Entrepreneurship Comprehensive Practice Flashcards

These flashcards provide vocabulary definitions based on introductory entrepreneurship modules, covering core concepts, competencies, planning, marketing mix, and product development.

Entrepreneurship

The process of starting and running one's own business; the art of observing correct practices in managing and operating a self-owned, wealth-creating business enterprise by providing valuable goods and services.

Entrepreneur

Originates from the French word entreprendre (meaning "to undertake"); signifies a business paradigm marking the start of a new business.

Art of Correct Practice

A salient feature of entrepreneurship that involves constant change, movement, innovation, continuous growth, and creativity rather than being governed by fixed or absolute rules.

Wealth-Creating Venture

An aspect of entrepreneurship that improves the owner's life economically, financially, socially, morally, and psychologically.

Self-Owned Enterprise

A business where the daily operations must be managed by the owner.

Risk-Taking Venture

A characteristic of entrepreneurship where risk and uncertainty are inherent and must be faced rather than avoided.

Entrepreneurial Core Competency

The combination of concepts, principles, character traits, and skills that form the ultimate source of competitive advantage.

Competitive Advantage

The strategic position that allows a venture to outperform competitors, distinguish itself, achieve superior performance, and produce goods that are hard to copy.

Achievement Cluster

A DTI-SERDF cluster of entrepreneurial traits including being an opportunity-seeker, committed, persistent, risk-taker, and efficient & quality-oriented.

Planning Cluster

A DTI-SERDF cluster of entrepreneurial traits including being a goal-setter (SMART goals), information-seeker, and systematic in planning and monitoring.

Power Cluster

A DTI-SERDF cluster of entrepreneurial traits focusing on being a persuasive and positive networker, and being self-confident.

Cognitive Skills

The mental capability to learn new things, generate ideas, and express knowledge orally or in writing.

Technical Skills

Specialized hands-on proficiency in fields such as technology, accounting, marketing, engineering, or operations.

Interpersonal Skills

Abilities related to building relationships with workers, suppliers, creditors, customers, and the community.

Environmental Scanning

The constant and careful analysis of internal and external business environments to detect opportunities, threats, trends, and weaknesses.

Internal Environment

Inlying, controllable forces or conditions within the company that affect the company only.

External Environment

Outlying, uncontrollable forces outside the firm that affect all players within the industry.

SWOT Analysis

An analysis framework covering Strengths (Internal), Weaknesses (Internal), Opportunities (External), and Threats (External).

PEST Analysis

A framework that examines external Political, Economic, Sociocultural, and Technological factors.

Business Plan

A document prepared by the entrepreneur describing internal/external elements, strategies, and operational plans, serving as a guide for short-term and medium-term actions.

Production Plan

A section of the business plan detailing the manufacturing process, physical plant, machinery, raw material suppliers, and capital needs.

Operations Plan

A section of the business plan covering daily operations, supplier evaluation, storage/inventory, order flow, and receiving procedures.

Marketing Plan

A section of the business plan involving the 7 Ps: Product, Place, Price, Promotion, People, Packaging, and Process.

Financial Plan

A feasibility/viability assessment in a business plan containing the Income Statement, Cash Flow Projection, and Balance Sheet.

Management Plan

A section of the business plan detailing the business organization form, employee roles, responsibilities, salary, and benefits.

Value Proposition (UVP)

What an enterprise offers customers in exchange for their payment.

Unique Selling Proposition (USP)

How an enterprise stands out from competitors and why customers should buy from them specifically.

Geographic Segmentation

Determining the target market based on 'where,' including climate, population density, and culture.

Demographic Segmentation

Determining the target market based on 'who,' including age, gender, income, occupation, and religion.

Psychographic Segmentation

Determining the target market based on 'why,' including hobbies, interests, lifestyle, social status, and values.

Behavioral Segmentation

Determining the target market based on 'how,' including spending habits, product usage, brand loyalty, and product feedback.

Product

One of the 7 Ps; a tangible good or intangible service that satisfies a need.

Price

One of the 7 Ps; the monetary amount charged based on production cost, demand, and strategy.

Place

One of the 7 Ps; distribution channels such as storefronts, retail, or digital streaming/downloads.

Promotion

One of the 7 Ps; activities used to communicate product value such as ads, PR, and social media.

People

One of the 7 Ps; personnel involved in production, service delivery, or management.

Process

One of the 7 Ps; the system of activities used to deliver the service or product efficiently.

Physical Evidence

One of the 7 Ps; tangible elements of service delivery such as facilities, receipts, and the environment.

Intangibility

A service characteristic meaning it cannot be seen, tasted, or felt prior to purchase.

Inseparability

A service characteristic meaning it cannot be separated from the service provider.

Variability

A service characteristic where quality depends on who, when, where, and how it is provided.

Perishability

A service characteristic meaning it cannot be stored for future use or sale.

Core Benefit

The fundamental problem-solving benefit bought by the customer.

Actual Product

The physical design, brand name, quality level, and packaging of a product.

Augmented Product

The non-physical attributes, warranties, and additional services of a product.

Convenience Products

Consumer products bought frequently with minimal effort, such as soap or ballpens.

Shopping Products

Consumer products compared carefully on price, quality, and style, such as furniture or cars.

Specialty Products

Consumer products with unique attributes requiring dedicated purchase effort, such as luxury watches.

Unsought Products

Consumer products that are unthought of or unknown until needed, such as life insurance or fire extinguishers.

Brand

A name, term, sign, symbol, design, or combination used to identify goods or services; registered ones gain trademark protection.

Brand Name

The vocalized part of a brand consisting of words, letters, or numbers.

Brand Mark

The visual-only part of a brand such as a symbol, color, or design element.

Physical Distribution

The process that facilitates the movement of goods from the manufacturer to the location of ultimate users.