Questions and Answers
Understanding your products or services helps customers see their value.
True
Market potential analysis ignores competition and focuses solely on pricing.
False
A marketing strategy is only about identifying the target market and does not require a consistent message.
False
Knowing your competitors helps in developing better strategies for your own business.
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It is important for entrepreneurs to remain complacent with their past achievements.
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Clapping is heard when the game calls out the word 'Boom'.
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Market potential analysis can help in making informed decisions about where to invest money.
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Knowing the pricing structure of a product is irrelevant in understanding its value.
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Study Notes
Ice Breaker Game Mechanics
- Four members place candy on your table as part of the game.
- Participants face their opponents and adopt a confident stance.
- Actions based on specific terms:
- Clap when prompted with "Clap"
- Gently slam the table when prompted with "Boom"
- Quickly grab the candy when prompted with "Candy"
Consideration in Entrepreneurship
- Consider implies careful thinking before decisions or actions.
Five Factors for New Entrepreneurs
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Know Your Products or Services
- Deep understanding of products/services creates value.
- Helps customers identify unique benefits and differentiators.
- Requires knowledge of product functionality and pricing.
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Analyze the Market Potential
- Focuses on identifying lucrative selling opportunities.
- Involves studying market trends and customer needs.
- Critical for informed decision-making on investments.
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Marketing Strategy
- A structured plan for promoting products or services.
- Identifies target market and effective channels for outreach.
- Aims to create a consistent, engaging message for customers.
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Know the Competitors
- Essential to understand competitors’ strengths and weaknesses.
- Enables strategic planning and capitalizing on market gaps.
- Encourages innovation for enhancing quality and customer loyalty.
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Do Not Set on Your Laurels
- Avoid complacency after past successes; the business landscape changes.
- Continuous analysis and effort for growth are vital for sustainability.
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Description
Engage in a fun ice breaker game designed for new entrepreneurs. Participants will respond to keywords with interactive actions while considering the essential factors for starting a business. Get ready for an energizing start to your entrepreneurial journey!
