Entrep Definitions PDF

**ENTREP DEFINITIONS** **ENTREPRENEURSHIP --** process of designing, launching, and running a new business**.** **ENTREPRENEUR -** person who recognizes opportunities and gap in the market. They are people who owns, operates and take risk. **ENTREPRENEURIAL** - lead to identification of entrepren...

**ENTREP DEFINITIONS** **ENTREPRENEURSHIP --** process of designing, launching, and running a new business**.** **ENTREPRENEUR -** person who recognizes opportunities and gap in the market. They are people who owns, operates and take risk. **ENTREPRENEURIAL** - lead to identification of entrepreneurial opportunities **IDEAS** **ENTREP PROCESS OF** -- creation of entrep ideas \> identification of entrep opp \> opening of **CREATING VENTURE** entrep venture **VALUE PREPOSITION (VP)** -- business or marketing statement that says why a consumer should buy the product. Convince to purchase **UNIQUE SELLING** -- how you sell your product to customers **PROPOSITION (USP)** **TARGET MARKET** -- market identification process determine buyer with common needs/ characteristics **CUSTOMER** -- specific characteristics that customers need from a product **REQUIREMENTS** - **JOB OPPORTUNITIES** **Sales person** -- excellent marketing strategies to persuade customers **Mid-level management** -- career converts idea into execution **Business Advisor** -- training that helps identify things that other many not pick up on **Research and development** -- trainings and education acquired is an advantage. able to understand business concepts **Teacher** -- can teach them the benefit of math in business, history to innovation and literature to persuasive writing **Business reporte**r -- they can write articles. They can understand the field and concepts and use their knowledge to make business section interesting **Management analyst** -- provide analytical services to companies to coordinate projects effectively and efficiently **Small Entrep Manager** - manage the operation of the business and supply entrepreneurial knowledge - **ENTREP TRAITS -** **RISK TAKER** -- successful entrepreneur has high risk tolerance **INNOVATIVE** -- think differently. Products according to changing demands in the market **CREATIVE** -- can develop new ideas and to discover new wats of looking at prob and opportunity **PROBLEM SOLVING SKILL** -- problem as a challenge and put best in finding solution **SELF CONFIDENCE** - believe in their ability and ideas even facing rejection **OPTIMISTIC** -- hope for the future **PLANNER** -- develop future course keeping in mind the goals. Believe that realistic plan can ensure proper execution for attaining their goals **WITH CLEAR VISION** -- what their business would be. They create a big picture, purpose, goals and market **PATIENCE** -- believe they can change the world. Excitement and belief in what they do that gets them through hard times **RESILIENCE** -- bounce back from a set back **AGILITY** -- proactive and vigilant, prevent small to major problems **PASSION** -- work hard for business. Drives them to work to achieve goals **FLEXIBILITY** -- they can adapt to change and solve problems. They are receptive to people's needs, opinions **VMOG** -vision, mission, goal, 0bjectives **MIND FRAME** -- optimism, find solutions when problems arise. **HEART FLAME** -- driven by passion, satisfaction in discovery, PASSION is the great desire of an entrep **GUT GAME** -- intuition. confidence in one's self and belief in everything you aspire can be reached **ENUMERATION** **Job Opportunities** -- SMBRTBMS **Sources of Opportunities** -- CGTPP \- Changes in the environment, government thrust's program and policies, technological advancements and discovery, people's interest, past experiences **Forces of competition** -- BPRSS \- Buyer, Potential new entrants, Rivalry, Suppliers, Substitute product **Basic Elements in Creating VP** - TNNN \- Target customer, Needs/Opportunity, Name of the product, Name of the enterprise/company **Tips creating unique selling proposition** -- IBK \- Identify the rank/ unique of product, be very specific, Keep it short and simple **Types of customer requirements** -SIOT -Service requirement=intangible thing, output requirement= tangible thing