Entrepreneurship and Business Planning Flashcards

Fill-in-the-blank practice flashcards covering business planning, market research, marketing strategies, SWOT analysis, product specification, legal protections, and labour requirements based on the entrepreneurship lecture notes.

An entrepreneur transforms a recognized need or idea in a target market into a successful and __________ business venture.

profitable

A profitable business makes enough profit to serve as income for the entrepreneur and put money back into the business for __________.

expansion

Regular market research must be done after setup to keep abreast with market trends and maintain the business's __________ advantage.

competitive

The __________ threshold, also known as the break-even point, is the minimum number of sales necessary to cover all expenses.

profit

Selling price is calculated by adding operating costs and a reasonable profit percentage to the __________ costs.

production

In successful marketing, the 5 Ps to be combined are Product, Promotion, Price, People, and __________.

Place

The component of a business plan that details the production recipe, machinery, suppliers, and waste control is the __________ plan.

Production

The __________ plan details calculated start-up capital, sources of available funds, budget for income and expenditure, and the break-even point.

Financial

The __________ plan indicates how the business, workers, skills, responsibilities, and expected salaries will be managed.

Management

In a SWOT analysis, Strengths are internal elements to build upon, while Weaknesses are internal elements to __________.

overcome

In a SWOT analysis, Opportunities are external elements to exploit, while Threats are external elements in the __________.

market place

A __________ gives the patentee the sole right to make, use, or sell an invention.

patent

__________ gives the sole right of a writer to print her/his work.

Copyright

A product __________ includes descriptions of appearance, raw materials, packaging, machinery used, and method of production.

specification

When appointing trained staff, an entrepreneur must consider labour laws including the Basic Conditions of Employment Act, the Employment Equity Act, and the Broad-Based Black __________ Act.

Empowerment

Workers who receive little or no training in a specific line of work, receive the lowest wages, and do repetitive work are __________ workers.

Unskilled