FINALS ALE Flashcards
Process of creating something new of value by devoting the necessary time and effort.
Entrepreneurship
Process of creating something new and assuming the risks and rewards.
Entrepreneurship
Transforming the world by solving big problems through creating an innovative product that challenges the status quo of how we live our lives on a daily basis (Nicole Martins Ferreira, 2021).
Entrepreneurship
Entrepreneurship is a mindset:
○ Opportunity-focused
○ Innovative
○ Growth-oriented
Individuals who actively form or lead their own business and nurture them for growth and prosperity.
Entrepreneur
One who organizes, manages, and assumes risk of a business or enterprise.
Entrepreneur
One who organizes, manages, and assumes risk of a business or enterprise.
Entrepreneur
Someone who starts a side hustle that can eventually create a full-time, sustainable business with employees.
Entrepreneur
Model of Entrepreneurial Process
● Innovation
● Triggering Event
● Implementation
● Growth
the most important part of any business.
Customer
The customer is
King
You must first Identify your
customer
Two key groups of people:
Buyer and seller
Buyers
Demand
Sellers
Supply
Price falls
Demand falls
Supply rises
Price rises
Demand rises
Supply falls
refers to the process by which a company gains the ability to raise prices or exclude competitors.
Monopoly
Free Market Economy
Competition
“Anybody with the means can start a business and prices of goods and services are determined, not by a single business or individual, but by the interaction of supply and demand in the market”.
Competition
Every business should have a
Competitive advantage
a quality that makes it difficult for other businesses to exploit its weaknesses or copy its style.
Competitive advantage
Calculated by dividing the profit earned on an investment by the cost of that investment.
ROI
Widely used financial metric for measuring the probability of gaining a return from an investment
ROI
are everything you spend on or pay for to start, run
and keep your business alive.
Cost
refers to any expense that a business incurs during the
manufacturing or production process for its goods and services
Cost
any expenses that change based on how much a company produces and sells. Labor, utility
Variable cost
any expenses that remain the same no matter how much a company produces. Taxes
Fixed costs
Founded Facebook while a student at Harvard. By age 27 he built up a personal wealth of $13.5 billion. 31 - 37.5
Mark zuckerberg
a framework used to evaluate a company’s competitive position and to develop strategic planning.
SWOT
It describe what an organization excels at and what separates
its from the competition
Strength
It describe what an organization excels at and what separates
its from the competition
Weaknesses
