Entrepreneurship Study Guide for Prefinal

A comprehensive set of 70 flashcards focusing on key concepts, terms, and definitions related to entrepreneurship, branding, and business operations, designed to aid in studying for the prefinal exam.

Branding

The process of creating a name, symbol, or design that identifies and differentiates a product.

Awareness in Branding

Refers to the number of people who know the brand and can be increased through advertisements.

Targetable Branding

The branding of the products should be planned in relation to the specific target market.

Brand Loyalty

An achievement for a business where consumers prefer using certain brands.

Brand Consistency

A brand must consistently deliver on promises made in advertisements.

Descriptive Brand Name

A name that readily conveys the products or services offered by the business.

Evocative Brand Name

Creative singular words that act as powerful differentiators in the industry.

Invented Brand Name

Creative names that articulate attitude for a brand but are not strictly descriptive.

Lexical Brand Name

Combines compound words, spelling, alliteration, and foreign words appealing to contemporary audiences.

Acronym Brand Name

An acronym representing the entire name of the business, which may be difficult to pronounce.

Geographical Brand Name

Brand names that include the geography or territory in which the business operates.

Founder Brand Name

Brand names associated with the names of their founders or celebrities.

Brand Elements

Trademark devices that identify and differentiate the brand from competitors.

Brand Name

A trading name given by the manufacturer to a specific product or service.

Brand Logo

A visual trademark that identifies the brand through its design.

Brand Symbol

Powerful elements of the brand that extend beyond the logo.

Brand Character

A type of brand element using human or real-life characteristics.

Brand Slogan

Short phrases used to communicate descriptive or persuasive information about the brand.

Brand Protection

The manner of protecting intellectual property against abuse.

Brand Abuse

Malicious activities exploiting an existing brand to gain benefits or damage reputation.

Counterfeiting

Imitating a product from an authentic brand, unofficially made.

Rouge Websites

Websites created with malicious intent against a legitimate business.

Copyright Piracy

Illegal activity of copying artistic, literary, and scientific works.

Patent Theft

Using or selling a patented product without permission from the patent holder.

Social Media Impersonation

Creating fake social media accounts that imitate genuine brands.

Trademark

A recognizable word, symbol, or phrase that differentiates products legally.

Importance of Trademark

Legal protection, effective communication with target market, and enhanced customer perception.

Method in Business Operations

The process strictly followed in manufacturing business products.

Input in Manufacturing

Materials or ingredients used in creating a product.

Process in Manufacturing

The transformation phase where raw materials are processed into the final product.

Output in Manufacturing

The final product aimed to be sold to target customers.

Home-Based Manufacturing

A flexible and cost-effective manufacturing option for startups.

Commercial Space for Rent

Recommended for businesses needing a processing space beyond home-based options.

Commercial Space Purchase

Ideal for established businesses requiring the largest capital investment.

Product-Focused Layout

Facilities arranged according to the flow of manufacturing operations.

Process-Based Layout

Facilities grouped according to functions, used for batch or continuous production.

Method in Business Tools

The facilities and systems used to produce a product.

Information and Communications Technology

Includes tools like phones, computers, POS machines, and accounting software.

Safeguarding Responsibilities

Entrepreneurs need to protect against fraud, train employees, and ensure business continuity.

Materials in Business

Raw items used in creating a product or performing a service.

Materials Requisition Options

Manufacturing own materials, outsourcing, or purchasing from suppliers.

Pricing Options

Strategies include cost-oriented, competition-oriented, and demand-oriented pricing.

Manpower in Business

Human resources responsible for handling business operations.

Qualification Standards in Manpower

Criteria including manpower, experience, and academic qualifications.

Product Description

Format presenting important information about a product's features.

Product Design

Can enhance marketability through distinct appearance.

Product Colors

Important consideration for product appeal to customers.

Product Quality

Characteristics that fulfill and meet end users' requirements.

Product Warranty

Assurance that a product meets specifications stated in its label.

Prototype

A working model of entrepreneurial ideas for a new product.

Functional Prototype

Imitates the function of the real product closely.

Display Prototype

Focuses on appearance rather than function, may or may not function.

Miniature Prototype

Smaller version focusing on functional and display aspects.

Throwaway Prototype

Prototypes discarded after use, also known as closed-ended prototypes.

Evolutionary Prototype

A basic model that can be improved to form an actual product.

Business Concept

Foundational idea that describes a business entity's purpose and direction.

Essential Elements of Business Concept

Features, benefits, and specifications of products or services.

Business Model

Conceptual structure explaining how a business operates to achieve goals.

Key Partners in Business Model Canvas

Companies or people creating strategic relationships with the business.

Key Activities in Business Model Canvas

Specific tasks fundamental to business operation.

Key Resources in Business Model Canvas

Necessary assets to operate and deliver value propositions.

Value Proposition in Business Model

Defines the fundamental offering or promise to customers.

Customer Relationships in Business Model

Different types of communications a company has with its customers.

Channels in Business Model

Structures and methods used to deliver the company’s value proposition.

Customer Segments in Business Model

Different types of customers managed by the company.

Cost Structure in Business Model

How a company spends money on operations, focusing on costs and value.

Revenue Streams in Business Model

Sources of cash flow for the company.

Vision Statement

Declaration of what the business wants to achieve in the future.

Characteristics of Vision Statement

Should be graphic, directional, focused, flexible, feasible, desirable, and easy to communicate.

Mission Statement

Articulates the purpose of the business and identifies its products and customers.

Elements of Business Mission Statement

Purpose, strategy, policies, and values guiding business actions.

Business Goals

Describe what the business expects to accomplish within a certain time frame.

Short-Term Goals

Plans for the near future, for today to within a year.

Long-Term Goals

Plans for the future set to a minimum of 12 months ahead.

SMART Goal Model

Specific, Measurable, Attainable, Realistic, Timely.

Performance Objectives

Targets set on a quarterly, semi-annual, or yearly basis for business.

Key Performance Objectives

Goals for quality, speed, dependability, flexibility, and cost.