Entrepreneurship 2 Flashcards
Creativity
Creativity means to come up with ideas that others have
not thought of before.
Innovation
Innovation means to think of new ideas and come up with
ways to make it work in real life.
Critical Thinking
Critical thinking means to understand a situation or
problem by asking oneself questions (why, what, when,
how) and researching about reasons for the situation
or a problem.
What is a Business Idea?
A business idea is a solution that an entrepreneur
thinks of, to serve the customer. An idea determines
what business activity an entrepreneur would take up
to make financial gains. An idea can be product-service based or a hybrid model.
Principles of Idea Creation
- Customer Need
- Entrepreneur’s Own Interest or Talent
- Innovative
Form a Business Idea
- Location-based Ideas: - An entrepreneur can come up with idea to serve needs
of customer at a specific location. - Seasonal Ideas: - seasonal trends
- Events-based Ideas: - serve the people at events.
- Interest-driven Ideas: - An entrepreneur can come-up with business ideas based
on self-interest. - Vocation-driven Ideas: - Many people start a business based on what they are
interested in and what they have studied.
Customer Needs
- Served Needs
- Partially-served Needs:
- Unserved and Known Needs:
- Unknown Needs
Aspects to Keep in Mind While Understanding
Customer Needs
- ) Quality and Quantity:
- Price:
- Location:
- Time:
- Frequency:
Importance of Planning
- Estimating the money required to be spent:
- Estimating quantity of material required:
- Standing out:
- Setting goals:
business plan
A business plan is a detailed plan of what an
entrepreneur wants to achieve through the business and
how it will be achieved.
There are mainly three
principles which can be followed to grow a business.
- Quality:
- Scaling Up:
- Adding Substitutes:
