by TheBusinessProfessor | Feb 23, 2025 | Strategy, Entrepreneurship, & Innovation
What goes into getting a business license? Local government controls the issuance of a business license within its territory. The business license has several purposes, including regulation, accountability, and taxation. This article give a brief overview of what to...
by TheBusinessProfessor | Feb 23, 2025 | Strategy, Entrepreneurship, & Innovation
The business plan is a detailed roadmap for your business. It is a non-static, living, breathing document that should be updated regularly to reflect the course and strategy of the business. The business plan provides context and gives a holistic view of the entire...
by TheBusinessProfessor | Feb 23, 2025 | Strategy, Entrepreneurship, & Innovation
What is Strategy? Summary: Business strategy is a planned approach toward a commercial activity. It involves the direction of the organization in achieve a short-term goal or long-term mission. Strategy considers the use or configuration of resource within the...
by TheBusinessProfessor | Feb 23, 2025 | Strategy, Entrepreneurship, & Innovation
Product or Service Development The development stage is where you set into motion the value creation process. By its very nature, a product or service serves or purpose or objective that another person entity is unable to fulfill. This process involves the technical...
by TheBusinessProfessor | Feb 23, 2025 | Strategy, Entrepreneurship, & Innovation
Market Analysis Market research is the process of identifying and quantifying potential markets in which to sell a product or service. The process is far more than mere quantitative analysis of numbers of potential customers and past purchasing date. It involves many...
by TheBusinessProfessor | Feb 23, 2025 | Strategy, Entrepreneurship, & Innovation
Ideation and Innovation Ideation and innovation are two closely related, but distinct, concepts. Ideation springs from its route word, “idea”. It involves the mental process of brainstorming concepts and theories. Innovation involves the process of turning...
by TheBusinessProfessor | Feb 23, 2025 | Strategy, Entrepreneurship, & Innovation
[cite] Back To: ENTREPRENEURSHIP WHEN TO INCORPORATE This chapter discusses an entrepreneurs timing considerations for when to incorporate her startup venture. I use the terms incorporate and incorporation generally to refer to the decision to form a separate entity...
by TheBusinessProfessor | Feb 23, 2025 | Operations, Project, & Supply Chain Management
[cite] Back to: OPERATIONS, LOGISTICS, & SUPPLY CHAIN MANAGEMENT QMS (Quality Management System) Definition A quality management system consists of a number of processes aimed at efficient and accurate delivery of a value proposition to a customer, client, or...
by TheBusinessProfessor | Feb 23, 2025 | Managerial & Financial Accounting & Reporting
[cite] Back to: ACCOUNTING, TAX, & REPORTING Cash and Accrual Accounting Definition Companies and professionals follow one of two different accounting methods: The accrual method, and The cash method. Cash Basis Accounting Definition The cash method is used by...
by TheBusinessProfessor | Feb 23, 2025 | Business Finance, Personal Finance, and Valuation Principles
[cite] Back to:BUSINESS & PERSONAL FINANCE Capital Stock Defined The Capital Stock of a company refers to the total number of preferred and common shares that a corporate entity has issued to Shareholders. This will be some percentage of the total number of shares...
