Mid term II - Topic 6-9

Factual Statement

Statement that asserts the existence of a particular phenomenon (past, present, future)

Policy Statement

Statement that recommends specific course of action

Good Strategy

leads to greater chance for survival and higher profit for small businesses

Competitive advantage

Factors that allow a company to perform better for its survival

Cost Strategy

Firm that offer a highly attractive combination of cost benefits that directly appeals to the customer

Value Statement

Statement that Makes a moral judgement about a phenomenon or condition

Strategy

used as overarching framework and guiding approach

Strategic decision

long-term choice that business make that shapes its future direction, gain competitive advantage and allocate resources.

Differentiation

shows how one product/service is unique and unlike the competitors produt/service

Focus strategy

Targets a tailored,specific portion of the broader market

Organizational behavior

The study of people and how they act in organization

Achievement

Measurable milestone that moves a company forward

Legacy

impact left by company still in use

Goal Setting

structured process of defining measurable targets to guide strategy

Time Management

deliberate process of planning, organizing, and controlling how time and energy are spent

Commitments

choices that bind you to some future course of action

Imposter syndrome

feeling that you are not capable or qualified as others think you are

Perfection

Everything going the way you want it to be

100,000 Hour Problem

problem of limited time, what should you be doing?

Significance

what is the importance of this business to others.

Happiness

how enjoyab

Prioritizing

ranking tasks by importance and completing in a way that drives the greatest impact

Transition point

when something changes from one thing to another

MTE Goals

outcome you want to achieve in 1-5 years

Need for Approval

entrepreneur should not seek for approval, seek for information then test it

Customers

people who buys goods or service

Reach

total number of individuals exposed to a brand

Tagline

memorable catchphrase that captures the key idea of a business, service, product or customer

Elevator pitch

30 second action-oriented description of a business designed to sell the idea of the business to another

Vision Statement

simple 5-10 word sentence or tagline that expresses the fundamental idea or goal of the firm

Ask

Value

Commitment

emotional dedication to goal

Value Proposition

Small business owners’ unique selling point thta will be used to differentiate their products and/or services from those of the competition

Mission

describes the firm’s goals and competitive advantage

Hook

short phrase to instantly capture audience attention

Purpose

explains where your company or project is now, end with proposal

External Legitimacy

The extent to which a small business is taken for granted, accepted or treated as viable by people outside the business

Business Model Canvas

management tool used to visualize and design a business model

Key Personnel

staff members whose specialized stills are essential to company’s operation

Presenting your plan

passion, expertise professionalism, collaboration

Internal Understanding

the extent to which employees nad investors in the business know the business’s purposes and operations

Executive summary

1-2 page overview of the busienss, detialing its business model, target market, expectations and immediate goals

Common Risks in a plan

Financial & Numerical risks / Market & execution risks