Enterprenuers
What are 3 characteristics of a successful entrepreneur?
Self-motivated, risk-taker, innovative, communicative, confident
Name 3 components in a business plan
Executive summary, company background, product description, marketing plan, financial forecasts, operations, HR and management
What are the 4 types of pitches?
Twitter pitch, Elavator pitch, Competition Pitch, Investor pitch
What are the types of market research
Interviews, focus groups, customer observations
Why is it important for an entrepreneur to be a Risk-Takers?
Enterprenuers have to be risktaking as their own assets are at risk and there is a high chance of business failure
Why are business plans useful?
Helps in raising finance, managing capital expenditure, give a sense of purpose and direction
Why are pitches useful
To attract investors, customers and get customers excited about your idea.
What are some examples of assets that a business might own?
Raw materials, machinery, location
Why do entrepreneurs need government support?
How are business plans useful to managers
Companies can set milestones and measure how closely they have achieved their goals to determine the success of their business.
What are the 3 main additions to a business pitch
The hook, the ask, the team
Why is it important for a business to have assets
To show the profitability and the financial position of their business
What is in the organization section of the business plan
Who will manage the business, qualifications of employees, the structure of the organization, legal form and size of business
What are the key features of the investor pitch?
1. Strenght of Team members
2.Clearly states problem and provides a unique solution
3. presenting the correct valuation and accordingly asking appropriate investment
What are some questions a company has to research about before developing a product
Who are your potenital customers, how large is the market, who are your competitors, How will you price the product or service