Entrep

• Entrepreneurship


  The process of developing, organizing, and running a new business to generate profit while taking on financial risk
• Reasons why many businesses fail in the first year of being set up

  • Not knowing enough about the market or industry
  • Lack of skills on how to manage money, technology, employees, customers, and suppliers
  • The hard work, long hours, and stress accompanying the setting up and running of businesses in an ever-changing environment punctuated by frequent shifts in customers' tastes and preferences
  • Underestimating the finances needed to run an enterprise
  • Not enough capital has been raised to take care of business uncertainties, setbacks, and delays
• Entrepreneur


  A person who undertakes the risk of starting a new business
• The word "entrepreneur" comes from the French word "entreprendre" which means "to undertake"
• Three qualities of entrepreneurs

  • Entrepreneurial Mind Flame
  • Entrepreneurial Gut Game
  • Entrepreneurial Heart Flame
• Entrepreneurial Mind Flame


  To see things very positive
• Entrepreneurial Guy Game


  That intuition and cannotes
• Entrepreneurial Heart Flame


  Surging passion of the entrepreneur
• Business plan


  The blueprint of the business
• Executive summary 


  Overview of your entire business plan
• Executive summary 


  Contains everything relevant
• Management and Organization


  That focuses less on the business
• Management and Organization 


  It sometimes called "Organizational management" or "business management"
• Four General Functions of Management and Organization

  • Planning
  • Organizing
  • Leading
  • Controlling
• Identifying goals, objectives, methods, resources need

  Planning
• To achieve the goals

  Organizing
• Set the direction for the organization

  Leading
• Organizations system, processes

  Controlling
• In this part of the business plan the entrepreneur must include....

  Business Name

  Business Logo

  Mission

  Vision

  Objective
• First thing customers see

  Business Name
• Appears on all of the company letterhead

  Business Logo
• Idealized state that the enterprise wants to achieve

  Vision
• Purpose for being of the enterprise

  Mission
• Measurable and result expected

  Objective
• 2 Basic Types Of Organizational Chart

  Flat Organizational Structure, and Hierarchical Organizational Structure
• Outlines your product or service

  Product and service plan
• The business is offering or plans to offer

  Product and Service Plan
• Details how the proposed business will sell

  Marketing Plan
• Meet the consumer's wants

  Product
• Two Types Of Product

  Tangible

  Intangible
• Individual can see, touch, and feel

  Tangible
• No physical presence but can be felt

  Intangible
• Represents the location

  Place
• Money that a buyer pays for a product

  Price
• Various strategies and ideas implemented

  Promotion
• Individual involved in the sale and purchase

  People
• The concept of branding and using of Unique Selling Proposition (USP)


  Packaging
• Process used by marketers to create an image

  Positioning and Process