Q3 Flashcards
Process of creating, developing, and managing a new business venture to ma a profit and to fulfill a need in the market
Entrepreneurship
Characteristics of a successful entrep
Creativity, risk-taking ability, passion for innovation, perseverance, leadership skills, ability to identify and capitalize opprtunities
Crucial aspect of enter since it creates new products, improve existing ones, and finding new better ways of doing things
Innovation
Process of gathering and analyzing info about the market, including its size, growth potential, competition, and customer preferences. Helps to make wise decision
Market analysis
Essential for the success of business as it involves managing the finances, cash flow, and profitability of the venture
Financial management
Entrepreneurs that focuses on creating a social impact while also making a profit. They identify social problems and use entrepreneurial skills.
Social entrepreneurs
Process of creating a detailed plan that outlines the goals, strategies, and actions needed to start and run a successful business. Includes market analysis, financial projections, and operational details.
Business plan
Involves building relationship with other entrepreneurs, investors, and industry experts. Provides opportunity for collaboration, learning, and growth
Networking
Role of consultant in entrepreneurship
Provides expert advice and guidance to entrepreneurs on various aspects of business management
Dividing customers based on their actions, behavior, and decision-making patterns
behavioral segmentation
Involves creating emotional connection with target audience. Target values, beliefs and attitudes to make them resonate
Psychological segmentation
Divides market by age, gender, income, education, occupation, and other
Demographics segmentation
Dibvides market by location
Geographic segmentation
Enterprendre meaning
To undertake
They are those who always make new things by thinking of new ideas
innovative entrepreneurs
