Business Planning
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11 Terms
Business Idea
The potential to create something new that involves change in knowledge, tech, economy, politics, social, and demographic conditions. Can come from interest and observation. “Potential concept”, may or may not succeed. Business concepts that result to profit if turned into a tangible product/services.
Opportunities
A business idea that has been validated and demanded by market. This has confirmed potential. Conditions: customer interest, industry trends, and competitive advantage.
Primary Sources
First-hand data gathered through: observation, experiments, interviews, surveys
Secondary Sources
Gathering existing and compiled data: reliable data, reference, mass media, and electronic media (documentaries, RRL, websites)
Factors in searching opportunities
Location of business
Capital (money)
Needs of community (needs should match your business)
Available resources
Target market
Manpower
Skills & interest
Product
(6Ps of Entrepreneurship)
What you will sell.
People
(6Ps of Entrepreneurship)
Who you think will buy and sell your product.
Place
(6Ps of Entrepreneurship)
Where the product can be aquired.
Promotion
(6Ps of Entrepreneurship)
Tactic to communicate product.
Price
(6Ps of Entrepreneurship)
The cost to get the product.
Presentation
(6Ps of Entrepreneurship)
Appearance of product (packaging, message, branding)
Note 
Flashcards (27)