Entrepreneurship 12 First Quarter Reviewer Flashcards

This flashcard set covers the foundational concepts of Entrepreneurship 12, focusing on the entrepreneurial process, business planning, environmental analysis tools (PESTLE and SWOT), and the 7Ps of Marketing.

Entreprendre

The French root of entrepreneurship which means "to undertake" or "to take responsibility."

Entrepreneurship

The process of identifying opportunities, creating innovative solutions, organizing resources, taking calculated risks, and establishing a business that creates value for customers and society.

Entrepreneur

A person who starts, manages, and grows a business by recognizing opportunities and taking calculated risks.

Creativity

The ability to produce new and useful ideas that help a business stand out.

Innovation

The act of introducing something new or improving existing ideas, products, services, or processes.

Calculated Risk

A non-reckless business uncertainty taken after studying the location, customers, competition, and expected income.

Persistence

The quality of continuing a business despite challenges and failures, often separating successful entrepreneurs from unsuccessful ones.

Market Research

The step in the entrepreneurial process that involves gathering information through observation, surveys, interviews, or personal experience to confirm customer needs.

Business Plan

A written document that describes a business's goals, strategies, and operations; often referred to as the roadmap or blueprint of a business.

Executive Summary

The first section of a business plan that provides a brief overview of the entire document, serving as the "movie trailer" of the business.

Marketing Plan

A section of the business plan that explains how the business will attract and retain customers through target market identification, pricing, promotion, and distribution.

Operations Plan

A section that describes daily business activities, equipment needed, production processes, and inventory management.

Organizational Plan

The part of the business plan explaining management structure, job positions, duties, and responsibilities.

Financial Plan

An estimate of the money needed for the business and the expected profit, including start-up capital and sales forecasts.

Start-Up Capital

The initial money needed before opening a business for items such as equipment, furniture, and supplies.

Profit

The reward for successfully managing a business, calculated as $\text{Profit} = \text{Sales} - \text{Expenses}$.

Break-Even Point

The specific point where $\text{Total Revenue} = \text{Total Expenses}$, resulting in no profit and no loss.

PESTLE Analysis

A strategic tool used to examine external factors affecting a business: Political, Economic, Social, Technological, Legal, and Environmental.

Internal Factors

Elements that can be controlled by the business, such as employees, equipment, budget, management, and company culture.

External Factors

Outside influences that cannot be fully controlled by a business, such as government policies, inflation, and natural disasters.

Inflation

The general and continuous increase in the prices of goods and services over time.

Purchasing Power

The amount of goods and services consumers can buy with their money.

Target Market

The specific group of customers that a business wants to serve.

Value Proposition

A clear statement explaining why customers should choose a business by highlighting the benefits they will receive.

Unique Selling Proposition (USP)

The unique feature that distinguishes a business from its competitors and gives it a competitive advantage.

SWOT Analysis

A strategic tool used to evaluate internal Strengths and Weaknesses along with external Opportunities and Threats.

7Ps Marketing Mix

The elements businesses use to satisfy customers: Product, Price, Place, Promotion, People, Process, and Physical Evidence.

Physical Evidence

The physical appearance of the business that customers can see, including store cleanliness, staff uniforms, and product packaging.