What Skills Do Entrepreneurs Need

1
What Skills Do Entrepreneurs Need?

• Ms. Alexander
• Entrepreneurship

2
Basic Rules for Writing Business Letters

• Key all formal correspondence
• Be sure to spell all names correctly and have the
  correct address
• Always date your business correspondence
• Use names and titles appropriately

3
Basic Rules for Writing Business Letters

• Be direct and positive
• Be persuasive and specific
• Avoid using fancy language
• Be polite
• Use an appropriate closing
• Proofread for spelling and grammatical errors

4
Balancing the Cash Drawer

• Add all receipts
• Add cash, checks, and credit sales for total
  receipts
• Subtract refunds
• Subtract refunds from total receipts
• Subtract the cash you started with
• Subtract opening cash in drawer for actual
  receipts

5
Markups

• A markup is an amount added to the cost price to
  determine the sales price
• To calculate markups
• Multiple the cost price by the markup price rate
• Add the markup amount to the cost price

6
Markdowns

• A markdown is an amount deducted from the retail
  price to determine the sales price
• To calculate markdowns
• Calculate the difference between the original
  price and the sales price
• Calculate the percentage that difference
  represents of the original price

7
Problem-Solving Model

• Define the Problem
• Gather Information
• Identify Various Solutions
• Evaluate Alternatives
• Take Action
• Evaluate the Action