Define three characteristics of the entrepreneur?

(SQ)
1. Innovative product
2. Running a business
3. Taking risk
Identify five potential advantages to starting your own business.
(SQ)
1. Be your own boss
2. Whole profit
3. Better lifestyle
4. Independency
5. Skill and abilities
6. Enjoy freedom
7. Explain the differences among three types of start-up firms.
1. Lifestyle start-up
2. Small business start-up
3. Entrepreneur start-up
Start-up firms can vary based on their business models,
goals, and stages of development. Here are three common
types of start-up firms along with their distinguishing
characteristics: (LQ)
 Lifestyle Start-ups:
 Small Business Start-ups:
 Scalable Start-ups:
Explain what it takes to start a business (LQ)
1. Financial resources
2. Wise thinking about future
3. Decision making skill
4. Business knowledge
5. Market awareness
 6. Team work
7. Leadership
8. Good behavior
9. Innovative
Evaluate the advantages and disadvantages of several small
business ownership options—starting a business from
scratch, buying an existing business, and obtaining a
franchise. (lQ)
Starting a Business from Scratch:
Advantages:
 Creative Control:
 Customization:
 Cost Flexibility:
 Brand Building:
Disadvantages:
 Uncertain Success:
 Time-Intensive:
 Lack of Existing Infrastructure:
 Higher Failure Rate:
 Market Entry Challenges:
Buying an Existing Business:
Advantages:
 Established Brand and Customer Base:
 Existing Infrastructure:
 Proven Track Record:
 Easier Financing:
 Reduced Start-Up Challenges:
Disadvantages:
 Higher Initial Investment:
 Inherited Liabilities:
 Limited Flexibility:
 Integration Challenges
 Lack of Control over Previous Reputation:
Obtaining a Franchise:
Advantages:
 Established Brand and Support:
 Proven Business Model
 Training and Support:
 Collective Buying Power:
 Marketing and Advertising:
Disadvantages:
 High Initial Costs:
 Limited Independence:
 Royalty Fees:
 Potential Restrictions:
 Dependency on Franchisor:
 Disputes
Identify the four interrelated functions of management:
planning, organizing, directing, and controlling. (SQ)
•planning,
•Organizing
•Directing
•Controlling
Describe the skills needed to be a successful manager. (SQ)
 Leadership:
 Communication:
 Problem-solving:
 Decision-making:
 Adaptability:
 Time management:
 Team Building and Collaboration:
 Emotional Intelligence:
 Strategic Thinking:
 Continuous Learning:
While these skills are important, it's worth noting that the specific
skills required may vary depending on the industry, organization,
and managerial level. Effective managers continually assess their
skills and seek opportunities for development to adapt to evolving
business needs.
Understand the process by which a company develops and
implements a strategic plan. (LQ)
 Developing a Strategic Plan
 Mission Statement
 Core Value
 SWOT analysis
 Establish goal and planning strategy for achieving those
goals For Example: Goal 1, Goal 2 and Goal 3
 Implementation of plan
 Tactical Plan
 Operational plan
 Contingencies plan
  Crises plan
Explain how managers direct others and motivate them to
achieve company goals.
1. Leadership style
 Autocratic
 Democratic
 Lassies fair style
2. Transformational
3. Transactional
Define human resource management and explain how
managers develop and implement a human resource plan.
 Human Resource Planning
 Job Analysis
 job description & job specification
 HR Supply and Demand Forecasting
 Recruiting Qualified Employees
 Where to Find Candidates
 Internal versus External Recruiting
 How to Find Candidates
 The Selection Process
 Application
 Employment Tests
 Interview
 Physical Exam and Reference Checks
 Final Decision
 Contingent Workers
 The Pluses and Minuses of Temp Work
Define motivation and describe several theories of
motivation. (SQ)
 • Hierarchy-of-needs theory
• Two-factor theory
• Expectancy theory
• Equity theory
Define the terms marketing, marketing concept, and
marketing strategy.
• Marketing
• marketing concept
• marketing strategy

Explain the four Ps of the marketing mix.

 Product
 Price
 Place
 Promotion
 Developing a Product
 Conducting Marketing Research
Under marketing research we know primary data secondary data,
Surveys, Personal interviews, Focus groups, branding.

Discuss various branding strategies and explain the benefits

of packaging and labeling. (SQ)
Branding strategy
 brand equity
 brand loyalty
Packaging
Labeling.