I.

INTRODUCTION TO ENTREPRENEURSHIP
What is entrepreneurship?
-always searches for change
-From an economist’s point of view
How does entrepreneurship contribute to the economy?
1. Create employment
2. Develop new markets
3. Introduces innovation
4. Generates new sources of materials
5. Stimulates investment interest in the new business
ventures being created
6. Improves quality of life
Which form of starting a new venture involves establishing a completely new business from scratch?
-Start up
What is involved in buying an existing business?
acquiring either the shares of an existing company or all of the assets of an existing enterprise.
What is franchising?
trade name and methods of doing business to others in exchange for an initial franchise fee and royalty payments.
What role do entrepreneurs serve in society?
identify market needs and develop solutions through their products and services to begin their business venture.
How does entrepreneurship contribute to the family?
-providing financial stability
Which form of starting a new venture involves acquiring shares of an existing company.
-buying an existing business.
What does financial stability entail in starting a business?
II. Recognizing a Potential Market
What is the first step in recognizing a potential market?
-identifying potential customers
What is the second step in recognizing a potential market?
-understanding existing customers
How can you determine the market need for a product or service?
-conduct market research
What is the third step in recognizing a potential market?
-set realistics target
What is the purpose of a business plan in recognizing a potential market?
Why is it important to have a well-defined business plan?
Which section of a business plan typically includes information about the target market and competition?
-"market research"
What is the fourth step in recognizing a potential market?
-develop effective strategies
What is the final step in recognizing a potential market?
-identify business opportunities
III. Selecting the Best Product or Service and Parts of a Simple Business Plan
When analyzing market needs, what are you primarily trying to understand?
-specific requirements,preferences,and expectations
What is the purpose of determining the possible product or service that will meet the market need?
-fulfilling the market needs
What is the function of an Executive Summary in a business plan?
-grab the attention of readers
In a business plan, what does the Operations Plan typically cover?
-cover day to day activities and process
Which section of a business plan outlines how the company will attract and retain customers?
-marketing and sales and section
What is the purpose of including Financial Projections in a business plan?
-provide detailed and realistic forecast
Who is the target audience for a business plan?
Which part of a business plan outlines the organizational structure and key personnel?
-management and organization
IV. Developing a Brand Name
What is the primary purpose of developing a brand name?
-create unique and recognizable identity
What are some characteristics of an ideal brand name?
-memorable,unique,relevant
What is the purpose of checking for trademark availability when creating a brand name?
-ensure that the name you choose is not already registered as a trademark by another company
What is the significance of creating a memorable brand name?
-place for a brand in the minds of consumers relative to its competitors
How does a brand name contribute to brand identity?
-differentiate the brand, and communicate its values and promises.
What is the purpose of branding strategies?
-how a brand is perceived, differentiating it from competitors, and building strong customer relationships
Why is it important for a brand name to be relevant to the product or service?
V. Forecasting Revenues and Costs Department
This refers to the amount added to the cost of a product to determine the selling price.
-markup
It is a planning tool that helps entrepreneurs cope with uncertainties in the future operation of the business.
-forecasting
The selling price of an item or merchandise is computed by adding cost per unit and_________?
-markup
It is the result when sales exceed the cost to produce goods or render services.
-revenue
It is a tool that allows managers to make educated estimates on revenue and costs of the business in order to cope up with uncertainties
of the future.-financial forecasting
This refers to costs incurred through payment of utilities such as electricity and water.
-operating expenses