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The process of creating a new enterprise and bearing any of its risks, with the view of making the profit for its development and operation as an entrepreneur.
Entrepreneurs are the persons who take decisions under uncertainty and thus they are willing to take risk, but they never gamble with the results.
If you know what makes them tick, you can serve them in the way they prefer.
They are like competitors but their products are not the same.
During this stage, an entrepreneur must assess potential strategies and business models as well as conduct market and economic analyses.
Every business needs a reason for their customers to buy from them and not their competitors.
A company in the same industry or a similar industry that offers a similar product or service
Indicate how similar products are selling in the marketplace, using the market research that you have collected.
Crucial for survival but does not confer any specific differential advantage over other competitors in the industry.
Inventory fully assembled and available for sals
Your financial statements should include an income statement, a balance sheet and a _____ statement
The process of developing core competencies starts with this thought of being a leader in the market.
Combining the elements of these provides you with a clear focus for marketing a product and for satisfying the objectives a company has for the product.
The costs incurred to deliver the product from the production unit to the end user. It is a broad terminology and it includes several costs.
This thinking generally means the ability to give the "correct" answer to standard questions that do not require significant creativity, for instance in most tasks in school and on standardized multiple- choice tests for intelligence
An entrepreneur may decide to offer a new product in a growth area rather than pursuing sales of existing products that have minimum growth potential.
If you have a retail outlet, you have the means of distributing a customer comment card or __________.
A party that supplies goods or services.
Entity that advances cash to a borrower for a stated period and for a fixed or variable rate of interest
With coworkers on a daily basis and creating procedures for receipt submission and expense account reimbursements can help your work day flow smoothly
Include items such as the cost of goods sold payroll for employees, payroll, sales and income taxes, business insurance and loan interest
Fill in the blanks. _____ The desire for status, enhanced appearance and more money are examples of this variable.
Amounts that are owed to you by your customers
A two bladed sword if not handled properly
All of your business transactions pass through this account
People in your target market who are not currently looking for a solution.
Without developing a core competency, a company may be highly profitable.
A principle or standard by which something may be judged or decide
Which of these is an example of a business structure?
Entrepreneurs most likely have a keen sense of what type of person is needed to fulfill a position.
Which of these is an example of a record?
_____ Typically, anonymous and try to reach as many members of a target market as possible
Which of these states the importance of core competencies?
Customer classification depending on profitability.
Attempt to get an understanding of a specific market segment by questioning eight to 12 members of that group to discover what psychographic and behavioristic factors might motivate the entire group.
Reward your followers with something special and exclusive
The interaction with competitors is usually directly
Entrepreneurs are capable of working for long hours and solving different complexities at the same time.
Products you have in stock to sell are like money sitting on a shelf and must be carefully accounted for and tracked.
Recording this in a timely and accurate manner is critical to knowing where your business stands.
Profitable customers
A person who writes the text of advertisements or publicity material
Outsourcing can give short term
They need to know how to represent a company, manage accounts, and follow up on leads.
Those who sell non-competing products and which generally help your sales.
The beliefs or opinions that are generally held about someone or something.
Your projections should be
These costs include materials used, direct labor, plant manager salaries, freight and other costs associated with operating a plant.
Companies would always give the best service and other benefits to this type of customers.
The state of being spread out or transmitted
Strategic Architecture requires the distillation of past and present data to answer which of these questions.
Unprofitable and undesirable customers
If your customers enjoy dealing with you, they are likely to buy more. In addition, you can only tackle problems that customers have if you know what they are.
Coined the term core competency in 1989.
If __________ is not properly involved in the other four M's and it is sufficiently aware of the process and the possible outcomes, the whole operation and even the problems solution process could yield only mediocre to poor results
This is when a company purchases a fixed asset and expenses it over the entire period of its planned use, not just in the year purchased
Estimates of the future financial performance of a business.
To succeed as an entrepreneur, you must develop the ability to select and offer the right products or services to your customers
The last portions of the M's of Production
Successful entrepreneurs always have the profit margin in sight and know that their business success is measured by profits.
People form their first impression within the first
Problems with yet undefined solutions.
The job of entrepreneur is not for
A valuable exercise and can create preliminary benchmarks.
Which of these is a key financial statement?
The most important advantage of having core competencies is having this.
As an organization, they developed products that are rich in design and user experience.
A person who helps others to acquire knowledge, competences or values
Involves innovation, risk taking, and decision-making
During this phase, it is time to take advantage of the situation and execute all of the great ideas and projections ascertained from the two prior phases.
Includes all interest payable for debts, both short-term and long-term
Includes homes, schools, businesses, and government organizations.
Core competencies play an important role in the process of
Companies have systems in place to avoid this type of customers.
A profile for a business would include such factors as customer size, number of employees, type of products, and annual revenue
A bookkeeper must meet with department supervisors and other managers to discuss budget needs and inventory demands.
Purchased to create a finished product.
Entrepreneurs have many
Your brand must be powerful enough to force them out of their routines.
Besides the inability to secure any type of employment this is the most basic reason for self-employment.
Are assets for long-term use and include land, buildings, leasehold improvements, equipment, machinery and vehicles
A bookkeeper's central role.
People who have already purchased your product.
To make a product successful, you must be
Market Potential will enable you to more accurately assess this.
It becomes difficult especially in a service environment where labor as well as time also has a cost factor associated with it.
His definition of entrepreneurship placed an emphasis on innovation.
If you ask too many deep questions, you might lose the
They may sell directly into the market but largely they need to be kept aligned to your strategy.
A stock or any other security representing an ownership interest
A thought process or method used to generate creative ideas by exploring many possible solutions.
The act of utilizing the promotional mix
How many new businesses fail within 18 months of getting started?
A thing providing protection against a possible eventuality
These liabilities typically consist of all bank debt or stockholder loans payable outside of the following 12-month period.
Relating to or noting a new product, service, or idea that radically changes an industry or business strategy
If I had asked people what they wanted, they would have said faster horses.
Entrepreneurs have strong desire to achieve higher goals.
Help an entrepreneur keep track of business transactions, aid in the filing of taxes, compile final accounts and act as a future reference.
Entrepreneurs must demonstrate this characteristic in order to cope with all the risks of operating their own business.
A limited list of important items or individuals: especially: a list of candidates for final consideration
A disruptive technology with the ability to revolutionize certain industries
Entrepreneurs are always alert to opportunities.
Cost of goods, commissions or discounts, variable and fixed expenses.
Extend the application of a method or conclusion
The ability to implement creative ideas
Any group of actual or potential buyers of a product.
When teaching the entrepreneurial side, which one should you focus on?
An intra company entrepreneur
In Entrepreneurship, you may become stressed. Why?
This figure represents the amount of income earned by the business before paying taxes.
Determines the most efficient way for each portion of the process to be done to eliminate damage to the product and to eliminate areas where time and manpower are being wasted
Customers understand problems, but they cannot help you to move your product forward.
A certain amount of risk is involved in all entrepreneurial ventures, and growth is no different.
Enables you to concentrate on and solve your target market's problems.
Explicit statements from your market that declare, "I want a product to do X".
A financial journal that contains all cash receipts and payments, including bank deposits and withdrawals.
Which of these questions will help you analyze the product or service from the customer's point of view?
A reason a person to strike out on his or her own rather than work inside a larger company.
Buy less, but are useful as in aggregate they may buy quite a lot.
When you determine your target audience
Which of these is a factor to consider before going into self-employment?
The technical equipment or machinery needed for a particular activity or purpose
Give the character depth and be genuine.
Designed to meet the company's marketing objectives by providing its customers with value.
The ability to generate ideas
Core capabilities are crucial for this
Critical to determining attractiveness.
To succeed as an entrepreneur, you must develop the ability to select and offer the right products or services to your customers.
_____ A profile for a business would include such factors as customer size, number of employees, type of products, and annual revenue.
A value that will purchase a finite quantity, weight, or other measure of a good or service
The arena of competitive or commercial dealings: the world of trade
The desire for status, enhanced appearance and more money are examples of this variable
Which of these are included in a business record?
These include sales of common stock, changes in short- or long-term loans and dividends paid.
Purchases is where you track all incoming revenue from what you sell.
It is critical to find a balance between prospects and customers to ensure that your future revenue is protected, while still keeping existing customers happy.
Time spent with each customer is different
Which of this is a job you can get with an Entrepreneurship degree?
This is the third M in the sequence
Most profitable customers
There are not enough employment opportunities in the formal sector. The small business sector has the capacity to create many jobs.
Includes all revenue streams generated by the business
Truly think outside the box, stretch the limits, and are combinatorial in non-traditional ways.
The total cost associated with delivering goods or services to customers.
Helps in growing branches of different businesses and then these businesses grow products as fruit.
The state or condition of yielding a financial profit or gain
There are those people in society whose ultimate goal is to go into business at some defined point life no matter how attractive wage employment might seem.
The drive train that gets us where we are going
A straightforward product design is essential.
An individual who works to fill job openings in businesses or organizations
This is not essential, but is normally a great help in thinking through the case for a new business.
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