Entrepreneurship Definitions

Study Notes

Entrepreneurship: Involves designing, launching, and managing a new business.
Entrepreneur: Recognizes market opportunities, owns and operates a business, and undertakes risks.
Entrepreneurial: Associated with identifying new ventures and opportunities.

Creation of Ideas: Development of entrepreneurial ideas leading to the identification of opportunities and establishment of a venture.
Creating a Venture: Transition from idea to operational enterprise.

Value Proposition (VP): A business statement explaining why consumers should choose a product; aims to persuade purchase.
Unique Selling Proposition (USP): The distinctive features and benefits that separate a product from competitors.

Target Market: Process of identifying groups of consumers with shared characteristics and needs.
Customer Requirements: Specific traits and expectations customers have for a product.

Salesperson: Utilizes marketing strategies to influence customers’ buying decisions.
Mid-level Management: Transforms business ideas into actionable plans.
Business Advisor: Offers insights that highlight overlooked opportunities or challenges.
Research and Development: Leverages training to grasp essential business concepts.
Teacher: Educates on the significance of subjects like math, history, and literature in business.
Business Reporter: Writes engaging articles, employing knowledge of business concepts.
Management Analyst: Provides analyses to enhance project coordination and efficiency.
Small Entrepreneur Manager: Oversees business operations while imparting entrepreneurial knowledge.

Risk Taker: Comfortable with uncertainty and accepting potential losses.
Innovative and Creative: Approaches problems uniquely, adapting to market changes.
Problem-Solving Skills: Views problems as opportunities for solutions.
Self-Confidence: Trusts in personal abilities and ideas despite challenges.
Optimistic: Maintains a positive outlook about the future.
Planner: Strategically lays out future goals for effective execution.
Clear Vision: Establishes a comprehensive understanding of business objectives and market presence.
Patience: Persists through challenges with a belief in eventual positive outcomes.
Resilience: Recovers from setbacks and difficulties.
Agility: Remains alert and responsive to prevent and address issues.
Passion: Driven by enthusiasm and commitment to achieving business goals.
Flexibility: Adapts to changes and remains open to feedback.

VMOG: Stands for vision, mission, goals, and objectives that guide business operations.
Mind Frame and Heart Flame: Embodies an optimistic problem-solving approach fueled by passion for business pursuits.

Job Opportunities: SMBRTBMS (Salesperson, Mid-level management, Business advisor, Research and development, Teacher, Business reporter, Management analyst, Small entrepreneur manager).
Sources of Opportunities: CGTPP (Changes, Government programs, Technological advancements, People's interests, Past experiences).
Forces of Competition: BPRSS (Buyers, Potential new entrants, Rivalry, Suppliers, Substitute products).
Basic Elements in Creating Value Proposition: TNNN (Target customer, Needs/Opportunity, Name of the product, Name of the enterprise).
Tips for Creating a Unique Selling Proposition: IBK (Identify unique features, Be specific, Keep it concise).
Types of Customer Requirements: SIOT (Service requirements - intangible, Output requirements - tangible).