Entrepreneurship Basics
This person starts and manages a business while taking financial risks.
Who is an entrepreneur?
This section summarizes the entire business plan.
What is an executive summary?
This is the specific group of customers a business wants to serve.
What is a target market?
These are physical items sold to customers.
What are products?
A store lowers its prices to attract more buyers. It is responding to this force.
What is competition?
This means creating or improving a product, service, or process.
What is innovation?
This statement explains why a business exists.
What is a mission statement?
This describes the value or benefit a business promises customers.
What is a value proposition?
These are activities performed for customers instead of physical goods.
What are services?
A business surveys customers before introducing a new product. It is conducting this.
What is market research?
This is a business idea that meets a customer need.
What is a business opportunity?
This statement describes what a business hopes to become.
What is a vision statement?
This analysis examines businesses offering similar products or services.
What is competitive analysis?
This chart shows departments, positions, and reporting relationships.
What is an organizational chart?
An entrepreneur considers strengths, weaknesses, opportunities, and threats using this tool.
What is SWOT analysis?
This process gathers information about customers and market conditions.
What is market research?
This is a specific result a business wants to achieve.
What is a business goal?
This is the money earned from sales before subtracting expenses.
What is revenue?
These principles guide fair, honest, and responsible business behavior.
What are business ethics?
A company cannot pay its bills despite strong sales because customers pay late. It has this problem.
What is a cash-flow problem?
This analysis determines whether a proposed business idea is practical and likely to succeed.
What is feasibility analysis?
This part of a business plan describes daily production and service activities.
What is an operations plan?
This explains how a business creates value and generates income.
What is a business model?
This describes the reporting authority from supervisors to employees.
What is the chain of command?
A company must decide whether it has enough people, equipment, and capacity to fulfill a major order. It must evaluate this.
What is operational capacity?