Midterm Reviewer in Entrepreneurship

Business Plan- It covers all the important aspects to be considered before starting a business.
Entrepreneur- A resource that is getting scarce.
Cash Cow- Exhibits a strong potential in terms of returns or income.
Entrepreneurship- The act or process of introducing or starting new organizations, particularly.
new businesses as a response to identified opportunities.
Opportunity Screening- The process of cautiously selecting the best opportunity.
Willing to take risks- Entrepreneurs are willing to take consequences, identifying and
calculating risks.
Ocular Inspection- A market survey method accomplished by visiting shops, markets, malls, and
hotels.
Adaptability- Entrepreneurs must learn to deal very well with a unique ability to choose actions
without all the necessary information.
Questionnaires- Used for identified subjects or respondents.
Specific goal setting- Entrepreneurs must be motivated, persistent, and persevere even in the
face of situational challenges.
Observation- Direct or indirect gaining of information or monitoring in the field.
Need for achievement- Entrepreneurs must have a high need for achievement to take
responsibility for outcomes.
SWOT Analysis- This analysis helps people determine suitable business opportunities based on
the community's needs.
Self-efficacy- Entrepreneurs must believe in their ability or self-confidence.
Product- A tangible good or the intangible service the business offers to meet customer needs.
Specific goal setting- Entrepreneurs should be motivated to set the goal, particularly business
growth objectives.
Packaging- It comes in small, medium, and large sizes without much variation in the packaging's
material, shape, and purpose.
Financial Plan- Contains the starting capital to run the business and how to sustain such
business in daily operations and the preparation of financial statement.
Positioning- This marketing mix has three perspectives- enterprise, competitive, and customer
perspectives.
Appendices- References should have given appreciations and mentors who help in starting
business.
People- It is regarded as an ultimate marketing strategy.
Operation and Organizational Plan- Includes the manpower, machinery, materials and
methods
Promotion- It encloses all the direct communication efforts of the enterprises, like advertising,
public relations campaigns, and promotional tours.
Price- The sum of all the values that a customer gives up gaining the benefits of having or using
a product or service.
Marketing Plan- Includes the analysis of consumer preferences, competitors, and location.
Place- The process of moving products from the producer to the intended user.
Study Background- Include the main business opportunity such as nature of the business, vision
and mission and objectives of the business.
Executive Summary- An outline of the business idea.

5 Starting Points to Entrepreneurial Success:

START to be your own employee to employer.
EXPLORE the business environment
BE in control
HAVE a good accountant of financial advisor
SEEK the advice of professionals