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Unit 5: Chapter 22

While distribution chains are a large part of a business model, the resources required to actually operate a business are equally important. In business, the term “internal resource” means a supply of something that allows the business to function. There are many different types of resources, which serve a distinct yet similar purpose. Physical resources are anything that is tangible, ranging from property to equipment. Financial resources is any money that is owned by the business. Human resources are people that make the business run. Human resources are more valuable the more unique their skills are. Intellectual resources are patents, copyrights, trademarks, or trade secrets that are unique to a business. Managing your resources can be difficult, especially when there are a lot of them. This is where your business model comes in, to help you structure what is important in your business.

While all property is extremely valuable in its own right, intellectual property is different from the other forms of property. It is one of the most competitive forms of property. Intellectual property can define a business model in a successful company. However, this does not mean that intellectual property is the only important property, just that it’s importance is much higher than the other properties in some businesses. Think of a company like Coca-Cola, their entire company relies on the fact that people think that their cola tastes the best. This is because their intellectual property of the recipe is the center of their business model. When making a business model, it’s important to structure it around what your business will be most successful in. If you have an idea that you’re starting a business to sell, then intellectual property is likely the most important. However, if you’re business is doing the same thing that many other businesses are currently doing, other types of property might be more important. A business model is a tricky subject, and can be one of the most important things in your business.

Unit 5: Chapter 22

While distribution chains are a large part of a business model, the resources required to actually operate a business are equally important. In business, the

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Unit 5: Chapter 21

A term you will likely hear in business a lot is “Business Model”. What is a business model? Simply put, a business model is the

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Unit 4: Chapter 20

In order to get people to buy your product or service, they have to know about it first. Promotion is a type of marketing with

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Unit 4: Chapter 19

A very important part of marketing is the means used to communicate with the customer. While marketing as a whole is meant to improve the

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Unit 4: Chapter 18

The term “Marketing” is a broad term, covering many things related to the public appearance of a business. At its core, marketing is improving the

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Unit 4: Chapter 17

In a business, convincing your customers that your business has value can be highly beneficial. Customers will be willing to pay more for a service

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Unit 4: Chapter 16

Many different types of people buy from many different businesses. Ideally, your business should cater to all types of people, however, targeting specific groups of

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Unit 3: Chapter 15

Businesses can conduct research into their competitors to have a better chance of success. If a business has information on its competitors, it can be

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Unit 3: Chapter 14

In business, competition is very common. Businesses that offer similar products or services will naturally generate competition. Competition is often beneficial to the customer, as

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Unit 3: Chapter 13

Competition is present in almost every business. Competitors are other businesses, often with similar products or services, which are trying to acquire customers from your

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Unit 3: Chapter 12

At the most basic level, a business exists to supply services or products to meet customer demand. Supply is the number of products or services

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Unit 3: Chapter 11

Economics is a word that is used a lot in business, but what does it really mean? Simply speaking, economics is the transfer of goods,

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Unit 2: Chapter 10

It is no secret that businesses must make tough decisions. When it comes to widening the reach of your business, data can help ensure the

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Unit 2: Chapter 9

When starting a business, it is important to research the market you plan to go into. A market is a group of potential customers who

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Unit 2: Chapter 8

Coming up with an idea can be a difficult step in creating a business. Coming up with ideas for a business relies on critical thinking

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Unit 1: Chapter 7

In business, learning when to take opportunities is very important. Committing time, resources, and money to an opportunity is risky, but as previously discussed, risks

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Unit 1: Chapter 5

It is important for a business to be ethical. Everyone’s idea of ethics is different, however, so a business should have an idea of what

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Unit 1: Chapter 4

Being a good entrepreneur isn’t just about making money. Good entrepreneurs solve problems. You need to make money to solve problems, and you need to

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Unit 1: Chapter 2

What makes an entrepreneur successful? The answer to this question will vary based upon who you ask. It’s a difficult question to answer, so let’s

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Unit 1: Chapter 1

A large part of being an entrepreneur is recognizing a problem that many people face, and identifying a marketable solution. This is most often an

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