Reviewer for Entrepreneurship FLASHCARDS
Someone who establishes and manages a business, taking on the associated risks for potential rewards.
Entrepreneur
The ability to organize and manage a business, including facing
challenges and uncertainties.
Entrepreneurship
The term entrepreneur comes from a French word meaning ______
to undertake
These individuals address challenges before they occur, demonstrating foresight.
Proactive Entrepreneurs
A crucial skill for entrepreneurs, who often know the key people to connect with for success.
Networking
An entrepreneur within a larger company who leads new projects.
Intrapreneur:
Someone who moves between companies, offering innovative solutions.
Extrapreneur
A small-scale setup for selling goods, typically in open markets.
Flea Market:
Incorporating the internet to market and sell products.
Online Selling:
Entrepreneurial Process:
Starts with spotting opportunities, then planning, securing resources, and running the business.
A detailed document outlining the strategies for marketing, operations, and
finances.
Business Plan
Considered the backbone of a business
Employees
Based on age, income, or education level.
Demographic Segmentation
Grouping customers by characteristics like demographics, lifestyle,
or location.
Market Segmentation:
Focuses on lifestyle, values, and attitudes.
Psychographic Segmentation
Organizes customers based on where they live
Geographic Segmentation
Used to select a group from which data will be collected.
Sampling Techniques:
Every sample has an equal chance of selection.
Probability Sampling:
Samples are chosen based on convenience or
preference.
Non-Probability Sampling:
Tend to handle multiple tasks, manage risks, and are accountable for both
success and failure.
Entrepreneurs:
Typically work fixed hours and are dependent on their employer’s success for
job security.
Employees:
The process of identifying potential opportunities in the market.
Opportunity Spotting:
A framework for scanning the environment, considering factors like socio-cultural, technological, political, and legal influences.
STEEPLED Analysis:
Entrepreneurs must assess various options to find the most viable business opportunities.
Screening Opportunities:
A stage where a product or service is tested with consumers before full
commercialization.
Test Marketing:
The 4Ms in Business
Ma-Me-Ma-Ma
Manpower, Methods, Materials, Market
Refers to the workforce, the lifeblood of any business.
Manpower:
The raw resources needed to create the products or services.
Materials:
Refers to the customers and the environment in which the business operates.
Market:
Involves the procedures and systems used in running the business.
Methods:
