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After a company's strengths and weaknesses are assessed, the strategic planning process
should identify opportunities and threats facing the company and should isolate the key
factors for success in business.
Only about one-third of the world's purchasing power lies outside the borders of the
United States.
Retail compatibility describes the benefits a company receives by locating near other
businesses selling complementary products and services.
The U.S. Census department's "TIGER" file is a computerized map of the entire United
States that gives entrepreneurs the power to pinpoint existing and potential customers.
Cloud computing allows businesses to use a variety of applications and has reduced
costs and added flexibility.
The net profit to equity ratio reports the percentage of the owners' investment in the
business that is being returned through profits annually.
As an entrepreneur, you are always working for someone else - your customers.
Many small businesses prosper by sticking to niches in a market that are too small to
attract the attention of large competitors.
On average, the typical central business district has more parking spaces per square foot
of shopping space than the typical shopping mall.
Questions like "What are you deeply passionate about?", "What can you be the best in
the world at?" and "What drives your economic engine?" are important to define your
hedgehog concept, according to the work of Jim Collins.
The growth in the number of women entering the workforce is an example of a
sociocultural change.
Fortunately for U.S. business owners, American customs and habits have become the
standard for proper business behavior around the world.
