Entrepreneurship
Activity of setting up a business taking on financial risks in the pursuit of profit
Entrepreneurship
Factors of product, promotion, price, and place used to get target customers to purchase products, also known as 4 P's.
Marketing Mix
Costs that fluctuate based on units of production
Variable Costs
A financial statement that outlines Projected revenue and sources of revenue
pro forma statement
The business enterprise of actively addressing an environmental problem or need through a financially sustainable business plan that has a positive impact on the environment, community, and economy.
Green Entrepreneurship
Common characteristics of an entrepreneur
hard working, risk taker, inquisitive, goal and action oriented, creative
An example of a source of primary data
Surveys, In-Person Interviews, Focus Groups, Observation, Field Tests, Experiments
Examples of Operational Expenses
Income, net profit, gross profit, break-even point
Financial statement that lists what a business owns, what it owes, and how much it is worth at a particular point in time
balance sheet
A business modeling tool created to help deconstruct a startup idea into its key and most risky assumptions
Lean Canvas Model
financial, family/social, liability
Market Segmentation method that determines your target market and answers the question: Who? Personal Characteristics such as; age, gender, income level, education level, race, ethnicity
Demographics
working capital
A financial statement that shows a company's revenues, expenses and profitability over a period of time
Income Statement
Version of a product with just enough features to be usable by early customers who can then provide feedback for future product development
Minimum Viable Product (MVP)
Most common rewards of starting an entrepreneurial venture
Satisfaction, Financial
an approach to distribution that enables customers to buy and receive products from multiple sales channels that are seamlessly integrated
omni channel distribution
Profit Formula
Revenue-Cost = Profit
the practice of funding a project or venture by raising many small amounts of money from a large number of people, typically via the internet
crowdfunding
A for-profit business model that strives to make a positive impact on social issues or the environment.
Valued labor trait where an individual behaves like an entrepreneur to solve problems within an organization
Intrapraneur
a business that operates conventionally rather than over the internet
brick and mortar
Compare and Contrast Debt and Equity Financing
DF - Money loaned to a business with the understanding that the money will be repaid with a a certain time period (Small business loan, family and friends loan, line of credit). EF - Money invested in a business in return for share in the profits of the business (Venture Capitalists)
major disadvantages to venture capitalist (angel investor) as a source of business funding
May lose control over business, pay a % of business to angel investor
Clear statement that describes the benefit of your offer, how you solve your customer's needs and what distinguishes you from the competition
Unique Value Proposition (UVP)