Entrepeneurship (LAS 1-10)

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Entrepeneur

They start their own companies, not to gain more but to give more

Contribution to national development

This is when Entrepeneurs play a vital role in the development of a country

Businesses

by creating _________, they provide income - generating jobs for people

Contribution to entrepreneurial networks

This is when Entrepreneurs are found in every community making it easier for them to establish connections

Utilization and mobilization of resources

This is when Entrepreneurs have a sense of initiative to make better use of idle assets and maximize untapped resources.

Efficient

Because of _______ production, products and services can be sold at reasonable prices

Contribution to social development

This is when Entrepreneurs provide consumers with a wide range of products and services available everywhere

Business Manager

He/She is involved in planning, directing, and overseeing the business operations

Corporate Recruiter

He/She helps corporate firms in locating, researching for job-matching

Human Resource Manager

He/She supervises aspects of employee relations

Management Analyst

He/She evaluates operating procedures

Not-For-Profit Fundraiser

He/She is good at understanding the importance of business management and networking relationships

Teacher

He/She can teach a core competency

Research and Development (R&D)

He/She has deep knowledge of business concepts, and company procedures

Eureka Moment

This is the first step of the entrepreneurial process

Eureka Moment

This Phase begins with the idea generation

Research

This is the next step, and it is to gather relevant information about your idea

Design the Business Plan

This step is to create a comprehensive business plan to exploit the identified opportunity and is the third step

Execute your plan

This is the 4th step, where you convert your idea into an enterprise

Manage and develop the enterprise

This is the full-term stage of the entrepreneurial process and is the last phase

Know your customer’s needs

This is a basic tenet of business

Mystery (Incognito) Shopping

This research method is a tool to know the customer’s pulse and understand how it is to be in their shoes

Concept Testing

This research method uses surveys to assess the market acceptability of a product before launching it in the market

Customer Decision Process Research

This is a research method in which your customers identify their needs and make a decision to purchase. this involves five steps

Need recognition, information research, evaluation of alternatives, selection and purchase, and post-purchase behavior

What are the 5 steps of Customer Design Process Research?

Positioning Research

This research method is conducted to define where a particular product stands in relation to other similar products

Customer Satisfaction Study

This research method involves studying the behavior, feedback, and satisfaction level of customers

Marcatus

Market is derived from the Latin word ‘_______’ which means 'a place where buying and selling are conducted’

Marketplace

We call the Market more accurately the ____________

Market

This term refers to more of just a place of exchange

Market

This also refers to a group of customers that are interested in a product

Market

This also refers to an agreement that provides an opportunity of exchanging goods

Market Players

There are different groups involved in the marketplace. They are called?

Customers

These market players are the most important group of people in the market.

Suppliers

These market players provide you with the resources you need for your business

Complimentors

These market players sell non-competing products in relation to yours

Competitors

These market players offer products or services similar to yours

Substitutors

These market players are like competitors but do not offer the same product

Regulators

These market players set standards or policies to regulate safe and healthy transacitons

Influencers

These market players promote their personal agendas or causes by influencing other market players.

Business plan

This consists of several sections, all which must interact with one another to create an interseting story

Executive Summary

In this section of the business plan, you describe the concept of your business and highlight its most important financial points

Executive Summary

This section of the business plan you clearly state the capital needed to start the venture so investors can have an initial overview of your financial condition

Company description

This section of a business plan contains the most important points about your company

Description of Products and Services

In this section of the business plan, you present the products and/or services that you plan to offer

Description of Products and Services

In this section of a business plan you discuss the benefits you are giving to your customers

Target Market

this section of a business plan is in an in-depth examination of to whom you plan to sell your products and services

Competitive Edge

In this section of a business plan you outline your “Competitive action plan’ by identifying your strongest competitors and their SWOT

Competitive Edge

In this section of a business plan you see what makes your company different from and better than your competitors

Marketing Strategy

In this section of a business plan you describe how to exploit your edge over your competitors

Financial Projections

this section of a business plan shows that you have come up with a plan to make a profit

Management Team

In this section of a business plan you introduce the team who will work for your company

Identify the needs of your target marketing for your products and services

This is one of the top priorities in creating your business plan

Size of the Market

This includes identifying the size of the group of people who are likely to buy your products

Understanding your Customer’s Profile

This is an important factor in determining the size of the market

Special Interests or Needs

This is when the increasing use and reach of social media provide opportunities for business owners by just observing people’s media activities online

Formulate a Business Plan

This is the first thing you do in starting a new business

Business Plan

This is an important tool that provides Entrepreneurs a detailed roadmap that guides them in their endeavor

Helps raise funds for the business, Helps in making strategic decisions, Identifies potential weaknesses and possible pitfalls, and increases the chance of success.

List the 4 reasons on why formulating a well-written business plan is important.