midterm

Question 1

what’s entrepreneurship?

Answer 1

process of opportunity discovery, risk evaluation, adding value to situations

Question 2

what does en start with?

Answer 2

who you are, what you knonw, whom you know

Question 3

other types of en?

Answer 3

social - use en principles for social change

intrapreneur - use en principles for established organizations

Question 4

where do businesses get ideas from?

Answer 4

activites of family/friends
family business
suggestion
chance events
personal interests
education/course

Question 5

4 characteristsics of en?

Answer 5

creative, decisive, confident, strong work ethic

Question 6

when do business opportunities occur?

Answer 6

when there is a chance to provide product or info to ppl

Question 7

types of business research?

Answer 7

primary, secondary

qualitative, quantitative

Question 8

ways to conduct business research?

Answer 8

survey
informational interview
personal observation
focus groups
beta testing

(sip fruity burbon)

Question 9

types of demographics?

Answer 9

name, gender, age, location, education

Question 10

types of psychographics?

Answer 10

needs (security, good health)
interests (sports, reading)
values (success, status)
cultures (modern, liberal, conservative)

Question 11

3 advantages of en?

Answer 11

wealth
make your own decisions
do what you love

Question 12

3 disad of en?

Answer 12

long hours
financial instability
lawsuits and increased regulations

Question 13

3 audiences of business plans?

Answer 13

internal management
potential investors
potential partners, employees

Question 14

define business plan?

Answer 14

working, breathing document that’s ongoing

clear, concise, convincing

Question 15

elements of a business plan?

Answer 15

executive summary, company description, industry analysis, target market, competition, strategic position, marketing plan, operations, technology plan, management, community involvement, development/exit plan, financials

Every Chance I Take Can Start Many Opportunities To Make Community Development Financially (successful)

Question 16

4 barriers to entry?

Answer 16

1. investment - money it takes to start the business
2. market saturation - already too many companies in place
3. government regulation - ie TV, energy b/c need for permits
4. customer loyalty - to an already existing company

Question 17

types of competition?

Answer 17

direct
indirect
online
future
large

Question 18

what is marketing?

Answer 18

EVERYTHING that you do to promote your business until customers start to buy your product on a REGULAR BASIS

Question 19

what is a target market?

Answer 19

ppl, business, or organization most likely to buy a product

Question 20

name 4 marketing vehicles?

Answer 20

public relations
word of mouth
online
networking
tradeshows

Question 21

what creates effective marketing?

Answer 21

fit to market (reaching right types of audience)
effective message (to motivate customers)
repetition

Question 22

components of brand identity?

Answer 22

logo
name
tagline
colour
package

Question 23

what is an elevator pitch?

Answer 23

clear concise description of company in 1-2 sentences

Question 24

what is unique selling proposition (usp)?

Answer 24

what sets you apart from competition
what are you selling
what’s in it for the customers

Question 25

why is networking important?

Answer 25

ppl can buy what you sell
ppl can connect you with others that buy what you sell
ppl can provide you with a service
ppl can provide you with info about an industry

Question 26

at least 3 types of social media?

Answer 26

fb, twitter, youtube, blog