Entrepreneurial Personality Types and Business Planning

These flashcards cover entrepreneurial personality types (Trailblazers, Go-getters, etc.), techniques for generating and evaluating business ideas, feasibility studies, and business plan components.

Trailblazers

Highly competitive, ambitious, and goal-oriented individuals who are logical, analytical, and base decisions on facts; they are often strong strategic thinkers but may find managing the people side of a business challenging.

Go-getters

Entrepreneurs with a high level of dominance and sociability who are driven, independent, and excel at motivating themselves and others; they represent the largest percentage of founders.

Managers

Goal-oriented and analytical entrepreneurs who focus on processes and outcomes rather than people, often viewing individuals as vehicles to accomplish goals while maintaining high loyalty to employees.

Motivators

Individuals with high sociability and above-average dominance who excel as consensus builders and collaborators; they thrive in team environments and are effective in leadership or sales roles.

Three F's (Feel, Felt, Found)

A communication technique used by Motivators to deal with negative arguments: 'I understand how you are feeling; in fact, I have felt the same way, but when I learned [point], what I found was [point].'

Authoritarians

Loyal, detail-oriented, and conscientious individuals who follow rules and procedures carefully; often called 'accidental entrepreneurs,' they excel as franchisees or owners of existing operations.

Collaborators

Entrepreneurs who relish the people side of business and use sociability to influence others; they prefer structured environments and follow prescribed rules rather than cold calling.

Diplomats

Considered the best specialist entrepreneurs, they have both sociability and drive, work well under pressure with deadlines, and excel in retail or people-oriented environments.

Environment Scanning

A technique for generating ideas by screening large amounts of information from news, reviews, and government publications to detect emerging trends.

Attribute Listing

A structured creative approach where an entrepreneur develops a new idea by looking at the positive or negative characteristics of a product or service.

Free Association

A creative technique where a new business idea is developed through a chain of word associations.

Brainstorming

An unstructured group discussion intended to generate a high number of business ideas by having one idea lead to another to solve problems or meet needs.

Focus Groups

A group of individuals in a structured setting who provide information and feedback about proposed products or services, led by a moderator.

Market Research

A systematic and in-depth study of products or services available in the market to determine the demand and supply position for a particular offering.

Intuition

A cognitive process where decisions are made subconsciously based on cumulative knowledge and experiences, often referred to as a 'gut feeling' or 'Aha' feeling.

Feasibility Study

A controlled process for identifying problems and opportunities, determining objectives, describing situations, and assessing the range of costs and benefits of various alternatives.

Market Feasibility

A study that includes a description of the industry, current market, anticipated future potential, competition, sales projections, and potential buyers.

Technical Feasibility

An assessment of the requirements for delivering a product or service, including labor, transportation, technology, and business location.

Organisational Feasibility

An analysis that defines the legal and corporate structure of the business and the professional backgrounds of the founders.

Financial Feasibility

An evaluation of the start-up capital needed, sources of capital, and the estimated returns on investment.

Warm Selling

A sales method where the prospect is enticed to contact the business for information through lures like letters or advertisements, rather than direct solicitation.

Cold Selling

A sales approach involving 'dialling for dollars' or hitting the streets to look for prospects door-to-door without prior contact.

Business Plan

A written summary of the elements involved in starting a new enterprise, detailing how the business will organize resources to meet goals and measure progress.

Opportunity Assessment

An in-depth review of a business opportunity that includes market research, due diligence, intellectual property analysis, and growth potential.