ENTREP (DEF OF TERMS - COMPONENTS - 071218) Flashcards
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This is term for how many customers whose attention were caught by your product/s.
Capture Rate
This means doing things in a new way.
Innovation
The sum total of all the soft skills and the hard skills that will define who you are as a business person.
Entrepreneur
Skills done physically.
Hard Skills
Skills that are used to make relationships with others.
Soft Skills
This means getting results through the people with the resources that you have.
Management
A component of the successful entrepreneurial venture where you plant and nurture your Big Idea to fruition.
Opportunity
The contents of your “warchest” when you venture out and start your business.
Resources
The means by which a business sets out to achieve its desired ends. A long-term business plan.
Strategy
The team who will travel with you on your journey to entrepreneurial success.
Organization
This means to produce and market a good quality product or service at a lower cost.
Cost Leadership
These are making your products or services seem unique than the others.
Differentiation
This means to address a “focused” segment of the marketplace, product form, or cost management process.
Focus
A term for “the common man”.
Hoi Poloi
Basic Management Skills?
Hint: M.D.D. / S.M.O.
- Managing people
- Directing business operation
- Directing sales and marketing options
- Setting up a business
- Managing money
- Overcoming challenges
This is marketing’s best strategy at expanding their business.
Franchise
A specific group of people you want to satisfy with your product or service.
Target Customer/s
Levels of setting goals?
Hint: K.P.D.
- Know what you can do.
- Plan what you think you can do.
- Dream what you really want.
Seven key steps to starting a business?
Hint: T.C.G. / L.G.C. / S.
- Take time to brainstorm
- Create a business plan
- Gather up resources
- Launch marketing and brand-awareness campaign
- Get finances in shape
- Create a maintenance list
- Set future goals
They have direct interest on the success of the company.
Stakeholders
They are generally known as the owners of the company.
Shareholders
They are grouped and known as the board of directors of a company.
Management
Meaning of “NATO”?
No Action, Thought Only
Outline of the Entrepreneurial Process?
Hint: D.A.F. / B.S.A. / C. / T.M.F. / O.P.A.D.
- Decide to go into business yourself
- Assess your potential
- Find an appropriate service or product idea
> Buy a business
> Start a new business
> Acquire a franchise - Conduct a feasibility study
> Technical feasibility
> Marketing acceptibility
> Financial viability - Organise your business structure and legal requirements
- Protect your idea
- Arrange the necessary financing
- Develop a comprehensive business plan
