Entrepreneurship and Branding Lecture

Vocabulary flashcards covering entrepreneurial traits, product development steps, customer analysis, idea generation, and branding principles.

Hardworking

Working diligently and consistently, always improving performance to produce quality products or services.

Confident

Having self-reliance in one’s ability and judgment, enabling the entrepreneur to cope with business risks.

Disciplined

Sticking to the plan and resisting distractions.

Committed

Assuming full responsibility for the business with dedication.

Ability to Accept Change

Thriving on frequent change and capitalizing on it for business growth.

Creative

Being innovative to maintain a competitive edge.

Has the Initiative

Taking responsibility for business success or failure.

Profit-oriented

Entering business with the goal of generating income or profit.

Excellent Planner

Engaging in strategic thinking and careful planning to meet goals.

Possesses People Skills

Communicating effectively and maintaining good relationships.

Sound Decision-maker

Making wise decisions based on facts and set objectives.

Product Development

The process of creating a new product to be sold to customers.

Needs

Basic commodities for consumption, clothing, shelter, health, and education.

Wants

Desires and luxuries that indicate wealth and an extravagant lifestyle.

Identify Customer Needs

Gathering product specifications using surveys, interviews, and research.

Analyze Competitive Products

Studying existing products for attributes to emulate or improve.

Establish Target Specifications

Creating a wish-list of features based on customer needs and competition.

Generate Product Concepts

Developing product ideas that meet target specifications.

Select a Product Concept

Choosing the best idea through evaluation and customer feedback.

Refine Product Specifications

Finalizing details such as service life and price.

Perform Economic Analysis

Estimating costs to determine economic feasibility.

Plan the Remaining Development Project

Preparing a detailed plan with activities, resources, and milestones.

Unique Selling Proposition (USP)

A statement that sets a product or brand apart from competitors and adds persuasive value.

Use Empathy

Focusing on customer needs to improve product appeal.

Identify Customer’s Desires

Understanding what motivates customers to buy.

Discover Customer’s Genuine Reasons

Gathering feedback to improve products or services.

Generating Business Idea

Developing feasible business concepts.

Examine Existing Goods and Services

Analyzing current products for improvement or innovation.

Examine the Present and Future Needs

Identifying current and long-term market needs.

Examine How the Needs Are Being Satisfied

Analyzing how market demand is currently being met.

Examine the Available Resources

Assessing raw materials and skills present in the area.

Read Publications

Using media and literature to generate business ideas.

Branding

Creating a name, symbol, or design that defines and differentiates products or services.

Develop a Tagline

Creating a memorable phrase that expresses a brand’s essence.

Design a Logo

Creating a consistent and symbolic visual mark for the business.

Write a Brand Message

Crafting a key statement that communicates the brand’s identity.

Sustain Brand Quality

Delivering consistent product quality aligned with the brand promise.

Practice Consistency

Maintaining reliability in brand communication and delivery.

Simple Logo

A design that is easily recognizable and memorable.

Scalable Logo

A logo that remains effective and legible at any size.

Memorable / Impactful Logo

Creates a strong, lasting impression.

Versatile Logo

Works well across different media and print materials.

Relevant Logo

Has meaning related to the brand's work or mission.

Wordmark (Text)

A logo made entirely of stylized text.

Lettermark (Initials)

A logo based on company initials to save space.

Brandmark (Symbol or Icon)

A graphic representation of brand identity.

Combination Mark (Text and Symbol)

A logo that combines text with an icon.

Emblem (Text Inside Symbol)

A logo with text enclosed in a symbol, resembling a badge or seal.