The Entrepreneurial Process Flashcards
-beginning of the process and considered as the most difficult
-take note of interesting trends in environment
-carefully assess the opportunity
opportunity spotting and assessment
this involves identifying gaps in the market and potential business ideas.
passively noticing opportunities that present themselves.
opportunity setting
opportunity can aries from various sources
-changes in the environment
-customer needs
-industry needs
-personal experiences
is a critical step in entrepreneurship where an entrepreneur educates a potential business idea to determine a feasibility
opportunity assessment
understanding your target market, competitors, and industry dynamics is crucial
market research
evaluating the potential profitability, funding requirements, and return on investments is essential
financial analysis
potential challenges, threats, uncertainties
risk assessment
determine if the idea is technically, legally, and operationally is critical
feasibility analysis
is there a need for the product or service? who are the target customers?
market demand
how big is the market and is it expanding?
market size and growth
who are the existing competitors? what are their strengths and weaknesses?
competitive landscape
what makes the buesiness idea to stand out from competitors?
unique value proprotion (uvp)
does the entrepreneur have the necessary skills, technology, and capital to strat and sustain the business?
feasibility and resources
can the business generate sufficient revenue and profits?
profitability and revenue potential
are there any laws or regulates that might affect the business?
legal and regulatory factors
what potential risk would impact the success of the business?
risk assessment
fundamentals to entrepreneurial
opportunity spotting and assessment
A comprehensive paper that details the marketing, operational, human resource, financial, strategic directions, and tactics of the business
Developing a Business Plan
A guide and direction of the entrepreneur.
Developing a Business Plan
Calculate the resources needed to establish the business.
Determining the Capital Needed
Cost the launch of business and keep it.
Determining the Capital Needed
Steps to determine the capital needs:
Identify Startup Costs, Estimate Operating Expenses, Consider Emergency Funds, Calculate the Total Capital Requires
These are one-time expenses needed to start the business.
Identify Startup Costs
These are regular costs needed to keep the business running.
Estimate Operating Expenses
