midterm Flashcards
(26 cards)
what’s entrepreneurship?
process of opportunity discovery, risk evaluation, adding value to situations
what does en start with?
who you are, what you knonw, whom you know
other types of en?
social - use en principles for social change
intrapreneur - use en principles for established organizations
where do businesses get ideas from?
activites of family/friends family business suggestion chance events personal interests education/course
4 characteristsics of en?
creative, decisive, confident, strong work ethic
when do business opportunities occur?
when there is a chance to provide product or info to ppl
types of business research?
primary, secondary
qualitative, quantitative
ways to conduct business research?
survey informational interview personal observation focus groups beta testing
(sip fruity burbon)
types of demographics?
name, gender, age, location, education
types of psychographics?
needs (security, good health)
interests (sports, reading)
values (success, status)
cultures (modern, liberal, conservative)
3 advantages of en?
wealth
make your own decisions
do what you love
3 disad of en?
long hours
financial instability
lawsuits and increased regulations
3 audiences of business plans?
internal management
potential investors
potential partners, employees
define business plan?
working, breathing document that’s ongoing
clear, concise, convincing
elements of a business plan?
executive summary, company description, industry analysis, target market, competition, strategic position, marketing plan, operations, technology plan, management, community involvement, development/exit plan, financials
Every Chance I Take Can Start Many Opportunities To Make Community Development Financially (successful)
4 barriers to entry?
- investment - money it takes to start the business
- market saturation - already too many companies in place
- government regulation - ie TV, energy b/c need for permits
- customer loyalty - to an already existing company
types of competition?
direct indirect online future large
what is marketing?
EVERYTHING that you do to promote your business until customers start to buy your product on a REGULAR BASIS
what is a target market?
ppl, business, or organization most likely to buy a product
name 4 marketing vehicles?
public relations word of mouth online networking tradeshows
what creates effective marketing?
fit to market (reaching right types of audience) effective message (to motivate customers) repetition
components of brand identity?
logo name tagline colour package
what is an elevator pitch?
clear concise description of company in 1-2 sentences
what is unique selling proposition (usp)?
what sets you apart from competition
what are you selling
what’s in it for the customers
