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