BUSINESS G10 SEM I

Entrepreneurship

The process of recognizing a business opportunity, testing it in the market, and gathering the necessary recourse to start and run a business

Entrepreneur

A person who recognizes a business opportunity, organizes, manages, and assumes the risk of starting and operating a business

Persistent

Willing to work until the job is done, no matter how long it takes

Risk-taking

Take risks, but not reckless

Self-confident

Believe in yourself

Restless

Once you start achieving your goals, you look for new challenges

Goal-oriented

Set and achieve goals

Action-oriented

Doers instead of spectators, take action

Responsible

Take responsibility for decisions and actions

Self-demanding

Having high expectations

Creative

Look for new ways to solve problems

Independent

Wanting to make your own decisions

Inquisitive

Conduct research and ask questions to solve problems

Enthusiastic

Energetic and passionate about their pursuits

Small business

An independently owned business that usually has its owner as its manager

Internet business

A business that operates on the internet

Market research

The gathering and analysis of information on the size, location, and make up of a product market

Business plan

A written description of a new business venture that describes all aspects of the business

Cover page

Includes the company’s name, address, phone number, email address, website, and logo

Title page

Follows the cover page, includes the company name; the name, title, and addresses of its owners; the date the plan was submitted; and the name of its preparers

Table of contents

Details the components of a business plan

Management team plan

Presents your qualifications and skills and those of any partners you might have; describe your team’s capabilities to execute your business concept; discuss how you will fill the gaps in expertise

Company description

The description of the firm which provides the outline of the business

Products and services plan

Describes the product or service you want to offer

Vision and mission statements

States the guiding principles which a business functions

Vision statement

Establishes the scope and purpose of a company and reflects its values and beliefs

Mission statement

Expresses the specific aspirations of a company and the major goals it will try to reach

Industry overview

Present your research of industry; discuss trends and growth within the industry

Market analysis

Present about the research of your customer profile

Competitive analysis

Indicates how the proposed business advantages over its competitors

Marketing plan

Discusses how a company makes its customer aware of its products or services

Operational plan

Includes the business processes that result in production and delivery of the product or service

Organizational plan

Shows about the forms of business organization that is chosen like sole proprietorship, partnership, cooperation…

Financial plan

Forecasts for the business which are usually shown in financial statement

Growth plan

Shows how the business will expand in the future

Contingency plan

Like a backup plan; finding the possible risks and providing ways to solve them or to minimize them

Supporting documents

Includes the exhibits and other information relevant to the business