Understanding BLT and Entrepreneurial Risks

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Questions and Answers

What is the primary motive behind starting a new business or developing a new product or service?

  • To make a profit
  • To create new jobs
  • To be a successful entrepreneur
  • To fill a gap in the market (correct)

Digital marketing is essential for businesses to succeed in today's digital-first environment.

True (A)

What are some potential risks associated with starting a new business?

Some common risks include losing to competitors, high running costs, poor sales, lack of job security, and changes in demand.

The potential outcomes or impacts of a business decision can lead to increased customer engagement and potentially _______.

<p>higher sales</p> Signup and view all the answers

Match the following characteristics with their corresponding category:

<p>Financial = Market share growth Non-financial = Developing new skills Community/Social = Improving the environment</p> Signup and view all the answers

Financial rewards are the only reason people choose to become entrepreneurs.

<p>False (B)</p> Signup and view all the answers

Which of the following is NOT a characteristic of an entrepreneur?

<p>Risk-averse (C)</p> Signup and view all the answers

What is the primary purpose of starting a BLT paragraph with a point?

<p>To present an observation about a business trend (B)</p> Signup and view all the answers

The 'Because' part of a BLT paragraph is optional and can be skipped.

<p>False (B)</p> Signup and view all the answers

What term is used to explain the implications of the point in a BLT paragraph?

<p>Leading to</p> Signup and view all the answers

In a BLT paragraph, the ____ part connects the point to a broader context or concept.

<p>Because</p> Signup and view all the answers

Match the following components of a BLT paragraph with their definitions:

<p>Point = A clear statement of the main observation Because = Reasoning connecting the point to its relevance Leading to = Implications of the stated point Connectives = Transition phrases to maintain flow</p> Signup and view all the answers

Which of the following is an example of an effective transition phrase in writing?

<p>Because (A)</p> Signup and view all the answers

Clarity and conciseness are essential traits of an effective BLT paragraph.

<p>True (A)</p> Signup and view all the answers

In what scenario would a business choose to enhance brand awareness?

<p>When more consumers are spending time online.</p> Signup and view all the answers

Which of the following describes a consumer good?

<p>Sold to the public (D)</p> Signup and view all the answers

A service is a tangible product that can be touched.

<p>False (B)</p> Signup and view all the answers

What characteristics must a person possess to be considered a successful entrepreneur?

<p>Persistence, risk-taking, ability to spot opportunities, good communication, self-motivation, organization</p> Signup and view all the answers

A _____ good is a product that remains usable for a long time, like a fridge.

<p>durable</p> Signup and view all the answers

Match the following types of goods with their definitions:

<p>Consumer Good = Sold to the public Producer Good = Sold to other businesses Durable Good = Lasts for a period Service = Non-physical item sold</p> Signup and view all the answers

Which of the following is an example of a B2B transaction?

<p>Selling cocoa beans to a chocolate manufacturer (D)</p> Signup and view all the answers

An entrepreneur does not take any financial risks when starting a business.

<p>False (B)</p> Signup and view all the answers

B2C stands for _____ to Consumer.

<p>Business</p> Signup and view all the answers

Which of the following is NOT one of the four P's of marketing?

<p>Publicity (A)</p> Signup and view all the answers

Non-durable goods are items that can last for a long period of time.

<p>False (B)</p> Signup and view all the answers

What is the purpose of market research?

<p>To study the customer and gather information about their needs and wants.</p> Signup and view all the answers

Clients' behavior can be explored by __________ customer observation.

<p>monitoring</p> Signup and view all the answers

Match the type of market research with its method:

<p>Surveys = Using relevant questions from a sample Interviews = Conversational information gathering Focus groups = Gathering small groups for discussion Customer observation = Monitoring behavior for insights</p> Signup and view all the answers

What is an example of a non-durable good?

<p>A bottle of water (C)</p> Signup and view all the answers

Market segmentation involves identifying a uniform market for all customers.

<p>False (B)</p> Signup and view all the answers

What is the focus of the 'Price' aspect of the 4 P's in marketing?

<p>To offer good value for the money.</p> Signup and view all the answers

Flashcards

BLT Structure

A method for organizing paragraphs: Point, Because, Leading to.

Point in BLT

The initial clear statement of the main idea you want to convey.

Because in BLT

The reasoning that connects your point to a broader context or concept.

Leading to in BLT

The implications or consequences of the point you're making.

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Clarity in Writing

Ensuring each part of your paragraph is clear and directly related to the main point.

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Conciseness in Writing

Keeping writing brief and to the point without unnecessary words.

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Connectives in Writing

Words or phrases that help to connect ideas smoothly within writing.

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Effective Paragraphs

Paragraphs that communicate ideas clearly, concisely, and logically structured.

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Digital Marketing Importance

Investing in digital marketing increases brand awareness and customer engagement, leading to higher sales.

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Potential Outcomes

The consequences that arise from a business decision, affecting various aspects of performance and market position.

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Risks in Business

The possibility of losing money or facing challenges in business operations and investments.

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Rewards in Business

Financial gains or benefits from successful business ventures or investments after taking risks.

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Entrepreneur Characteristics

Traits that define a successful entrepreneur, including innovation, risk-taking, and resilience.

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Market Share Growth

The increase in a company's portion of sales in relation to the total market, achieved through strategic marketing.

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Business Motives

Reasons driving businesses to operate, categorized into financial, non-financial, and social/community needs.

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Engagement and Sales

The connection between customer interaction with a brand and the resulting impact on sales figures.

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Entrepreneur

A person who sets up a business, taking financial risks to make a profit.

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Consumer Good

Products sold directly to the public, like shoes or food.

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Producer Good

Goods sold to other businesses for production purposes.

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B2C

Business-to-Consumer; when businesses sell directly to individuals.

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B2B

Business-to-Business; when businesses sell to other businesses.

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Durable Good

A product that lasts for a long time, like cars or appliances.

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Service

An intangible product offered, like a taxi ride or haircut.

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Self Motivated

An important quality for entrepreneurs, driving them to succeed independently.

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Non-durable good

Goods that are used or consumed within a short period of time.

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Four P's of Marketing

The four key elements of marketing: product, price, promotion, and place.

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Market Research

A method to study customers and gather information about their needs and wants.

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Surveys in Market Research

Gathering information using relevant questions from a sample of people.

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Interviews in Market Research

Conversations aimed at gathering detailed information.

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Focus Groups

Small groups discussing questions in a moderated setting for insights.

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Customer Observation

Monitoring customer behavior to understand their needs better.

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Market Segmentation

Dividing a market into parts reflecting different customer needs and wants.

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Study Notes

BLT Explanation

  • BLT stands for Point, Because, Leading to, Therefore
  • Point: Starts with a clear statement
  • Because: Explains why the point is relevant
  • Leading to: Discusses implications of the point
  • Therefore: Summarizes the significance of the analysis

Effective BLT Paragraphs

  • Clarity and conciseness: Each part of the paragraph should be clear and directly related to the main point
  • Use connectives: Use phrases like "because," "leading to," and "therefore"
  • Practice with examples: Write multiple BLT paragraphs on different topics to improve analytical skills

Enterprise Risk, Motive, and Reward

  • Risk and reward: The probability of incurring a profit or loss due to trading or investing
  • Risks: Losing to competitors, high operating costs, poor sales, lack of job security, and changes in demand
  • Rewards: Financial success, self-employment, better quality of life, and achieving personal goals

Characteristics of Entrepreneurs

  • Determination
  • Persistence
  • Risk taker
  • Ability to spot opportunities
  • Good communicator
  • Self-motivated
  • Organized

Goods and Services

  • Goods: Tangible items you can touch (e.g., car, table)
  • Services: Intangible items you can't touch (e.g., haircut, taxi ride)
  • Key terms:
    • B2C: Business to consumer
    • B2B: Business to business
    • Consumer goods: Goods sold directly to the public (e.g., shoes)
    • Producer goods: Goods sold to other businesses (e.g., cocoa beans)
    • Durable goods: Last for a long time (e.g., fridge)
    • Non-durable goods: Last for a short time (e.g., bottled water)
    • Personal services: Used by individuals (e.g., hair dresser)
    • Commercial services: Used by other businesses (e.g., web design)

Marketing

  • Marketing: Used to advertise products to consumers. Focuses on reaching a specific demographic
  • Four P's:
    • Product: Identifies and fulfills customer needs and wants
    • Price: Good value for the money
    • Promotion: Promotes awareness and existence of the product
    • Place: Availability and display of the product

Market Research

  • Market research: A method to study customers and gather information on their needs
  • Methods:
    • Surveys
    • Interviews
    • Focus groups
    • Customer observation

Market Segmentation

  • Market segmentation: Dividing the market into segments reflecting different customer needs and wants
  • Segments: Customer needs & wants, how customers buy, location of customers and customer knowledge & experiences

Dynamic Nature of Business

  • Dynamic nature of business: Businesses constantly adapt to respond to customers' wants and needs
  • Adaption reasons: Changes in technology, shifts in customer preferences, obsolescence of products/ services, and new ideas

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