Entrepreneurship WW1 Reviewer

Entrepreneur

an individual who creates an innovative business, bearing most of the risks and enjoying most of the rewards.

Entrepreneurship

The process of creating a innovative business.

Necessity

Type of entrepreneurship where this is individuals who start businesses because they cannot find a decent job (or in some cases, keep one).

Opportunity

Type of entrepreneurship where people who leave or shun good employment to pursue even more lucrative or attractive careers as entrepreneurs.

Regular Entrepreneurship

The primary goal of this entrepreneurship is to maximize profits.

Social Enterprise

A type of entrepreneurship where in this is a self sustaining, yet a way to tackle a social or environmental issue. No external money is needed to grow and impact more lives.

NGO

Addresses the social and environmental problems via direct intervention. Gains funds via fundraising or donations.

Product Innovation

A type of Innovation where in this refers to what you design and create, including the quality of the materials used.

Process Innovation

A type of innovation where in the translation of an idea into goods or services that create value.

Price Innovation

A type of innovation where in this allows buyers to pay what they want for different types of product.

Place Innovation

A type of innovation where in a thousand branches used as outlets where consumers can buy. This as-well significantly improved availability of the products and decrease bargaining power risk.

Service Innovation

This is a type of innovation where in this is about embracing creativity and adaptability to stay attuned to the ever-shifting demands of the market and the dynamic preferences of consumers.

Physical Environment Innovation

A type of innovation where in this creates an ambience which relates to the business or operation.

Scalable Startup

A type of entrepreneurship where in a new company that's in the initial stages and has yet to begin full-scale operations. It focuses on one product or service that owners want to develop and bring to market.

Small Business

A type of entrepreneurship where in they start as and remain small businesses.

Large Corporation

A type of entrepreneuship where in these companies may involve large-scale production, manufacturing, and distribution and they're made up of various levels of management.

Employment Development

One of the 4 needs of a social entrepreneurship where in: they provide employment opportunities and job training to the disadvantaged segments of society.

Innovation

One of the 4 needs of a social entrepreneurship where in: they provide solutions for societal problems like illiteracy, hunger, malnutrition, gender equality, and environmental protection.

Social Capital

One of the 4 needs of a social entrepreneurship where in: this is needed to maintain long-term relationship between communities and countries that practices the ethics of cooperation.

Equity Promotion

One of the 4 needs of a social entrepreneurship where in: They are the change agents that provide unmet social needs.

Corruption

The first factor that negatively affects business growth.

High interest rates and no access to finance

The second factor that negatively affects business growth.

Lack of skilled workforce

The third factor that negatively affects business growth.

Lack of product/service demand

The fourth factor that negatively affects business growth.

Slow economy and rising costs

The fifth factor that negatively affects business growth.

No access to infrastructure and electricity

The sixth factor that negatively affects business growth.

Business Idea Generation

The first entrepreneurial process where in this is an idea that you would like to innovate.

Development of a Business Plan

The second entrepreneurial process where in this is a document that outlines a company’s goals and the strategies to achieve them.

Gathering of Resources

The third entrepreneurial process where in this is the method that you will use to create your product.

Management of Resulting Enterprise

The fourth entrepreneurial process where in you open the business itself or manage/monitor the business operations.

Trade Mark

A type of Intellectual Property Rights where in this is used by a business to protect their brands.

Copyright

A type of Intellectual Property Rights where in this covers the protection for documents, maps, plans, and websites.

Design Rights

A type of Intellectual Property Rights where in this protects jewelries, clothes, and furniture.

Patent

A type of Intellectual Property Rights where in this protects a process, method, accessories, software, hardware, and the like.

Advertising Innovation

A type of innovation where in the hiring of popular celebrities take place and make use of social media.

Securing a paycheck

What is the first risk when it comes to entrepreneurship?

Depending on a personal capital

What is the second risk when it comes to entrepreneurship?

Evaluating popular interest

What is the third risk when it comes to entrepreneurship?

Sacrificing time

What is the fourth risk when it comes to entrepreneurship?

Depending on key employees

What is the fifth risk when it comes to entrepreneurship?

Passion

What is the first reward when it comes to entrepreneurship?

Satisfaction

What is the second reward when it comes to entrepreneurship?

Self-employment

What is the third reward when it comes to entrepreneurship?

Financial Reward

What is the fourth reward when it comes to entrepreneurship?

Business Model Innovation

The type of innovation where in it is the combination of product and process innovation to create new models.

Target Market

• Specific group of potential customers 

• The company focuses its products on this group of people

Segmentation

Grouping potential customers based on different traits

Market Segmentation

Sorting prospective buyers into groups (combo of target market and segmentation)

Geographic

A type of segmentation variable where in this talks about the geographic location of potential customers, such as region, city, or country.

Psychographic

A type of segmentation variable where in this talks about the analyzing the behavior, beliefs, or lifestyle of your customer.

Demographic

A type of segmentation variable where in this talks about the analyzing the age, gender, income, or education level of your customer.

Behavioristic

A type of segmentation variable where in this talks about the volume usage, and how often your consumers would use or buy this product.

Product Strategy

A type of strategy that adds value to a product or service, innovating a product to make it look more attractive to consumers

Value Proposition

• Tells a customer why a product is best suited for them

• Should be persuasive

FAB Table

• Table used to create value proposition

• Matches the product to the market need

Feature

In a FAB Table, this talks about how your product is different from its competitors. This often talks about the materials used on the product: for example, this material is made out of light materials.

Advantage

In a FAB Table, this talks about the advantage of having a certain feature. For example, this product is lightweight.

Benefit

In a FAB Table, this talks about overall benefit that the product will provide. For example, this product can be brought anywhere because of its lightweight.

Unique Selling Proposition

A single sentence that combines all FAB, the USP.

Packaging Strategy

Type of strategy where in this is the enclosing and protecting products for distribution and sale

Label

Part of packaging strategy where in this is the, for example, a logo of the water bottle brand as well as a picture of the water bottle itself, and how much mL it can contain.

Opening

Part of packaging strategy where in this is the, for example, easy to open cardboard lid which can be reopened or closed again by the consumer of the product

Durability

Part of packaging strategy where in this is the, for example, A Cardboard box with styrofoam padding on the inside and a plastic cover around the bottle to prevent the bottle from being damaged or scratched pre-purchase.

Pricing Strategy

A type of strategy where in this is the methods businesses use to set up prices for their products.

Competitive

A type of pricing strategy where in this is about basing your price off your competitors

Dynamic

A type of pricing strategy where in this is about adjusting prices in real time based on demand, supply, and customer behavior

Cost Plus

A type of pricing strategy where in this is about basing prices off how much you;d like to make from selling

Value Based

A type of pricing strategy where in this is about basing price off how much people think its worth

Mark-Up Pricing

A way of computation of cost plus where in you compute for the mark-up price

Target Profit Pricing

A way of computation of cost plus where in you compute for the TPP

Variable Cost

A variable of Cost Plus computation where in this talks about the cost of a product that vary in direct proportion to quantity

Fixed Cost

A variable of Cost Plus computation where in this talks about the a cost of a product that do not vary with production output.

Pre-Operating Capital

A variable of Cost Plus computation where in this talks about the funds needed to set up a business

Positioning

A type of strategy where in this is the place that brands will consume in the minds of customers.

Promotion

A type of strategy where in this is the blend of several promotional tools to increase the demand for your product creates awareness among customers.

Tagline

This is a simplified USP, a part of positioning and promotion strategy.

Advertising

A type of promotion mix where there is a paid form of non personal presentation in exchange of a fee

A type of promotion mix where salesmen sells products face to face

A type of promotion mix where short term incentives for an increased sale for a limited time

Public Relation

A type of promotion mix where this gives the brand a good reputation.

Direct Marketing

A type of promotion mix where reaching customers directly with technology

Place Strategy

A type of strategy where in this is how products and services get from the produce to the consumer, how companies will make their product accessible

Business Vicinity Map

Map that shows customers that your store exists, shows as well any store around yours.

Area Demographic

A component of a business vicinity map where in this identifies already present major establishments

Business Competitors

A component of a business vicinity map where in this identifying already existing business competitors

Foot traffic

A component of a business vicinity map where in this identifying major roads and cities which determine the traffic of people coming in and out the vicinity

Consumer Market

A type of market where in this is the people in households. buying items for personal use.

Business Market

A type of market where in this is purchasing to resell, buying items to use in business.

Direct

A type of distribution channel strategy where in this is from seller to end consumer

Indirect

A type of distribution channel strategy where in this is from seller to intermediary to end consumer

Single Channel

A type of channel type that’s only using 1 type of store.

Multi Channel

A type of channel type that has one warehouse for physical store and one for online

Omni Channel

A type of channel type that’s one warehouse for both physical and online combined