ENTREP MT 1 B Flashcards
first two entrepreneurial process
OPPORTUNITY SPOTTING AND ASSESSMENT
DEVELOPING A BUISNESS PLAN
last two entrepreneurial process
DETERMINING THE CAPTIAL NEEDED
RUNNING THE BUSINESS
step by step process in establishing any kind of business that an entrepreneur has to undergo
ENTREPRENEURIAL PROCESS
beginning of the process and considered most difficult
OPPORTUNITY SPOTTING AND ASSESSMENT
formulation of business plan
DEVELOPING BUSINESS PLAN
calculate the resources needed and compare it against the entrepreneurs current resources
DETERMINING THE CAPTIAL NEEDED
entrepreneurs using the resources allocated for the new venture
RUNNING THE BUSINESS
starting to have a concept in mind about business and opportunities
OPPORTUNITY SPOTTING AND ASSESSMENTS
what is a comprehensive paper that deals the marketing, operational , human resources, financial , strategies and tactics of the businesses
BUSINESS PLAN
core guide when starting a business
DEVELOPING BUSINES PLAN
business plan should be implemented
RUNNING THE BUSINESS
should allign with your goals
OPPURTUNITY SPOTTING AND ASSESSMENT
entrepreneur should have a control of monitoring system to serve as a check and balance of the formulated plans
RUNNING THE BUSINESS
marketing environment is the starting point of any new venture that involves understanding and knowing intricacies of microenvironmrnt and iternal environments
SCANNING
what to find first
OPPURTUNITY BEFORE PRODUCTt
the business idea that can potentitally become a commercial product/ service in the future
OPPORTUNITY
what is 3s
SEEKING
SCREENING
SEIZING
first step and most difficult process of all due to the number of options entrepreneur will have to choose from
SEEKING THE OPPORTUNITY
process of selecting the best opportunity ; apply due diligence and indepedent judgement
SCREENING THE OPPORTUNIYY
entrepreneurs tolerance of business risks
RISK APPETITE
cosidered one of the most critical resources of an entreepreneurs it should be devoted to worthwhile business onlly
TIME
aims to assist entrepreneurs in ensuring that the opportunity that they venture into is an attractive and feasibe product
OAT
OPPORTUNITY ATTRACTIVENESS TEST
who made OAT
YOUNGLESON 2009N
brief vision statement(what do the business should do in the future )
CONCEPTS AND STRATEGIES
critical success factors by determining the attractiveness
OPPORTUNITY METRICS
last step “pushing through” with the chosen opportunity
SEIZING THE OPPORTUNITY
process of positively improving an existing product or service
INNOVATION
3 types of INNOVATION
BREAKTHROUGH
TECHNOLOGICAL
ORDINARY
the main objective that the business will accomplish in the entrepreneurs life
INTERNAL INTENT
will address the compelling needs of the target market
EXTERNAL INTENT
refers to the entrepreneurs tolerance of business risk
RISK APPETITE
process of seizing (5 STAGES)
IDEA STAGE
CONCEPT STAGE
PRODUCT DEVELOPMENT STAGE
TEST MARKETING STAGE
COMMERCIALIZATION STAGE
entrepreneur determines what are the feasible products and / or services that will perfectly suit the opportunity
IDEA STAGE
developed idea will undergo a consumer acceptance test
CONCEPT STAGE
actual reactions from potential customers are determined
PRODUCT DEVELOPMENT STAGE
the product is tested with a particular target market, to find out whether or not it is acceptable to the consumer
TEST MARKETING STAGE
involves launching your product and making it widely available for your target segment
COMMERCIALIZATION STAGE
states why customers should buy a certain product/service
VALUE PROPOSITION (VP)
refers to how you will sell the product or service to your customers
UNIQUE SELLING PROPOSITION
term that clearly sets you apart from your competition, positioning you the more logical choice
UNIQUE
persuades another to exchange money for PRODUCT or SERVICE
SELLING
a proposal or offer suggested for acceptance
PROPOSITION
size of arena where the entrepreneurs business will play
MARKET SIZE
represents the percentage of an industry or market’s total sales
MARKET SHARE
approximate number of customers that will buy the product/service
MARKET UNIVERSE/MARKET SPACE
specific features and characteristic that customer need from a product/service
CUSTOMER REQUIREMENT
dividing a heterogeneous market into a several homogeneous groups
MARKET SEGMENTATION
segmenting customers according to age, gender, civil status, income , education , family organization and religion
DEMOGRAPHIC SEGMENTATION
other term demographic segmentation
SOCIOENOMIC SEGMENTATION
process of grouping customers according to their perception way of life, motivations and inclinations
PSYCHOGRAPHIC SGEMENTATION
process of grouping customers according to their actions
BEHAVIORAL SEGMENTATION
segmenting customers according to location, population, density and climate
GEOGRAPHCIC SEGMENTATION
most reliable and credible ways of getting relevant information from the target customer
INTERVIEW
mining customer and noncustomer experience by definite responses using equitable scales
SURVEY
one of the most prefered and practical method of generating ideas because the researcher documents the behavioral patterns of people/ events without requiring them to participate in the research process.
OBSERVATION
