Summative Test 1 [Week 1-3] Flashcards by Maecy Samia

“Entrepreneur” was derived from the ____ verb _______, which mean “to ______”

French, “enterprendre”, undertake

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The enterprise is created by an entrepreneur and the process is called ______

Entrepreneurship

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refers to the concept of developing and managing a business venture to gain profit by taking several risks in the corporate world.

Entrepreneurship

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A person who organizes and operates a business or business, taking on greater that normal financial risks in order to do so

Entrepreneur

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They are innovators willing to take risks and generate new ideas to create unique and potentially profitable solutions to modern-day problems

Entrepreneur

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This means that one of the benefits an entrepreneur gets is to develop his managerial skills

Development of Managerial Capabilities

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Which means that because of entrepreneurship many organizations will exist

Creation of Organizations

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This means that entrepreneurship can lift up the economic status of an individual

Improving Standard of Living

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This means that not only the life of the entrepreneur is improved but also the society where the business is located

Means of Economic Development

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These entrepreneurs have the ability to think newer, better, and more economical ideas of business organization and management

Innovative Entrepreneurs

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These entrepreneurs are people who follow the path shown by innovative entrepreneurs

Imitating Entrepreneurs

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These types are skeptical about the changes to be made in the organization

Fabian Entrepreneurs

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These types are skeptical about the changes to be made in the organization

Fabian Entrepreneurs

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“a person who lives on the labor of others”

Drone Entrepreneurs

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Social entrepreneurs drive social innovation and transformation in various field including education, health, human rights,
workers rights, environment and enterprise development.

Social Entrepreneurs

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• Initiative
• Proactive
• Problem Solver
• Perseverance
• Persuasion
• A planner
• Risk-taker

Personality Factors

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• Political
• Climate
• Legal system
• Economic conditions
• Social conditions
• Market situations

Environmental Factors

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• Self-Motivation
• Understand what you offer
• Take risks
• Know how to network
• Basic money management skills and
knowledge
• Flexibility & Passion

Characteristics of Successful Entrepreneur

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Is the marketing copy used to describe a product’s value proposition to potential customers. A compelling product description provides customers with details around features, problems they solve and other benefits to help generate a sale.

Product Description

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• What are his/her interests, generally
• How would this person be interested in your product, specifically?
• What features or benefits would interest this person the most?

Know who your target audience is

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The content of your product should convince the potential

Focus on the Product Benefits

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Who originally made this product?
• What inspired you to make this product?
• How this product be vital in the buyer’s day to day life

Tell the Full Story

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• The product description uses natural language that you might use in real conversation with a friend
• Tone sounds natural and it is in line with the general tone of the brand overall

Use natural language and tone

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Examples: Amazing, audacity, eye-opening, grateful, delicious, miracle, stunning, uplifting, breath- taking, mind-blowing, victory, spectacular, sensational, etc.

Use power words that sell

Make your product description easy to scan by including bullet point, short paragraphs composed of just few sentences each, lots of white space, and different size fonts

Make it easy to scan

Optimization begins with keywords, which are usually the search term that buyers use to find for the product that they are shopping for.

Optimize for Search Engines

Product must have quality images to go with it. Why? Because 63% of customers think that a product image is more important than the description or even the reviews.

Use Good Images

Is the part of the market you can capture in the future. Your _____ includes the demographic groups that are not currently your customers but could become customers in the future.

Potential Market

Is something (such as service) that is marketed or sold as a commodity.

Product

Is the study of a population based on factors such as age, race, and sex

Demographics

Is eager to do better than others

Competitive

Is the fact that something produces or is likely to produce a profit.

Profitability

Is the fact of being able to be reached or obtained easily

Accessibility

A particular area or neighborhood.

Locality

1. Know your product or service 2. Analyze the market potentials 3. Determine the marketing strategy 4. Know the competitors 5. Do not set on your Laurels.

Factors to Consider of a New Entrepreneur

If you have relevant experience and skills within the targeted industry, you may have a _______ when entering the target market

Competitive Advantage

The target market’s _____ must be large enough to be worth pursuing. Research the number of people in the target market. And the potential revenue and net profit after expenses. Estimate your projected income from industry research reports through industry associations, research companies, or organizations.

Size and Profitability

A high-potential target market must be identifiable and accessible through marketing channels.

Accessibility

A lucrative target market ideally would have limited or manageable _____. Research the needs of the target market, the stakeholders, and how well the _____ meets the market’s needs. If the potential target market needs are not sufficient, there may be an opportunity to capture a large part of the market.

Competition

The cost of ___ is a regular monthly expense and it must be sustained with the possible income that will be generated

Rent and Space

The ____ must be studies carefully as some owners of space might take advantage of lessee

Terms of Lease Agreement

They need quick and easy access to the store and would not spend a lot of time to purchase their goods.

Type of Goods or Merchandise

A beauty salon with facilities of air conditioning units and other amenities need to be located in the community with higher income bracket

Income Level of Prospective Customer

High density ____ need to be located in shopping area where customers conversed to buy essential goods

Prospective Sales Volume

The location must not violate city or municipal ordinances, and the taxes and fees must be reasonable for the owners of business.

Municipal or City Ordinances Including Tax and Fees

The area must be free from floods and other calamities that will endanger the business

Location of the Areas

The contour of the land, its size, and shape must be suitable to the plant site. It must be free from floods or other environmental hazards that will disturb operation

Land Area

The land area must have ample space for plant expansion and provisions for parking facilities for customers and employees

Facilities for Expansion

Availability of power supply and the cost of electricity involve in the operation are great factors in the production of goods.

Power and Utilities

The ____ must be within the restriction code of the municipality or city. The ____ like canteens and other employees’ _____ must be put in place in compliance with the labor code. Fire safety and hazard signs are mandatory requirements

Building and Other Utilities

The plant site must be ____ to public or service transport for its employees and valued customers. Delay in transport systems are added cost that must be avoided

Plant Site Accessibility

● Available technology in product processing ● The source of raw materials must be abundant and at a lower price ● Skilled workers must be available ● Capital investments in machinery and operating expenditures ● Expertise and technical skills of the management team

Product Strength in the Market

● Poor quality and high price ● Product design and appeal ● Production cost ● Supply and demand ● Weak product management

Weak Products and Management

● Product demand ● Presence of poor quality in the market ● Government policies and support ● Liberal credit terms and interest rates.

Sustainable Product Opportunities

● Entrance of competition ● The supply of raw materials will be limited as other competitors will be getting the same suppliers ● The emergence of leftwing labor unions

Treats to Product Profitability and Market Expansion

a comprehensive paper that details the situation analysis, objectives, strategies and tactics, and how to monitor and control the enterprise.

Business Plan

a blueprint to success and document details what you plan to do with your venture, and how exactly you want to achieve them.

Business Plan

The major objective of business plan is to _____, ______ and _____ the viability or feasibility of the study.

Assess, Examine, Analyze

It is your road map to your business, according to _____, Chief of the Trade Business Management Division of the government run ________.

Business Plan, Elizabeth Manuel, Phil. Trade Training Center