Entrepreneurship

career plan

Preparing for career and post-high school training begins first with a list of

structured actions and career goals to map out future work success.

smart goals

are Specific, Measurable, Achievable, Results-focused, and Time-bound.

apprenticeship

is an arrangement in which you learn an art, trade, or job

under another, more experienced person.

employee

employee is someone

employed by another for wages or salary, and typically in a position below the

executive level.

entrepreneur

is a person who organizes, operates, and

assumes the risk for a business venture.

intrapreneur

is a corporate executive who develops new

enterprises within a corporation.

Entrepreneurship

the process of devising an idea, taking risks, and establishing a business. The nature of

entrepreneurship involves creativity, determination, and risk-taking.

interest inventory

interest inventory is a test or research activity designed to help an individual find a

suitable career path.

abilities

An individual’s abilities are the qualities and skills necessary to

accomplish something.

Aptitudes

are natural abilities to learn or do something. A natural aptitude is the

potential of success at a skill or career path.

business plan

is a series of documents that serve as a blueprint for building a business.

risk

A risk is the potential of

an action to not go as planned.

business

The concept of business refers to the aspects of making, selling, and providing

products in exchange for money.

Product

A product is anything that can be bought or sold.

The term business is also used to describe a specific company or organization, such as

Amazon or Walmart.

good

A good is a tangible item that is produced and sold to consumers,

service

and a service is the performance of a particular task in exchange for money.

economics

Economics is the science of how individuals, businesses, and governments make

decisions about satisfying unlimited wants with limited resources.

profit

profit. A profit is the financial gain calculated by the

difference between amount earned and amount spent by a business.

net worth

. Net worth refers to the total value of a business determined by

assets minus liabilities.

assets

Assets are what a business owns,

liabilities

while liabilities

are what a business owes.

business functions

Business functions are four forms of operational activities that play

necessary roles in running a business.

business model

a business model—a plan for making a profit—in

demand

Demand refers to the amount of goods that

consumers want,

supply

and supply is the amount of goods that are available to consumers.

Consumer demand influences how much product should be supplied.

market research,

which is research into

consumer preferences, to see if there is a demand for products and what prices people

will pay.

need

A need is something essential to survival,

want

whereas a

want is something we desire but could ultimately live without.

tax,

or mandatory payments to the local, state, and national government

for public services.

Marketing Plan

is a strategy for how a business will generate revenue.

Marketing plans include logos and taglines, target audience, market analysis,

competitive analysis, and a developed strategy for how products will be sold

to customers.

financial plans

strategies for how a

business will obtain start-up capital, identify sources of financing, and assess the

costs and benefits of resources.

revenue

he income earned by a business—and

Pro forma financial statements

are projections of what the

entrepreneur expects out of the sales and expenses of the business.

company description

The company description section of a business plan provides the

reader with a brief overview of the company including the business name, a summary

of the business, and location of the business.

mission statement

A mission statement is a formal explanation of a

company’s goals, and will indicate what a company does and why.

Management plan

refers to how a company will be organized. Entrepreneurs

creating the management plan portion of their business plan will detail procedures

for operation, networking, accounting, and other daily business activities.

Marketing

Marketing is the process or technique of promoting, selling, and distributing a product

or service.

Marketing concept

the marketing concept, a method of selling that

involves analyzing customer wants and needs and aiming to fulfill them better than

competitors.

Market Share

Market share is the percentage of the market for a product or service that a company

supplies.

Target market

a target market, which

is the specific group of people they will sell to. Target markets can be grouped by age,

behavior, geographic location, or other factors.

market identification

The method of choosing a target market is called market identification.

geographic segmentation,

Businesses study the unique needs and wants of people in geographic areas

to create and market products to meet consumer demands. This is known as

geographic segmentation,

demographic segmentation

in demographic segmentation, the division of a market

using statistical data.

Psychographic segmentation

decision-making. Psychographic segmentation, or the lifestyle analysis of

customer values, attitudes, and preferences, assists marketers in predicting

psychological influences and purchasing priorities.

Behavioral segmentation

Behavioral segmentation

is used to identify purchasing behavioral patterns of customers.