ENTREPRENEURSHIP REVIEWER

• Entrepreneurship


  More than just an economic term - it is a way of thinking
• People exposed to entrepreneurship frequently express that they have more opportunities to exercise creative freedoms, higher self-esteem, and an overall greater sense of control over their own lives
• Entrepreneurship is a way of inspiring creative individuals to pursue opportunities despite its risks
• What makes someone an entrepreneur

  • Creativity - the spark that drives the development of new products or services or ways to do business
  • Dedication - what motivates the entrepreneur to work hard. Planning of an idea must be joined by hard work to succeed
  • Passion - what gets entrepreneurs started and keeps them there
  • Self-confidence - comes from through planning, which reduces uncertainty and the level of risk
  • Smarts - consists of common sense joined with knowledge or experience in a related business or endeavor
  • Determination - the extremely strong desire to achieve success
  • Flexibility - the ability to move quickly in response to changing market needs
  • Leadership - the ability to create rules and to set goals
• Required Education for entrepreneurs


  The ability to write an effective business plan is vital
• Required Skills for entrepreneurs


  The ability to multitask is the key
• Business Consultant


  Provides advice about business issues, such as the development and implementation of business plans
• Career Opportunities in Entrepreneurship

  • Business consultant
  • Management analyst
  • Sales
  • Research and development
  • Not-for-profit fundraiser
  • Intrapreneur
• The Entrepreneurial Process


  1. Opportunity Spotting and Assessment

  2. Developing a Business Plan

  3. Determining the Capital Needed

  4. Running a Business
• Environmental scanning in marketing


  Reviewing external sources and factors that impact the internal operations of a business to identify potential sources to consult with or consider when making business decisions
• 3S of Opportunity Spotting and Assessment

  • Seeking the Opportunity - the ongoing process of considering, evaluating, and pursuing market-based activities that are believed to be advantageous for the firm
  • Screening the Opportunity - the process by which entrepreneurs evaluate innovative product ideas, strategies, and marketing trends
  • Seizing the Opportunity - taking advantage of an opportunity and doing something that you want to do
• Factors in the Environment

  • External/Macro Environment - the larger societal forces that influence the microenvironment
  • Internal/Microenvironment - the environment within the business
  • Business Resources - assets or properties owned or controlled by the business
  • Business Culture - a collection of values, beliefs, and expectations learned and shared by employees
  • Business Structure - the formal organizational arrangement of business in terms of hierarchy position
• Product


  Anything that is capable of satisfying customer needs
• Parts of a Product

  • Specification and materials
  • Design or styling
  • Function and benefits
  • Packaging
  • Range (options and accessories)
• Selling a single product may not generate enough returns for business
• Service


  An act or use for which a consumer, firm or government is willing to pay
• Types of Service Industries

  • Government
  • Private not-for-profit Organizations
  • Business Services
• Marketing Strategies for service firms

  • Service-Profit-Chain
  • Internal marketing
  • Interactive Marketing
• Service differentiation


  • Offer - can include distinctive features
  • Delivery - can include more able and reliable customer contact people, environment or process
  • Images - can include symbols and branding
• Service Quality


  Provides a competitive advantage by delivering consistently higher quality than its competitors
• Marketing Mix


  A set of controllable and interrelated variables composed of product, place, price and promotions, people, process & physical environment that a company assembles to satisfy a target group better than its competitor
• Marketing Mix strategy


  Choosing and implementing the best possible course of action to attain the organization's long-term objectives and gain competitive edge
• The 7Ps of Marketing Mix

  • Product
  • Price
  • Place
  • Promotion
  • People
  • Process
  • Physical Evidence
• Product


  There is no point in developing a product or service that no one wants to buy, yet many businesses decide what to offer first, and then hope to find a market that fits it afterwards
• Different Parts of Pricing

  • Price Skimming
  • Penetration pricing
  • Psychological pricing
  • Cost-plus pricing
• Retail


  A business or person that sells goods to the consumer, as opposed to a wholesaler or supplier, who normally sells their goods to another business
• Wholesaler


  Person or firm that buys large quantities of goods from various producers or vendors, warehouses them, and resells to retailers
• Direct Selling


  Face to face presentation, demonstration, and sale of products or services, usually at the home or office of a prospect by the independent direct sales representatives
• Promotion Mix

  • Advertising
  • Public Relations
  • Personal Selling
  • Sales Promotions
• People


  They are the target consumers of the company
• Process


  The delivery of your service is usually done with the customer present so how the service is delivered is once again part of what the consumer is paying for
• Physical Evidence


  Everything your customers see when interacting with your business