miderms

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Cards (19)

  • Frank H. Knight - different people aim for different things
  • Fred Wilson
    -art of turning an idea into business
    -identifying opportunities and putting ideas into practice
  • Joseph Alois Schumpeter - doing new things or innovating/doing things in a new way
  • The Creative Process
    1. Environmental Scanning - keen observation of new trends, needs, and problems in the market
  • The Creative Process
    2. Ideas - screening your options, inventing and reinventing
  • The Creative Process
    3. Development - testing and refinements
  • The Creative Process
    4. Implementation - consistency of product quality
  • Entrepreneurs are people who experiments with new combination of resources while businessmen are people who works in a business and are in a high position.
  • TYPES OF ENTREPRENEURS
    1. Innovative - invent new ideas and methods
    2. Imitative - immediately COPY new trends
    3. Fabian - skeptic about changes
    4. Drone - very conservative and reluctant to changes
  • Executive Summary
    • last section to be written
    • next major part of the business plan after introduction
    • must be written in simple language for easy understanding
  • Vision - focuses on tomorrow and what the business will become
    Mission - focuses on today and the purpose or reason that drives the company
  • Goals - shapes the way ahead in actionable terms
    Objectives - specific, direct and tangible process
  • Business Logo - easily recognizable graphic symbol that distinguishes a brand apart from others
  • Target market - group of customers/consumers with shared demographics who are most likely buyers
  • Target customer - specific individuals that a business aims to attract and serve
  • Market Segmentation - dividing a larger market into smaller groups
  • Types of Market Segmentation
    • Demographics - age, gender; basic information
    • Geographic - region, neighborhood, climate
    • Psychographic - lifestyle, values, beliefs, interests
    • Behavioral - brand loyalty, desired benefits, product usage
  • 8P's of Marketing
    1. Product/Service
    2. Price
    3. Promotion
    4. Place
    5. Positioning
    6. People
    7. Partnerships
    8. Packaging
  • DTI Registration Steps
    1. Prepare your business name
    2. Confirm availability of business name
    3. Fill up online registration form
    4. Pay the registration fee
    5. Download your certificate