Principles of Entrepreneurship
A person who sees a need and then creates a business to fill that need. Often begins with innovation—a new idea, product, model, or service.
Entrepreneurs
Earthquakes and mudslides can affect the economy and are examples which factor?
Natural disaster
Money that is lent to a business in return for a portion of ownership in the business
Equity financing.
The value of a brand
Brand equity
A person who creates and innovates new ideas within an existing company.
Intrapreneurs
Epidemy and Pandemic can affect the economy and are examples which factor?
Health Crises
Large groups of people invest small amounts in a business venture.
What is crowdfunding?
This refers to who dominates the market share (i.e., who sells the most). What brand is considered the most common? For example, who has the most popular theme parks?
Share of market
This refers to all similar available products. For example, a tourist attraction would need to consider how many other attractions are in the area.
Product-level competition
Sanctions against some countries can affect the economy and are examples which factor?
Politics
An individual or entity (often a bank) lends money with the assumption that it will be repaid, presumably with interest.
Debt financing
This refers to what brand customers think of when a product is mentioned. For example, what brand first comes to mind when someone says the word “hotel”?
Share of mind
The actual costs of starting a business and the ability to draw guests to the new entity.
Barriers to entry
Local businesses that shut down or interest rates that rise can alter spending habits and cause speculation in the marketplace.
Current trends
Private investors or people who represent investment firms that specialize in high-risk, and presumably high-return, businesses.
Venture capitalists
Special tactics such as price reductions or incentives used by marketers to entice customers to purchase items.
Promotions
This refers to all things consumers can do instead with their money. For example, they may buy a new car instead of going to a luxury resort.
Financial-level competition:
Rainfall and temperatures rising above or falling below seasonal averages can impact agriculture, travel, and consumer behavior, thus affecting the economy.
Weather
A document that provides an overview of the major components of the business so that investors can make informed decisions.
Business plan
A communication concept that helps to consistently convey a brand (support your brand)
Integrated marketing communications (IMC)