The Entrepreneur
Idea or opportunity?
Research
Business model
Marketing
100

Entrepreneur Defined

process by which individuals pursue opportunities without regard to resources they currently have under control

100

To be a business opportunity it must have?

What is 

  • Attractiveness 
  • Durability 
  • Timelines 
  • Creates value for users 
100

Secondary research

What is 

  • Published online sources evidence market size, trend, competitors, potential user demographics,ect
100

The business model canvas

what is 

  • graphical depiction of primary drivers of startup scalability
100

Purpose 

  • Generate awareness, interest, encourage consideration among competitive alternatives
200

Reasons to become an entrepreneur?

What is to be your own boss, pursue ideas, realize financial rewards

200

The assessment of overall appeal of market 

what is 

Target big/growing market

  • Porters five forces model doesn’t have barriers to entry
200
The tool used to conduct primary research

What is the scientific method

200

The business model shows two things

what is 

  • How a company makes money
  • How a company uses its resources; delivers value
200

The purpose of marketing is accomplished by 

what is

  • Providing a differentiated solution with perceived value
  • Educating, persuading, and providing the customer with easy access to the product/service
  • SAVE ( solution, access, value, education) Model
300

What are the characteristics of an entrepreneur?

What is 

  • Passion for business
  • Product and customer focus
  • Tenacity despite failure
  • Execution intelligence (ability/motivation to convert idea into opportunity)
300

Barriers do not prohibit entering succeeding in the market such as lack of any of the following(name 4)

What is 

  • Economies of scale
  • Product differentiation
  • Capital requirements
  • Cost advantages
  • Access to distribution channels
  • Government/ legal barriers
  • Strength of management team
  • First mover advantage
  • Unique business model

Executional excellence

300

The two steps of primary research using the scientific method

what is 

  • Develop hypothesis based on observation, secondary research
  • Validate problem and solution via customer interviews
300

The SAVE model 

What is  solution, access, value, education

300

Features and benefits 

  • Benefits: what people buy
  • Features: product attribute delivering that benefit

“features tell, benefits sell"

400

A key market strategy is the Customer what Rule must you apply and how is it defined

  • Apply the pareto principle, 80/20 Rule : find the heavy users( small % of customers accounting for large % of sales)
  • Defined by
  •      + demographics – gender age income
  • + Psychographics – behaviors, lifestyles, self-images
400

Name an example of each of the four forces business opportunities leverage

  • Economic forces – disposable income/interest rates
  • Social forces – demographics, psychographics (lifestyle)
  • Technological advances – internet, cell phones, hybrid cars
  • Political action/ regulatory changes – SEC regulations, real estate zoning
400

The components in your hypothesis says

what is 

  • Problem you are addressing
  • Solution to your propose
400

Name Five of the critical success factors of the business model

  • Customers problem
  • Product/ service solution
  • Value proposition(benefit to customer)
  • Competitive advantage ( differentiation vs competition)
  • Customer segments ( heavy users of category)
  • Channels ( generate awareness, deliver product/ service)
  • Revenue streams ( primary sources of sales)
  • Cost structure ( primary expense items)
  • Key metrics ( measurements showing plan performance
400

Positioning and its objective

what is 

  • Image the customer has of your product/ service
  • Enables recall when considering solutions to customers problem

Objective: memorability

500

The instructors middle name hint: idk

What is unknown

500

Successful business opportunities leverage...

Economic forces 

social forces technological advances

political action

500
the two items needed to conduct customer interviews

what is

  • Use written concept format
  • Use business model canvas
500

The New venture concept explains

what is 

  • Problem you are addressing
  • Current solution in use
  • Your solutions point of difference, benefit to users

How the user will learn and acquire your offering

500

"Volvo provides maximum safety for upscale American families" is an example of BLANK which mean BLANK

what is the Positioning Sentence

  • Description of preferred image, citing primary benefit and reinforcing feature
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