Entrepreneur Flashcards
They are an owner of a business who invests their resources to bring an idea to life.
Entrepreneur
It is the act of creating a business while building and sealing it to generate a profit
Entrepreneurship
It involves all the functions, activities, and actions associated with perceiving opportunities and creating organizations to pursue them.
The Entrepreneurial Process
It is the process of spotting, evaluating, and pursuing relevant and sustainable revenue and profit-generating activities in the marketplace.
Opportunity Seeking
It allows the entrepreneur to see things in a very positive and optimistic light amid crises or difficult situations.
Entrepreneurial Mind Frame
It is about wanting something so much that a person would be willing to devote one’s self to the quest totally.
Entrepreneurial Heart Flame
This refers to the ability of the entrepreneur to sense without using the five senses.
Entrepreneurial Gut Game
It is a process in which the entrepreneur picks an opportunity from the list taken in the stage of seeking an opportunity.
Opportunity Screening
A process in which the entrepreneur must determine precisely what critical factors cause business opportunities to succeed and what critical factors cause them to fail.
Opportunity Seizing
It is a document containing the marketing objectives, marketing strategies, and the activities that will be undertaken to execute these strategies.
Marketing Plan
It is the first element in the Marketing mix. It is anything that can be offered to a market that might satisfy a want or need.
Product
A type of product that can be perceived by our five senses.
Tangible products
It is a type of product that can be enjoyed that are performed by people or machines.
Intangible products
Products that offer new performance benefits. They may double the performance at half the cost and offers new performance benefits completely
Break-through products
Products that try to claim a new space in the mind of the customer different from the spaces occupied by existing products.
Differentiated products
Products that will not make much impression on the consumer’s mind.
Copycat products
Products that do not intend to compete directly with the giants.
Niche products
It is also known as Situational Analysis, which evaluates your company’s strengths, weaknesses, market opportunities, and potential threats to provide competitive insight into the potential and critical issues that impact the overall success of the business.
SWOT analysis
A firm’s resources and capabilities can be used as a basis for developing a competitive advantage.
Strengths
List of areas where the company might struggle.
Weakness
Areas that may reveal certain new opportunities for profit and growth.
Opportunity
Changes in the external environment may present threats to the company.
Threat
It refers to providing a product location that is convenient for consumers to access or buy.
Place
The enterprise communicates through the quality of its products and the attractiveness of its packaging.
Promotion
They are the ultimate marketing strategy.
People
It serves to contain and protect and sometimes identify and promote the product.
Packaging
A display of information about a product on its container, packaging, or the product itself.
Labeling
It is also the process of communicating the image of a brand into the mind of consumers. The objective is to make the brand stand out in comparison.
Positioning
To establish the positioning of its various products in the marketplace, the enterprise endeavors to build the brand of each product.
Branding
It is about delivering products and services to customers to meet or surpass their expectations.
Operation Management
This refers to the workforce, who will help a business to produce more products.
Men/Manpower
This refers to the ways of producing a product from raw materials.
Method
Pertains anything used as inputs to production or manufacturing.
Materials
This refers to the devices and equipment used to perform specific types of work and usually uses energy (electricity) to complete a task
Machines
