4th Qtr EXAM Flashcards
(41 cards)
Someone who creates and runs a business is called an entrepreneur.
● Market Leader
● When an entrepreneur starts a new business, risk is involved, the chance of losing something.
Entrepreneur
● Usually related to the entrepreneurs’ work experiences, hobbies, or social environment.
● Can be found in many ways and in many places.
● Many people see opportunities but only entrepreneurs act upon them.
Opportunities
● is a business concept that results in profit if it is turned into a tangible product or service.
Business idea
● The suggestion of business ideas must be proven by the law. Legality of the business refers to the legal
status of the business derived by virtue of the business being registered or licensed under the
pertaining laws and acts.
Legality
● Those who are in the same business
● Have a potential to serve the entrepreneur’s customers
● Entrepreneurs can identify competitors by asking customers from his existing business
● The entrepreneurs should identify the strengths and weaknesses of his competitors.
Competitors
● the amount invested in the company.
- Capital Requirement
● Define a period of uncertainty experienced by a business as a result of unforeseen events which lead to
either poor earnings and resultant failure. Entrepreneurs should be aware of the risks.
Risk
● is the amount of the capital that had been used to buy the asset of the company.
Fixed capital
● Referred to as operating capital
● Also known as assets of business that can be used to support business operations.
● Often used to pay bills and salaries to buy inventories and others.
Working Capital
● Not related to the current business situation.
● Used to help small businesses to change their primary direction.
Plantation or growth capital
In creating or searching for business opportunities, one must consider the following factors:
- The needs of the community- 2. Available resources-
- Skills and interests-
- Market -
- Supplies or raw materials-
- Manpower-
- Technology-
In identifying your market, you must acquire basic information about them:
- Their location
- Their buying power
- Their lifestyle
- Their educational background
- Their beliefs and practices
is an organized and detailed presentation of your business you want to establish. It should
contain basic information about your business.
Business plan
Parts of a Business plan
- A description of your business
- The product or service
- The organization of the business
- The marketing Plan
- Identify your expected income and expenses
are amounts spent in order to produce the product.
Direct expenses-
are incidental expenses made in the course of running the business.
Indirect expenses
● This section provides an overview of the business, including the products or services offered, the target
market, and the company’s mission and goals.
Executive Summary:
● This section provides detailed information about the products or services offered by the company,
including any unique features or benefits.
Products And Services:
● This section provides an overview of the industry and the target market, including demographics,
competition, and market size.
Market Analysis:
● This section outlines the marketing and sales plan for the business, including advertising, promotions,
and pricing strategies.
Marketing And Sales Strategy
● This section provides information about the management team and their experience, skills, and
qualifications.
Management Team:
● This section provides detailed financial projections, including start-up costs, revenue projections, and
projected expenses.
Financial Projections:
● This section summarizes the key points of the business plan and highlights the company’s strengths
and competitive advantages.
Conclusion:
Canva
● is a free design platform with countless templates and ideas to work from. You can make almost
anything from slides for your presentation to infographics/flyers to Instagram posts.
● Its user-friendly interface makes it ideal for beginners or people who just need something simple.
