quiz 4 Flashcards
it will have an impact on how much you sell it
size and weight
need extra attention when shipping to ensure they arrive in perfect condition
fragile product
fragility
SKU stands for
stock keeping unit
refers to color, size, gender and other variations of a single product
SKU
different levels of demand for a product throughout the year
seasonality
make sure your prices are still attainable for target customers
price point
the more niche your products, the less competition, can be a good thing
competition
select one that you actually enjoy or one that solves a problem you have personally experienced
consider yourself
4 aspects of entrepreneurial process
opportunity spotting and assessment
developing a business plan
determining the capital
running the business
beginning of the process and most difficult, they take note of interesting trend in their environment
opportunity seeking and assessment
formulate a business plan when already spotted and assessed the opportunities for a market
developing a business plan
a comprehensive paper that details the marketing, operational, human resource, financial, strategic direction, tactics
the core guide and direction of the business
business plan
mandatory in the entrepreneurial process to calculate the resources needed
allowance must be considered
determining the capital needed
uses the resources allocated for the new venture
running the business
all aspects of the business plan should be critically observed
TRUE OR FALSE
KORIQUE SO MUCH
3S of opportunity spotting and assessment
seeking
screening
seizing
entrepreneur’s business idea that can potentially become a commercial product or service
opportunity
the first step and the most difficult due to number of options will have to choose from
seeking
process of cautiously selecting the best opportunity
screening
last step, “pushing through” with the chosen opportunity
seizing
4 macro environmental sources
steepled
industry
new discovery of knowledge
futuristic opportunities
represents general environment, identifies business opportunities, where the future business is about to operate
steepled
source of current trend
industry
new trends that can be the core business
new discovery of knowledge
portraits entrepreneurs paint in their mind and set out to create
futuristic opportunities
