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Unit 5: Chapter 24

As you grow your business, you’ll want to start looking into the possibility of a partnership. A partnership is when two or more businesses work together for mutual gain. Partnerships can be very successful, think about how often you see restaurants or coffee shops in supermarkets. If you need something complicated done well, it can be very difficult. Creating a team, training employees, and getting managers are all very difficult tasks. Sometimes it can be much easier to partner with a business which specializes in the thing you’re trying to do. An example is an advertising agency, which helps businesses advertise their products and services. A partnership between a business and advertising agency is a mutually beneficial partnership.

One main type of business relationship is your vendor relationships. Vendors are businesses that sell products to other businesses. Practically all businesses buy supplies from vendors, so it’s very important to have a good relationship with them. Even if your business doesn’t sell any physical goods, you still need things like office supplies. Oftentimes, larger companies will have a dedicated person for managing purchases from other businesses. This is because it is important to know the quality and pricing of the goods your business is purchasing.

If your business is in good standing with other businesses, your partnerships can be even more beneficial than they normally would be. For example, a vendor may give you a discount to encourage you to continue getting supplies from them. Your business should strive to build relationships with vendors, and get the best deals possible. A good way to do this is by buying in bulk. Vendors are more likely to give discounts to bulk orders. If you consistently make bulk orders, a vendor may also consider your business a high priority, as you are giving them lots of business. Partnerships are extremely important in a business, and should not be overlooked.

Unit 5: Chapter 24

As you grow your business, you’ll want to start looking into the possibility of a partnership. A partnership is when two or more businesses work

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Unit 5: Chapter 23

An important part of any business model is operations. Operations occur in practically every business. Simply put, operations are the day to day activities required

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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

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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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