISLATION - PROTECTION
FREE TO JOIN TRADE UNION
DISADVANTAGES?
NO REAL CHANGE/BORING
RECEIVES INSTRUCTIONS
REASONABLE/FAIR WAGE ONLY
LIMITED SENSE OF PERSONAL SATISFACTION
CHARACTERISTICS OF IDEAL E/EE?
LOYAL
ORGANISED
HONEST
TEAM WORKER
QUALIFIED/EXPERIENCED
BUSINESS PLAN
LAYOUT? (W5!!)
PRDUCT/SERVICE
FINANCES - REVENUE & CAPTIAL
OWNERS & MANAGERS (EXPERIENCE & QUALIFICATIONS)
ACCOUNTS - PROJECTED E.G. BREAK-EVEN POINT
MARKET - RESEARCH, SEGMENTATION, NEEDS/WANTS, NUMBERS, COMPETITION ETC
BENEFITS OF PLAN?
FINANCE - LOAN/GRANT APPLICATION
HELPS SET "SMART" OBJECTIVES- FOCUS/TARGETS
IDEA TO REALITY - WILL IT WORK?
HELPS WITH DECISION MAKING
LESS CHANCE OF FAILING - "IF YOU FAIL TO PLAN, YOU PLAN TO FAIL"!
DEFINITION?
WHO/WHAT/WHERE ETC - EXPLORATION OF BUSINESS IDEA FROM ALL ANGLES!
DISADVANTAGES?
TIME CONSUMING TO CREATE
COULD BE IGNORED
COULD BE TOO RIGID
DOING A COURSE
ADVANTAGES?
NEW SKILSS/EXPERIENCES
RELATIONSHIP - NEW CONTACTS
SOCIAL BENEFITS!
GOOD FOR CV
GOOD FOR LAON APPLICATIONS
DISADVANTAGES?
EXPENSIVE
TIME CONSUMING
HELPFUL/RELEVANT?
START-UP ASSISTANCE?
COUNTY ENTERPRISE BOARD
ENTERPRISE IRELAND
MICRO-FINANCE IRELAND
SMALL FIRMS ASSOCIATION
MARKET RESEARCH
FIELD RESEARCH
ADVANTAGES?
RELIABLE INFORMATION
RELEVANT INFORMATION
DISADVANTAGES?
EXPENSIVE TO CONDUCT
SLOW TO CONDUCT
HOW TO DECIDE ON SAMPLE?
DESK RESEARCH
ADVANTAGES?
EASY TO CONDUCT
FAST TO CONDUCT
CAN BE RELEVANT
CAN BE CHEAP
DISADVANTAGES?
RELIABLE INFORMATION?
RELEVANT INFORMATION?
PROMOTION OF A BUSINESS
SOCIAL MEDIA
TWITTER
FACEBOOK
WEBSITE
MODERN
TARGET MARKET
ADVERTISING
LOCAL PAPER
LOCAL TARGET MARKET
CHEAP
ADVERT WILL LAST DAYS
LOCAL RADIO
CHEAP
LOCAL TARGET MARKET
SOUND/MUSIC
OUTDOOR - ON VANS ETC
FREE
PERMANENT
VISUAL
SPONSORSHIP?
LOCAL SPORTS CLUB
ONCE OFF PAYMENT
GREAT PR!
EXPANSION OF PRODUCT/SERVICES
ELECTRICAL SERVICES TO BUSINESSES?
NEW HOMES INSTALATION?
COURSES FOR DIY?
ENVIRONMENTAL IMPROVEMENTS - SOLAR ENERGY
PARTNERSHIP OPTION?
LIMITED COMPANY
MEASURING BUSINESS SUCCESS
PROFITS?
GOODWILL - CUSTOMERS RETURNING?
AGE OF BUSINESS
EXTERNAL REVIEWS E.G. TRIP ADVISOR
AWARDS?
FACEBOOK "LIKES"?
NO. OF EMPLOYEES?
NEW BUSINESS CHALLENGES?
LACK OF FINANCE
COMPETITION
NEW LEGISLATION
LACK OF SALES/CUSTOMERS
DIFFICULT TO RECRUIT SKILLS REQUIRED
BUSINESS KNOWLEDGE E.G. ACCOUNTS, MARKETING