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The process of creating a new enterprise and bearing any of its risks, with the view of making the profit for its development and operation as an entrepreneur.
Most profitable customers
Which of these states the importance of core competencies?
_____ Typically, anonymous and try to reach as many members of a target market as possible
Companies would always give the best service and other benefits to this type of customers.
The drive train that gets us where we are going
Successful entrepreneurs always have the profit margin in sight and know that their business success is measured by profits.
Coined the term core competency in 1989.
Critical to determining attractiveness.
There are those people in society whose ultimate goal is to go into business at some defined point life no matter how attractive wage employment might seem.
Core competencies play an important role in the process of
The ability to generate ideas
Help an entrepreneur keep track of business transactions, aid in the filing of taxes, compile final accounts and act as a future reference.
These liabilities typically consist of all bank debt or stockholder loans payable outside of the following 12-month period.
During this stage, an entrepreneur must assess potential strategies and business models as well as conduct market and economic analyses.
Combining the elements of these provides you with a clear focus for marketing a product and for satisfying the objectives a company has for the product.
Are assets for long-term use and include land, buildings, leasehold improvements, equipment, machinery and vehicles
An entrepreneur may decide to offer a new product in a growth area rather than pursuing sales of existing products that have minimum growth potential.
Customers understand problems, but they cannot help you to move your product forward.
A bookkeeper's central role.
They may sell directly into the market but largely they need to be kept aligned to your strategy.
Entrepreneurs most likely have a keen sense of what type of person is needed to fulfill a position.
If you ask too many deep questions, you might lose the
The most important advantage of having core competencies is having this.
Entrepreneurs are always alert to opportunities.
An individual who works to fill job openings in businesses or organizations
It is critical to find a balance between prospects and customers to ensure that your future revenue is protected, while still keeping existing customers happy.
Which of these questions will help you analyze the product or service from the customer's point of view?
Give the character depth and be genuine.
Market Potential will enable you to more accurately assess this.
The act of utilizing the promotional mix
Relating to or noting a new product, service, or idea that radically changes an industry or business strategy
A profile for a business would include such factors as customer size, number of employees, type of products, and annual revenue
A limited list of important items or individuals: especially: a list of candidates for final consideration
All of your business transactions pass through this account
In Entrepreneurship, you may become stressed. Why?
People who have already purchased your product.
This thinking generally means the ability to give the "correct" answer to standard questions that do not require significant creativity, for instance in most tasks in school and on standardized multiple- choice tests for intelligence
A bookkeeper must meet with department supervisors and other managers to discuss budget needs and inventory demands.
Enables you to concentrate on and solve your target market's problems.
Strategic Architecture requires the distillation of past and present data to answer which of these questions.
A company in the same industry or a similar industry that offers a similar product or service
A party that supplies goods or services.
Extend the application of a method or conclusion
Which of these is an example of a business structure?
Purchases is where you track all incoming revenue from what you sell.
Companies have systems in place to avoid this type of customers.
Problems with yet undefined solutions.
Entrepreneurs have many
Which of these is an example of a record?
A two bladed sword if not handled properly
They are like competitors but their products are not the same.
The job of entrepreneur is not for
A thing providing protection against a possible eventuality
Estimates of the future financial performance of a business.
Includes all revenue streams generated by the business
A thought process or method used to generate creative ideas by exploring many possible solutions.
A financial journal that contains all cash receipts and payments, including bank deposits and withdrawals.
To make a product successful, you must be
If your customers enjoy dealing with you, they are likely to buy more. In addition, you can only tackle problems that customers have if you know what they are.
These costs include materials used, direct labor, plant manager salaries, freight and other costs associated with operating a plant.
The arena of competitive or commercial dealings: the world of trade
Recording this in a timely and accurate manner is critical to knowing where your business stands.
Outsourcing can give short term
Customer classification depending on profitability.
Includes homes, schools, businesses, and government organizations.
A certain amount of risk is involved in all entrepreneurial ventures, and growth is no different.
Time spent with each customer is different
Products you have in stock to sell are like money sitting on a shelf and must be carefully accounted for and tracked.
It becomes difficult especially in a service environment where labor as well as time also has a cost factor associated with it.
The total cost associated with delivering goods or services to customers.
A straightforward product design is essential.
Your financial statements should include an income statement, a balance sheet and a _____ statement
How many new businesses fail within 18 months of getting started?
Crucial for survival but does not confer any specific differential advantage over other competitors in the industry.
Truly think outside the box, stretch the limits, and are combinatorial in non-traditional ways.
Includes all interest payable for debts, both short-term and long-term
If you know what makes them tick, you can serve them in the way they prefer.
Helps in growing branches of different businesses and then these businesses grow products as fruit.
There are not enough employment opportunities in the formal sector. The small business sector has the capacity to create many jobs.
When teaching the entrepreneurial side, which one should you focus on?
Entity that advances cash to a borrower for a stated period and for a fixed or variable rate of interest
This is the third M in the sequence
This is not essential, but is normally a great help in thinking through the case for a new business.
A reason a person to strike out on his or her own rather than work inside a larger company.
When you determine your target audience
If __________ is not properly involved in the other four M's and it is sufficiently aware of the process and the possible outcomes, the whole operation and even the problems solution process could yield only mediocre to poor results
_____ A profile for a business would include such factors as customer size, number of employees, type of products, and annual revenue.
The costs incurred to deliver the product from the production unit to the end user. It is a broad terminology and it includes several costs.
Profitable customers
A stock or any other security representing an ownership interest
Determines the most efficient way for each portion of the process to be done to eliminate damage to the product and to eliminate areas where time and manpower are being wasted
The beliefs or opinions that are generally held about someone or something.
Every business needs a reason for their customers to buy from them and not their competitors.
As an organization, they developed products that are rich in design and user experience.
The technical equipment or machinery needed for a particular activity or purpose
Which of these is a key financial statement?
Purchased to create a finished product.
The state of being spread out or transmitted
To succeed as an entrepreneur, you must develop the ability to select and offer the right products or services to your customers.
Which of this is a job you can get with an Entrepreneurship degree?
Entrepreneurs are the persons who take decisions under uncertainty and thus they are willing to take risk, but they never gamble with the results.
Your brand must be powerful enough to force them out of their routines.
An intra company entrepreneur
These include sales of common stock, changes in short- or long-term loans and dividends paid.
They need to know how to represent a company, manage accounts, and follow up on leads.
The last portions of the M's of Production
The interaction with competitors is usually directly
If I had asked people what they wanted, they would have said faster horses.
Inventory fully assembled and available for sals
Reward your followers with something special and exclusive
Core capabilities are crucial for this
A person who writes the text of advertisements or publicity material
Buy less, but are useful as in aggregate they may buy quite a lot.
People in your target market who are not currently looking for a solution.
The state or condition of yielding a financial profit or gain
The process of developing core competencies starts with this thought of being a leader in the market.
Involves innovation, risk taking, and decision-making
Entrepreneurs have strong desire to achieve higher goals.
Any group of actual or potential buyers of a product.
His definition of entrepreneurship placed an emphasis on innovation.
A disruptive technology with the ability to revolutionize certain industries
A value that will purchase a finite quantity, weight, or other measure of a good or service
Amounts that are owed to you by your customers
With coworkers on a daily basis and creating procedures for receipt submission and expense account reimbursements can help your work day flow smoothly
A person who helps others to acquire knowledge, competences or values
Your projections should be
This is when a company purchases a fixed asset and expenses it over the entire period of its planned use, not just in the year purchased
During this phase, it is time to take advantage of the situation and execute all of the great ideas and projections ascertained from the two prior phases.
The desire for status, enhanced appearance and more money are examples of this variable
To succeed as an entrepreneur, you must develop the ability to select and offer the right products or services to your customers
Entrepreneurs must demonstrate this characteristic in order to cope with all the risks of operating their own business.
A valuable exercise and can create preliminary benchmarks.
Which of these is a factor to consider before going into self-employment?
Entrepreneurs are capable of working for long hours and solving different complexities at the same time.
Fill in the blanks. _____ The desire for status, enhanced appearance and more money are examples of this variable.
Indicate how similar products are selling in the marketplace, using the market research that you have collected.
A principle or standard by which something may be judged or decide
Without developing a core competency, a company may be highly profitable.
Include items such as the cost of goods sold payroll for employees, payroll, sales and income taxes, business insurance and loan interest
Besides the inability to secure any type of employment this is the most basic reason for self-employment.
Which of these are included in a business record?
The ability to implement creative ideas
This figure represents the amount of income earned by the business before paying taxes.
Explicit statements from your market that declare, "I want a product to do X".
Unprofitable and undesirable customers
Those who sell non-competing products and which generally help your sales.
People form their first impression within the first
Designed to meet the company's marketing objectives by providing its customers with value.
Cost of goods, commissions or discounts, variable and fixed expenses.
If you have a retail outlet, you have the means of distributing a customer comment card or __________.
Attempt to get an understanding of a specific market segment by questioning eight to 12 members of that group to discover what psychographic and behavioristic factors might motivate the entire group.
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