ENTREP REVIEWER

• Entrepreneurship is the art of turning an idea into a business, with entrepreneurs identifying opportunities and putting useful ideas into practice
• Businessmen work in business, especially those in high positions in companies, while entrepreneurs experiment with new combinations of resources, creating new products and services
• A business plan is a detailed and integrated written document that describes the various activities involved in opening and operating a new entrepreneurial venture
• Reasons why preparing a business plan is essential:

  • Minimize or remove the risk of losing money
  • Avoid costly mistakes
  • Anticipate financial requirements
  • Assess actual performance against set goals
  • Organize activities beforehand
  • Attract investors or secure financing from banks or other lenders
• Vision statement gives the company direction, providing the purpose and future aspirations of the business
• Vision statement questions focus on hopes, dreams, problems solved for the greater good, and inspiration for change
• Mission statement drives the company, focusing on what the business does, whom it serves, and how it serves them
• Goals describe a future end-state, shaping the way ahead in actionable terms, and are wide in scope, spanning multiple years
• Objectives close the gap between the current situation and goals, providing precise actions to take toward aspirations
• Objectives must be specific enough to quantify and measure results, focusing on direct action and tangible progress
• Identifying the target market is important for any company in the development and implementation of a successful marketing plan
• Market segmentation is the process of dividing a larger market into smaller groups of consumers with similar needs or characteristics