Entrepreneurship: Business Planning and Marketing

• Entrepreneurship is the process of starting and running a business to make a profit.
• Joseph Schumpeter is known as the "Father of Modern Entrepreneurship".
• The four types of entrepreneurship are small business, scalable startup, large company, and social entrepreneurship.
• An entrepreneur's main goal is to create and grow a profitable business.
• Three main characteristics of a successful entrepreneur includes creativity, risk-taking, and perseverance.

Business Planning

• A business plan outlines a company's goals and strategies to achieve them.
• The Executive Summary section of a business plan includes the company's mission and vision.
• A SWOT analysis is a framework to analyze a company's Strengths, Weaknesses, Opportunities, and Threats.
• ROI stands for Return on Investment.
• The purpose of a feasibility study is to assess whether a business idea is viable.

Marketing and Sales

• The 4 Ps of Marketing are Product, Price, Place, and Promotion.
• Market segmentation is dividing a market into smaller groups based on demographics, behavior, etc.
• B2B (Business-to-Business) sells to businesses, while B2C (Business-to-Consumer) sells to individuals.
• USP stands for Unique Selling Proposition in marketing.
• Word-of-mouth marketing is when customers promote a business by recommending it to others.

Financial Management

• Capital in business is the money or assets used to start and run a business.
• Fixed costs are expenses that do not change, like rent and salaries.
• The break-even point is when total revenue equals total costs, meaning no profit or loss.
• An income statement is a financial document that shows a company's revenue and expenses over a period.
• Liquidity in finance refers to how easily an asset can be converted into cash.

Business Ethics and Legal Aspects

• Business ethics are moral principles that guide business behavior.
• Intellectual property includes legal rights over creations like inventions, trademarks, and copyrights.
• A business permit is needed to legally operate a business in a specific area.
• A sole proprietorship is a business owned and managed by one person.
• Corporate social responsibility (CSR) is when businesses contribute to social and environmental well-being.

Types of Businesses

• A franchise is a business model where an entrepreneur buys the rights to operate a branded business.
• An e-commerce business sells products or services online.
• The gig economy is a labor market characterized by short-term, freelance, and independent work.
• A cooperative is a business owned and run by a group of people who share profits and benefits.
• Facebook is a social media and technology company.
• Minimum Viable Product (MVP) is a basic version of a product used to test ideas.
• Fintech is financial technology, such as mobile banking and digital payments.

Risk Management and Business Growth

• Risk management in business involves identifying and reducing potential risks.
• Business scaling is growing a business to increase profits and reach more customers.
• "Pivot" in startups means changing business strategy based on market feedback.
• A merger is when two companies combine to form a new company.
• A monopoly is a market where one company dominates and controls supply and pricing.

Entrepreneurs and Business Success

• Bill Gates and Paul Allen founded Microsoft.
• Elon Musk is the CEO of Tesla as of 2024.
• Jeff Bezos founded Amazon.
• Mark Zuckerberg is the founder of Facebook (now Meta).
• The first product sold on Amazon was a book.

Entrepreneurial Mindset and Soft Skills

• A growth mindset is the belief that abilities can be developed through effort and learning.
• Networking in business involves building relationships with people who can help your business grow.
• Adaptability is important in entrepreneurship because markets change, and businesses must adjust to survive.
• Emotional intelligence in business is the ability to understand and manage emotions in professional settings.
• Resilience in entrepreneurship is the ability to recover from challenges and failures.

General Knowledge

• Jean-Baptiste Say coined the term "entrepreneur".
• An entrepreneur starts their own business, while an intrapreneur innovates within an existing company.
• A "lean startup" is a method of developing a business with minimal resources and continuous customer feedback.
• A social entrepreneur focuses on solving social problems while running a sustainable business.
• The Blue Ocean Strategy involves creating untapped market space rather than competing in an existing market.
• A Balance Sheet shows a company's assets, liabilities, and equity.
• A business's working capital is its current assets minus current liabilities.
• Bootstrapping in entrepreneurship means starting a business with minimal external funding and using personal resources.
• Revenue is the total earnings from sales, while profit is what remains after expenses are deducted.
• The Pareto Principle, also known as the 80/20 rule, states that 80% of results come from 20% of efforts or customers.

Marketing and Strategy

• A "loss leader" pricing strategy involves selling a product at a loss to attract customers to buy other profitable items.
• Guerrilla marketing is an unconventional, low-cost marketing strategy aimed at creating a strong brand impact.
• The first step in a digital marketing strategy is identifying the target audience.
• "Brand equity" is the value a brand gains based on consumer perception and recognition.
• The main goal of a customer relationship management (CRM) system is to manage and improve interactions with customers to increase loyalty and sales.

Innovation and Technology

• The main benefit of cloud computing for small businesses is that it allows access to data and software from anywhere without expensive hardware.
• The Internet of Things (IoT) in business involves a network of connected devices that collect and exchange data to improve operations.
• An elevator pitch is a brief, persuasive speech about a business idea, typically under a minute.
• The purpose of A/B testing in business is to compare two versions of a product or strategy to see which performs better.
• A disruptive innovation is a new product or service that significantly changes an industry.