Entrepreneurship and Business Planning

A set of flashcards covering key concepts in entrepreneurship and business planning for exam preparation.

Entrepreneurship

The science of converting ideas into business, involving the actions of an entrepreneur in search of new opportunities.

Entrepreneur

An innovator willing to take risks to generate new ideas and create potentially profitable solutions.

Business Plan

A written document that describes the nature of the business, sales strategies, financial background, and contains a projected profit and loss statement.

Vision Statement

Focused on long-term goals and is inspiring; it outlines what the business aims to achieve in the future.

Mission Statement

Focuses on short-term objectives and details how the business intends to achieve those objectives.

Core Competencies

The specific strengths or advantages that a business possesses that are critical to achieving its goals.

Key Result Areas (KRAs)

Quality manifestations that objectives are being achieved, specific to the measurements of performance.

Market Demand

Consumer desire for a product or service, influenced by various economic factors.

Environmental Compliance

Adhering to laws, rules, and regulations that govern the business and its industry.

Financial Forecasts

Estimates of future revenues, costs, and profitability that inform business planning.