Heed 133: Week 1 -5pdf

Entrepreneur

A person who habitually creates and innovates to build something of recognized value around perceived opportunities.

Entrepreneurship

The process of creating something different with value by devoting the necessary time and effort, assuming financial, psychic, and social risks, and receiving resulting rewards.

Micro Business

A business with total assets of P 3,000,000 or less and 1-9 employees.

Small Business

A business with total assets ranging from P 3,000,001 to P 15,000,000 and 10-99 employees.

Medium Business

A business with total assets from P 15,000,001 to P 100,000,000 and 100-199 employees.

Large Business

A business with total assets of more than P 100,000,000 and more than 200 employees.

Advantages of Entrepreneurship

Opportunities to create your own destiny, make a difference, reap profits, contribute to society, and enjoy the work you do.

Drawbacks of Entrepreneurship

Uncertainty of income, risk of losing investments, long hours of hard work, high stress levels, and complete responsibility.

Business Environment

Factors, both internal and external, that affect the business operations of an enterprise.

Creativity

The ability to develop new ideas and discover new ways of looking at problems and opportunities.

Innovation

The ability to apply creative solutions to problems and opportunities to enhance or enrich people's lives.

SWOT Analysis

A strategic planning tool used to identify strengths, weaknesses, opportunities, and threats related to a business.

Market Feasibility

Determines if products and services appeal to target customers and examines market conditions.

Financial Feasibility

Assesses whether a business can generate adequate profits and includes analysis of capital requirements and return on investment.

Key Partners

Individuals or organizations that contribute to the delivery of the value proposition in a business model.

Value Proposition

The core value that a company provides to its customers, detailing what sets it apart from competitors.

Customer Segments

The different groups of people or organizations a business aims to reach and serve.

Cost Structure

The various costs and expenses associated with running a business, including fixed and variable costs.

Revenue Streams

The sources of income generated from each customer segment in a business.

Opportunity Recognition

The act of searching for and capturing new ideas that lead to business opportunities.

Institutional Voids

Gaps in markets that hinder the ideal interactions and transactions between buyers and sellers, often leading to business opportunities.

Competitive Advantage

An aggregation of factors that sets a business apart from its competitors, giving it a unique position in the market.

Business Model Canvas

A strategic management tool allowing businesses to visualize various components of their business model on one page.

Strategic Management

The process of planning, monitoring, analyzing, and assessing the needs of an organization to achieve its goals.

Vision Statement

A declaration of an organization's objectives, providing direction and inspiration for the future.

Mission Statement

A brief description of an organization's fundamental purpose, outlining why it exists and what it does.

Goals and Objectives

Specific, measurable targets that an organization aims to achieve within a set timeframe.

Market Analysis

The assessment of market conditions including customer needs, competitors, and market trends that influence business strategy.

Operational Plan

A detailed plan outlining the day-to-day tasks required to achieve the objectives set in the strategic plan.

Financial Plan

A document summarizing the financial goals of a business and the strategies for achieving those goals.

SWOT Analysis Steps

Identify internal strengths and weaknesses, and external opportunities and threats related to the business.

Implementation Plan

A plan detailing how strategic goals will be achieved, including tasks, timelines, and responsible parties.

Monitoring and Evaluation

The process of tracking progress against strategic goals and making adjustments as necessary.