Entrep final reviewer

• Frank H. Knight


  Means different things to different people. Some imagine tech geniuses with Silicon Valley startups, while others picture small business owners opening up their shop doors on Main Street.
• fred Wilson


  The art of turning an idea into a business. In essence, an entrepreneur's behavior finds him or her trying to identify opportunities and putting useful ideas into practice.
• Joseph alois shumpeter


  A new combinations including the doing of new things or the doing of things that are already being done in a new way
• Entrepreneur


  A person who organizes a venture to benefit from an opportunity, rather than working as an employee
• Businessman


  A man who works in business especially one who has a high position in a company
• Entrepreneur


  People who experiment with new combinations of resources and create new products and services
• 4 Types of Entrepreneur


  • Innovative
  • Imitating
  • Skeptic
  • Drone
• Business Plan


  A road map that provides directions so a business can plan its future and helps it avoid bumps in the road
• Business Plan


  A detailed and integrated written document that describes the various activities involved in opening and operating a new entrepreneurial venture
• Reasons Why You Need to Prepare a Business Plan


  • To minimize or remove the risk of losing money
  • To avoid costly mistake
  • To anticipate the financial requirements
  • To assess actual performance against set goals
  • To organize the activities beforehand
  • To attract investors or secure financing from banks or other lenders
• Feasibility Study


  Determine whether a proposed action has a high enough probability of success that it should be undertaken
• Business Plan


  Developed after the business opportunity is created, blueprints for implementing actions that have already been deemed feasible by the company's management
• Major Parts of the Business Plan

  • Chapter 1: Introduction
  • Chapter 2: Executive Summary
  • Chapter 3: Business Proponent
  • Chapter 4: Product / Service Offering
  • Chapter 5: Operational Plan
  • Chapter 6: Financial Forecast
  • Chapter 7: Environmental & Regulatory Compliance
• Proposed Name of the Business


  The formulation and drafting of the proposed business name is not as simple as it sounds. It is a delicate and important entrepreneurial task.
• Tips on Choosing Your Business Name


  • Not and will not be used for a business that is illegal, offensive, scandalous, or contrary to propriety
  • Not the same or nearly the same as an existing registered business, company, partnership, corporation, cooperative; nor infringing on any trademark, service mark and trade name
  • Not composed of generic or geographic words
  • Not deceptive, misleading or one that misrepresents the nature of the business
• Address of the Business


  The address of the business must be correctly written because all business correspondence is mailed to the business address. Nowadays, it is also necessary for the business to have an e-mail address to facilitate electronic communication between the business and the customers, suppliers, creditors, and other significant parties.
• Forms of Business Ownership


  • Sole Proprietorship
  • Partnership
  • Franchise
  • Co-operative
  • Corporation
• Description of the Business


  Must include information about the type of product or service that the business intends to produce or provide
• Location of the Business


  There are no rigid rules in the selection of the business location since several variables affect the selection of the business location. The basic entrepreneurial consideration is to place the proposed business in a strategic location that will assure competitive advantage.
• Factors in Choosing Location


  • Proximity to the target customers
  • Distance from the sources of raw materials, labor, and utilities
  • Availability and cost of transportation
  • Peace and order situation
  • Presence of direct competitors
  • The geographic and climatic conditions
• Funding Requirement and Source


  Presents the estimated total initial cost of the business venture and includes the projected breakdown or allocation of the total cost. It also presents the source or sources of funds.
• Executive Summary


  Commonly the last section to be written after all other major parts have been completed. It must be written in a simple language that can be easily understood and at the same time attract the attention and influence the decision of the reader.
• Vision Statement


  Focuses on tomorrow and what the organization wants to become
• Mission Statement


  Focuses on today and what the organization does
• Vision


  Gives the company direction, the future of the business, which then provides the purpose. It is about what you want the company to become and is aspirational.
• Mission


  Different from vision, more focused on "what is our business". It drives the company, what you do / the core of the business, what it takes to reach the objectives, and shapes your company's culture.
• Goals


  General guidelines that explain what you want to achieve
• Objectives


  Define the actions or implementation steps to attain your goal
• Business Logo


  An easily recognizable graphic symbol that identifies a company, a commercial product, or any public or private entity. It is one of the ways to distinguish a brand in a competitive world, full of graphic elements that try to attract our attention every day.
• Target Market


  A group of customers with shared demographics who have been identified as the most likely buyers of a company's product or service
• Market Segmentation


  The process of dividing a larger market into smaller groups of consumers with similar needs or characteristics. It allows companies to create targeted marketing campaigns and product offerings that are specifically tailored to the needs and preferences of each segment.
• Types of Market Segmentation

  • Demographics Segmentation
  • Geographic Segmentation
  • Psychographic Segmentation
  • Behavioral Patterns
• 8P's of Marketing


  • Product
  • Place
  • Price
  • Promotion
  • People
  • Packaging
  • Positioning
  • Partnership
• Product


  Refers to any goods or services that are produced to meet the consumer's wants, tastes, and preferences
• Place


  Represents the location where the buyer and seller exchange goods. Includes any physical stores as well as virtual or online shops.
• Price


  The amount or value that a customer gives up enjoying the benefits of having or using a product or service
• Promotion


  The complete set of activities which communicates the product or service to the user. The idea is to attract people to buy your product over the other.
• People


  The ultimate marketing strategy because they are the one who sell and push the product
• Packaging


  Refers to the outside appearance of the product and how it is presented to the customers
• Positioning


  The process used by marketers to create an image in the minds of the target market