Entrepreneurship And Management Flashcards
Name a 5 types of entrepreneurial businesses
- micro
- macro
- survivalist
- home based
- large
Name the qualities an entrepreneur should have (4)
Good leaders
Visionary
Opportunists
Creative thinkers
Name the skills an entrepreneur should have
- POLC
- management functions
- effective communication skills
Name the steps of the entrepreneurial process
- Environmental scan
- Planning
- Resourcing
- Preparation
- Action
- Evaluation
Discuss what happens In the environmental scan phase
Allows to create long and short term strategies by SWOT and understanding their target market.
- before starting: viability of product, strength of competitors, size of market, stability of resources.
- during: scan using tools SWoT, porters 5 forces and PESTLE.
Discuss what happens during the planning stage
- smarter goals
- scanning tools
Discuss what happens during the resourcing phase
- mobilize all resources (get ready)
- finances in order
- ## natural resources and HR
Discuss what happens during the action phase
After taking action, momentum should never stop. Continuous scanning should take place to come up with new ideas.
What happens during the evaluation phase?
Get feedback from customers, financial statements, check if goals are being met
What is a business plan?
Puts business idea on paper and how it will work
- tool that allows you to market your ideas
- flexible document that needs to adapt to grow
Describe what aspects are in an action plan
- time lines
- gant charts
- work breakdown structure
Benefits of timelines?
Arrange future events, visual picture of future of business, simplifies
Benefits of gant charts?
More sophisticated form of timeline
Includes responsibilities of members
Assesses estimated time needed for each task
Work breakdown structure?
Breaks down elements of work that needs to be done
Shows resource allocation and costs for each element
