Entrep

• Entrepreneurs create jobs, innovate, and drive economic development, which is crucial for the country's prosperity

  Economic growth
• It empowers individuals to become self-employed and independent. It equips them with the skills to start their businesses, reducing dependence on traditional employment.

  Self-employment and independence
• A concept or proposal for a product, service, or business oppurtunity that has the potential for profitability.

  Business idea
• Development of new ideas, products, or processes that provide a competitive edge in the market.

  Innovation
• The group of potential customers who have a need for a particular product or service and are willing to pay for it.

  Market
• A comprehensive business plan for a tech startup might outline its goals, strategies, and financial projections, including estimated revenue and expenses for the first three years of operation.

  Business plan
• A new established business that is in the early stages of operation, often characterized by innovation and rapid growth potential.

  Startup
• The income generated from sales of products or services.

  Revenue
• The costs and expenditures incurred by a business in its day-to-day operations.

  Expenses
• The positive difference between revenue and expenses.

  Profit
• The formula for profit.

  R - E = P
• Individual that purchases and used a product or service offered by business.

  Customer
• The process of promoting and advertising products or services to attract and retain customers.

  Marketing
• The practice of overseeing a company's financed resources, including budgeting, cash flow management, and financial decision-making.

  Financial management
• The evaluation and mitigation of potential risks and uncertainties associated with a business venture.

  Risk management
• The process of expanding a business's operations, customer base, a market reach to achieve growth and sustainability.

  Scaling
• The network of individuals, organizations and resources that support and influence entrepreneurship and business development within a particular region or industry.

  Ecosystem
• The ability to generate new ideas, products, or services that stand out in the market.

  Creativity and innovation
• Understanding financial concepts, budgeting, and managing cash flow.

  Financial literacy
• Effectively promoting products or sources and reaching target customers.

  Marketing and sales skills
• Identifying and addressing challenges that are in business operations.

  Problem-solving
• Building a network of contacts, suppliers, and potential partners.

  Network and relationship building
• Being open to change and being able to pivot business strategies in response to market shifts.

  Adaptability
• Pivot -  completely change the way in which one does something
• The dynamic space where the forces of supply and demand interact.

  Market
• Explains the pricing and availability of goods and services. When demand exceeds supply, prices tend to rise, and vice versa.

  Supply and demand
• Its crucial for businesses to gauge and respond to these fluctuations effectively.

  Supply and demand
• Businesses compete for the attention and royalty of customers.

  Competition
• Every market has a diverse set of consumers with varying tastes and needs. Recognizing and catering to these preferences is essential for product development and marketing.

  Consumer preferences
• Knowing the size of the market i.e., the number of potential customers or the volume of sales it can sustain, is vital for businesses to assess their growth potential and set realistic goals.

  Market size
• This concept measures how sensitive the quantity demanded of a product is to change in the price of a complementary good.

  Elasticity of demand
• Involves dividing the overall market into smaller homogenous segments based on factors like demographics, behavior, and preferences.

  Market segmentation
• Encompasses techniques and methods for gathering and analyzing information about the market, customers, and competitors.

  Market research
• It is crucial for making informed business decisions.

  Market research
• Helps businesses target specific customer groups more effectively.

  Market segmentation
• Understanding this concept helps businesses set optimal pricing strategies.

  Elasticity of demand
• It is vital for businesses to assess their growth potential and set realistic goals.

  Market size
• Businesses must consider how to enter a market effectively.

  Market entry strategy
• This concept includes decisions about whether to start from scratch, form relationships, or acquire existing businesses.

  Market entry strategy
• Staying updated on market trends and forecasting future developments is essential for businesses to adapt and plan for long-term success.

  Market trends and forecasting