Future Action
Part 1. Answer the following questions, within 100 words minimum
1. Based in chapter 13 explain how develop a future plan of action for your business, including an exit plan.
2. Based in chapter 13 explain the processes involved in buying an existing business or opening a franchise.
3. Describe your plan to promote social listening within your company. (Electrical Contractor Company)
4. In your own words explain the elements of franchising,
5. how is the process of buying a franchise?
6. Explain the process for buying a franchise.
Financial Plans
Why is developing a financial plan an important part of the entrepreneur's planning process?
8 How are basic financial statements prepared and used in managing a small business?
Social Listening
9How might a company start a social listening program?
10Why today's environment highlights the need for such a program?
Part 2. Funding the Business and Ecommerce Trend
For this assignment, you may want to visit your nearest bank or credit union to discuss different funding options for businesses. Investigate the requirements that need to be met in order to secure funding to start your own business.
Research and discuss with your learning team various funding options that are available for entrepreneurs.
Write a 525- to 700-word paper in which you answer the following questions:
• What are the common sources of funding available for entrepreneurs? What are the advantages and disadvantages to each of the following funding sources:
o Private Investment
o Banks
o Personal savings and assets
o Friends
o Family members
o Corporate funding
o Grants
• If you are unable to secure funding (or as much funding as you'd prefer) for your business concept, what are some alternatives to starting your own business?
• What are the advantages and disadvantages of an online or social media business? Should all traditional businesses also offer online sales? Explain.
Part 3.Social Listening and Future Business Opportunities
In this assignment, you will discuss ways to improve communication and customer service for your business. You will also investigate how customer feedback can lead to additional ideas that can help to grow your business.
Write a 350- to 525-word paper in which you answer the following questions:
• What are some of the ways in which you can reach out to customers to improve communication, provide additional information, proactively support your product(s)/service(s), establish good customer rapport, and help build your business network? (e.g. email, newsletters, surveys, focus groups, loyalty clubs, referrals)
• How will you solicit feedback for your product(s)/service(s), and what type of information will you collect? How will you use this information to improve your product(s)/service(s), customer service, or business operations?
• Based on industry trends, what additional business opportunities would you consider pursuing in the future? (e.g. growing your business, franchising your business, buying an existing business) How do you foresee growing these opportunities out of your existing business operations?
• What new products or services can you foresee evolving out of your existing business? How do you envision expanding these product(s)/service(s) out of your existing network?
Summarize your responses and cite any resources as needed.
Attachment:- Chapter 13 & 14.rar