Entrepreneurship (MIDTERM)

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Entrepreneurship

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Tags and Description

55 Terms

1

Entrepreneurship

it is the art of turning an idea into a business

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2

Entrepreneurship

it is the process of starting up a business to make a financial profit

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3

Enterprise

another term used to address a business; it is the product (goods or services) one is offering for sale

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4

Entrepreneur

a person who does initiative and risks, creates ideas and makes an enterprise

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5

Entrepreneur

they give opportunities and satisfy the needs and wants of consumers

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6

Business Plan

a written document that describes in detail how a business defines objectives and how it can achieve its goals

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7

Business Plan

it is the written road map of a firm; it sets the navigational course of the business

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8

Entrepreneur

Investors & Financiers

Managers & Staff

the three masters of the business plan

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9

Summary Business Plan

  • consists of 10-15 pages

  • works best for new ventures

  • used to “test the waters” to see if investors are interested

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10

Full Business Plan

  • has 25-35 pages

  • works for ventures that need funding

  • serves as a blueprint for company operation

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11

Operational Business Plan

  • made up of 40-100 pages

  • primarily for an internal audience

  • a guidance to operational managers

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12

Format of Business Plan

I. Introduction

II. Executive Summary

III. The Business Proponents

IV. Target Customers & Main Value Proposition to the Customer

V. The Market

VI. Product and Services Offerings

VII. The Enterprise Strategy

VIII. The Financial Forecasts

IX. Environmental and Regulatory Compliance

X. Capital Structure and Financial Offering

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13

Introcution

part of the business plan that contains the business name, tagline, concept, model, goals, and offerings

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14

Business Name

it is the business’ legal name or official name of the entity that owns a company

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15

Adam Fridman

he stated that a company name plays a monumental role on a brands growth and perception; it can make or break a company

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16

catchy, creative, descriptive

a business name must be [], [], & [____] to be memorable and recognizable in order for customers to separate your products from others

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17

descriptive

SEO

name style

story

trademarked, taken

domain name, social handlers

how to name a business you must

  1. understand your business

  2. think of ______ keywords

  3. consider the ____ in the naming process

  4. choose a ____ ____

  5. tell a ____

  6. ensure that the business name is not ______ or _______

  7. verify that the ______ & _______ are available

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18

Search Engine Optimization

stands for SEO; it is how you help customers find your site (example: google, bing, yahoo)

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19

Domain Name

the address that people type into a browser bar to find the website

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20

Business Concept

contains the essence of the enterprise in a concise and powerful manner; it stresses the value of the products offered to target customers

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21

Business Model

the formula on how the enterprise plans to make money out of the business

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22

Business Goals

part of the business plan that includes the vision, mission, objectives, and performance targets

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23

Business Goals

it shows the future and long-term prospects of the enterprise

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24

Vision

shows the future of the company [what we want to become and accomplish]; understanding your preferred future

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25

Mission

it includes the core-values and steps to realize the vision. it defines the company and its purpose

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26

Purpose

Business

Values

the mission expresses the organizations

  1. (___) - needs we exist to address

  2. (___) - what we are doing to address these

  3. (___) - principles and beliefs that guide our work

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27

Objectives

these are measurable, achievable, and time-bound end results that are more specific than the vision and mission

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28

Key Result Areas (KRAs)

qualitative manifestations that the objectives are being achieved

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29

Performance Indicators

these are quantified performance measurements that serve as an aspirational scorecard of the enterprise managers and motivational results of investors

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30

Executive Summary

it contains everything that is relevant and important to the business audience; it is the synthesis of the entire plan

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31

Executive Summary

it discusses and justifies the enterprise strategy and delivery system

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32

Enterprise Strategy

it builds and develops the game plan for attaining competitiveness

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33

Enterprise Delivery System

it is the entire process of converting the input (resources) into output and into outcomes

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34

Business Propnents

also known as stakeholders

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35

Resource Mobilizers & Financial Backers

Technology Providers & Applicators

Governance & Top Management

Operating & Support Team

the four types of stakeholders

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36

Target Customers

these must be in sufficient size, have sufficient paying capacity and interest to purchase products being offered

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37

Main Value Proposition

the unique selling proposition of the enterprise

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38

Opportunity

an idea that has commercial potential. it is something you can make money with, develop a business around it, or create value with it

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39

Opportunity Seeking

the endless curiosity to discover new ideas and see whether these ideas will work in the marketplace

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40

Mind Frame

Heart Flame

Gut Game

the three factors essential to an entrepreneur’s opportunity seeking

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41

Entrepreneurial Mind Frame

allows the entrepreneur to see things in a positive and optimistic light in the midst of a crisis or difficult situation

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42

Entrepreneurial Heart Flame

the commonality between and inventor and entrepreneur; both are driven by passion and are drawn to find fulfillment in the act and process of discovery

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43

Entrepreneurial Gut Game

the ability to sense without using the five senses, also known as intuition

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44

New Knowledge

Macro Environmental Sources

Consumer Preference

Opportunities from Unexpected

Industry & Market Sources

Talents, Hobbies, Interests, & Skills

Opportunities from Future

Sources of Opportunities

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45

Macro Environmental Sources

refers to the “big or macro forces” that affect the area, industry, and market the enterprise belongs to. it is divided into five categories (SPEET)

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46

Socio-cultural Environment

includes the demographics and cultural dimensions; the beliefs, customs, traditions in a population

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47

Political Environment

about the governance system; the laws, rules, regulations, permits, license, etc.

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48

Economic Environment

the supply and demand forces; involves interests, foreign exchange rates, law of supply and demand

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49

Ecological Environment

includes the natural resources and ecosystem; what resources are available, opportunities in env. problems

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50

Technological Environment

involves new scientific and technological discoveries; this environment can make or break competing participants

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51

Industry Sources

any facilities, operations, activities, and productions; refers to the companies involved in the process of producing goods

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52

Rivals

Suppliers

Consumer Market

Substitute Products/Services

Support and Enabling Services

the five participants of the industry

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53

Market Sources

the actual demand and supply & potential demand and supply of the industry the enterprise belongs to

(example: combo meals, more-for-less)

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54

Micromarket

refers to the specific target market segment of a particular enterprise:

  • current consumers of goods / services

  • location / consumer group an enterprise wishes to serve

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55

Consumer Preference

refers to the tastes of particular groups of people; it is affected by a consumer’s age, culture, and status

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