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. 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 Balancing the Cash Drawer

5. 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 Markups

6. 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 Markdowns

7. Define the Problem Gather Information Identify Various Solutions Evaluate Alternatives Take Action Evaluate the Action Problem-Solving Model