Entrep Overview Flashcards
Define entrepreneurship and explain its role in economic development.
Entrepreneurship is the process of identifying, creating, and managing a business venture to make a profit while taking on financial risks. Entrepreneurs drive innovation, create jobs, and improve productivity, thereby stimulating economic growth.
Example: In the Philippines, startups in fintech have improved access to financial services, boosting local economies.
What are the characteristics of successful entrepreneurs?
Characteristics include:
* Resilience
* Risk-taking
* Visionary thinking
* Strong work ethic
* Adaptability
* Passion
Successful entrepreneurs often possess a combination of these traits that enable them to navigate challenges.
List the types of entrepreneurship.
Types of entrepreneurship include:
* Small business
* Scalable startup
* Large company
* Social entrepreneurship
Each type addresses different market needs and scales differently.
What is design thinking?
Design thinking is a user-centered problem-solving approach involving empathy, ideation, and prototyping.
Entrepreneurs use it to develop products that align with customer needs, reducing failure risks.
What are the components of a business plan?
Components include:
* Executive Summary
* Business Description
* Market Analysis
* Organization and Management
* Products and Services
* Marketing and Sales Strategy
* Operation Plan
* Financial Plan
* Risk Analysis
* Appendices
Each component serves a distinct purpose in presenting the business case.
What are the funding stages for entrepreneurial ventures?
Funding stages include:
* Seed
* Startup
* Growth
Each stage corresponds to the development phase of the business.
Explain the concept of growth hacking.
Growth hacking uses creative, low-cost strategies to grow businesses rapidly.
Startups often leverage viral marketing campaigns or referral programs to achieve rapid growth.
What is the lean startup methodology?
The lean startup methodology focuses on developing Minimum Viable Products (MVPs) and iterative testing.
This approach minimizes risk by testing assumptions early and pivoting when necessary.
What is the significance of intellectual property (IP) for startups?
IP protects innovations, differentiates products, and can be monetized.
Types of IP include patents, trademarks, and copyrights.
Identify key risks startups face.
Key risks include:
* Market risk
* Operational risk
* Financial risk
* Legal risk
Each risk category requires tailored mitigation strategies.
What are some potential business opportunities in Iloilo City?
Business opportunities include:
* Tourism and Hospitality Services
* Food and Beverage Industry
* Tech and Innovation Startups
* Real Estate and Property Development
* Sustainable and Green Businesses
* Education and Training Centers
* Healthcare and Wellness
These sectors reflect local market needs and growth potential.
What is a Minimum Viable Product (MVP)?
An MVP is a product with just enough features to satisfy early adopters and gather feedback for future development.
This strategy helps startups validate their business idea with minimal resources.
Fill in the blank: The __________ is a visual tool that outlines a business model.
[BMC - Business Model Canvas]
True or False: Bootstrapping involves seeking external funding to grow a business.
False
Bootstrapping refers to self-funding a business without external capital.
What is the role of market segmentation in marketing for startups?
Market segmentation helps identify specific customer groups to target, optimizing marketing efforts and resource allocation.
Effective segmentation can lead to better customer engagement and increased sales.
Describe the purpose of a financial plan in a business plan.
The financial plan shows profitability and funding needs, outlining revenue models and financial projections.
It is crucial for attracting investors and guiding financial decisions.
