Roles of Entrepreneur
define entrepreneruship
the process of designing, launching, and running a new business venture to generate profit while managing significant risks
what role does a small business play in the global economy
drive innovation, foster local community development, and contribute roughly 50% of global GDP
what is the importance of social media marketing
offering a cost-effective way to boost brand awareness, engage directly with customers, and drive sales
what can you do to solidify a promotion
display productivity, dependability, and responsibility
where should you put your money for long-term investment
ETF's, bonds, real estate
what are innovations and successful entrepreneurs
new ideas or inventions, along with people who created successful businesses in the pas and present
what factors contribute to a successful small business
offering a unique value proposition, high customer loyalty, adaptability to market shifts, strong leadership, and utilizing technology for efficiency
what are the stages of selling
attention, interest, desire, action
what is the appropriate attire and grooming when working a job
clean, well-fitted clothing tailored to the company culture, ranging from business formal to smart casual, modest, and professional appearance. Key grooming includes good hygiene, tidy hair, manicured nails, and minimal fragrances,
how can you raise your credit and why is it important to have good credit
Raising your credit score involves consistently paying bills on time, keeping credit utilization below 30%. Good credit is crucial because it leads to lower interest rates on loans, easier rental approvals, better insurance premiums, and higher credit limits.
what is the difference between product based business and a service based business
one type sells physical goods, the other provides services to customers
what are the exits strategy/plan for a small business
Mergers and Acquisitions, Management Buyouts, selling to a private equity firm, or orderly liquidation.
why is networking important when it comes to selling
it builds trust and authentic relationships, which converts prospects into loyal clients faster than cold calling
explain the importance of having positive customer service skills
crucial for building trust, increasing customer loyalty, and driving revenue through positive word-of-mouth and repeat business
what is beneficial about long-term financial planning
identifying financial gaps, optimizing tax strategies, managing risks, balancing goals like retirement
what are the innovation differences between product based, service based, application based and nonprofit based businesses
the way businesses create new ideas differ depending on whether they focus on products, services, apps or nonprofit goals
what type of opportunities does a small business have in the global marketplace
reaching new customer bases, diversifying markets to reduce risk, sourcing cheaper materials, and tapping into global talent pools
what is customer service and why is it important
the support, assistance, and advice provided by a company to customers before, during, and after a purchase. It is vital for building customer loyalty, enhancing brand reputation, and encouraging repeat business
why is being on indeed or linkedin important even if you are a entrepreneur
build personal brand authority, generate leads, establish partnerships, and maintain a safety net
why is it important to set and prioritize your financial goals in business
Setting and prioritizing financial goals is critical for business success because it provides a clear roadmap for financial health, aligns operational efforts with long-term strategy, ensures sustainable growth, and enables tracking progress
how do entrepreneurs contribute to economic growth
they create jobs, introduce new ideas, and help grow the economy in the US and around the world
what are the 6 functional areas of business. management
strategy, finance, marketing, human resources, operations, and technology and equipment
how could you satisfy the customers needs
active listening, fast support, personalized experiences, and delivering high-quality, consistent value that aligns with their expectations
why is confidentiality important in business
to protect sensitive information, maintain competitive advantage, and prevent premature leaks that can destroy company value
what is identity theft and credit card fraud and how can you avoid it
Identity theft is the theft of personal information. Credit card fraud is using your existing card or account data unauthorized. Avoid both by shredding documents, using multi-factor authentication, monitoring credit reports, and avoiding phishing scams