ENTREP EXAM Flashcards
A person who creates
unique ideas for starting a business
Entrepreneur
The science of
converting ideas into successful business
ventures.
Entrepreneurship
Why Study Entrepreneurship?
Skills Development
Career Growth
Economic Impact
Entrepreneurial Competencies
- Specific Goal Setting: Clear objectives for
success. - Self-Efficacy: Confidence in personal
abilities. - Need for Achievement: Drive to
accomplish significant goals. - Ambition: Motivation to grow and improve.
- Willingness to Learn: Openness to new
ideas. - Adaptability & Flexibility: Adjusting to
changes efficiently. - Willingness to Take Risks: Courage to
face uncertainties. - Interpersonal Skills: Building relationships
and communicating effectively. - Integrity: Acting with honesty and fairness.
- Strategic Thinking: Planning and
problem-solving for long-term success
Starts with an existing idea
or concept.
Businessman
○ Defining characteristics that make a
business or an individual stand out
from the competition.
Core Competencies
Examples of Entrepreneurial Competencies
- Conceptual Thinking: Reviewing
outcomes to understand issues. - Customer Relations: Meeting customer
needs to build long-term relationships. - Decisiveness: Choosing strategies that
optimize results. - Collaboration: Working effectively with
others. - Risk-Taking: Pursuing opportunities despite
uncertainties.
Core Competencies of Entrepreneurs:
- Entrepreneur as a Missionary:
Entrepreneurs focus on their mission and
goals. - Entrepreneur as a Marketing Man:
Entrepreneurs grow their business from
small to big. - Entrepreneurs are Goal-Driven: They are
highly focused on achieving their objectives.
A tool used to evaluate a business’s
Strengths, Weaknesses,
Opportunities, and Threats
SWOT Analysis
Steps to Entrepreneurial Success
- Start on your own – Be proactive in
exploring business opportunities. - Explore the business environment –
Analyze competition, customer needs, and
market trends. - Be in control – Manage operations
efficiently and responsibly. - Seek financial and legal advice – Work
with accountants and legal professionals. - Develop entrepreneurial competencies –
Learn through experience and education.
7ps of Marketing Mix
Product
Price
Place
Promotion
Packaging
People
Process
Physical Evidence
Pricing strategies
○ Cost-plus pricing
○ Standard markup pricing
○ Target profit pricing
○ Competition-based pricing
○ Psychological pricing
○ Premium pricing
Manufacturer sells
directly to consumers.
Direct Distribution
Uses intermediaries
(retailers, wholesalers, distributors).
Indirect Distribution
: Combination of direct
and indirect methods.
Hybrid Distribution
Dividing a market into smaller, distinct
groups based on:
○ Demographics (age, gender,
income)
○ Geographic (location, climate)
○ Psychographic (lifestyle, values)
○ Behavioral (buying habits, brand
loyalty)
Market Segmentation
Market Targeting Strategies
Mass Marketing
Differentiated Marketing
Niche Marketing
Individual Marketing
One product for a broad
audience.
Mass Marketing
Different
products for multiple segments.
Differentiated Marketing
Focus on a specific,
smaller segment.
Niche Marketing
– Tailored marketing
for specific customers.
Individual Marketing
Creating a brand image in the consumer’s
mind.
Market Positioning
is a step-by-step procedure that an entrepreneur follows to establish a business
The Entrepreneurial Process
Positive and optimistic mindset
Mind Frame
Passion and emotional
intelligence
Heart Flame
– Intuition and courage
Gut Game
Identifying ideas from various sources
Seeking the Opportunity
Evaluating feasibility and risk appetite
Screening the Opportunity
Implementing and innovating
Seizing the Opportunity
Types of Innovation
- Breakthrough Innovation – Rare,
groundbreaking (e.g., internet, airplane) - Technological Innovation – Improvements
of existing products (e.g., WiFi, laptops) - Ordinary Innovation – Small,
market-driven improvements (e.g., wireless
mouse)
