Entrepreneur Master List PDF

B. Experience Entrepreneur C. Pre-occupation IV. Guidelines Reviewer A. Conducts scanning - analysis of the in...

B. Experience Entrepreneur C. Pre-occupation IV. Guidelines Reviewer A. Conducts scanning - analysis of the inside & Some tips to save time reviewing outside of your - Refer to old quizzes and check environment which items are often part of B. selects on criteria - enumeration and just memorize standards of the the terms and not their candidate for the job definition - Otherwise, do practice C. thinks innovations - remember their definition also critical and creative thinking Lesson 1: Entrepreneurship D. select demography - I. An Entrepreneur is someone population and their who: statistics Establishes a V. Benefits of Entrepreneurship productive enterprise Creates employment Assumes full control Improves life Is the owner of the Unlimited income business Social Benefits Is the decision maker VI. Qualities of Entrepreneur II. Characteristics of an Prefers risk entrepreneur seeks feedback Spots and puts value - goal-oriented Sees the problem and achievement-oriented makes a solution VII. Functions of an Entrepreneur Max all elements perceives opportunities Delivers value takes risk Improve life mobilize capital Serves society introduce capital III. Criteria for entrepreneurship organize labor A. Knowledge decision-maker  plans ahead B. Surveys sell product at profit C. Statistical models VI. Market Gap Lesson 2: Business Plan Difference between gap and supply (like shortage) I. Small Scale Business ○ Supply - demand Functions on small scale level ○ To get demand and II. Large Scale Business supply, you need a More employees and a complex questionnaire management hierarchy Reasons for knowing market III. Parts: gap: A. Marketing ○ To know status of market B. Technical ○ To know if there’s C. Management demand D. Financial ○ To make a good decision E. Socio-Economic VII. SWOT Analysis Lesson 3-8: MTMFS Strengths, Weaknesses, Opportunities, Threats Marketing Aspect Analyze what your company does and devise a successful I. Market - potential customers strategy sharing a need/want VIII. 4P’s of Marketing II. Supply - stock of a resource Product - produced and sold in III. Demand - customer's desire to large quantities buy a product Place - location where people IV. Law of Supply & demand regularly gatherf for hte Equilibrium - supply = demand purchase and sale of provisions Surplus - supply > demand ⇒ Price - Current price of a price will fall service Shortage - supply < demand ⇒ Promotion - used to inform price will rise customers about the product V. Demography - statistical study and service features and offers of human population A. Census data  in order to create awareness, Where are customers increase demand drive sales How many will buy IX. Product Life Cycle How much Helps determine advertising XIII. Channels schedules, price points, Zero channel - direct expansion to new product, One level channel - one markets, packaging redesigns, intermediary and more. Two level. - 2 intermediary 4 stages: Three level - 3 intermediary ○ Introduction - product is XIV. Promotion - communicate launched, sales are low, product to audience and demand builds Tools of promotion slowly ○ Advertising ○ Growth - Growing ○ Sales promotion demand ○ Public reaction / ○ Maturity - business Direct Marketing growth levels out XV. Five steps in advertising because the product has Objective setting saturated its market. It’s Budget decision at most risk of starting to Message decision go down e Media decision ○ Decline - terminal stage, Ad-effectiveness sales drop and production is halted Technical Aspect X. Factors to consider in pricing I. Definition - Process in making a Product cost product Competitors price II. Lines of Business Product features Manufacturing - produces the XI. Distribution - getting goods from product in great numbers mfg to final customers Servicing - Gives service XII. Distribution depends on Trading - buying and selling of a What the prods are product Customers III. Stages of mfg  Storing - safekeeping of goods Good buying Processing - performs a series Cut down Waste of operation to convert raw Cut spoiled work matl to a final product VI. Avoid accidents by Assembling - Comibining Good process flow - series of individual components into a steps to go to achieve a goal finished product Good work organization - right Finishing - Altering the surface task, right people of a manufactured part to Safe machines - use machine achieve the desired appearance according to mfg instructions to provide durability Safe Equipments - PPE Inspection - systematic (Personal Protective process to verify quailty Equipment) Packing - protect the product and facilitate marketing and Management Aspect distribution to others. Organization that runs major IV. Factors in making a product activities to operate the Product - article/substance business that is made/refined for sale I. Importance of team Raw Materials - input goods Potential Investors - person or needed to manufacture a organization who will invest product Full Time operation Mfg Process - process of ○ Manpower - total number turning raw matl to finished of people who can work goods Psychological commitment - Machines - operated device for engaged employees who care performing a task about their work and company Waste Disposal - proper control Efficient manpower - total # of of materials discarded individuals who are employed in Safety - Prevention of worksite a company injuries II. Area of consideration Plant Size Organization chart - describes V. Cutting cost of matl how businesses are structured  Planning - process of getting Special conditions of job - qualified employees and putting process where individuals or them in the right job at the right employees develop skills to time perform certain activities Rewards - are monetary or non What task are to be made - monetary compensation Assigned piece of work to be Evaluation - evaluating finished within a certain time employee performance based Importance of each Task - on their achievement of SMART attributes value to long-term (look up its acronym) objectives goals Selection - matching org. Reqs. Time required for task - time with qualifications of people you want a task to be Training - process of increasing completed knowledge and skills of the VI. Board of Directors workforce Called as Advisors Job Description (Refer to IV. 5-7 members Job description) Related to financial III. Stages of development performance Stage 1 - seed stage (idea and Can be beneficial assessing if it’s worth doing) VII. Role of board Stage 2 - Sale growth and risks Improve the co. image decrease Develop marketing plans Stage 3 - Expansion era Support Day-to-day activity IV. Job Description Infusion of new ideas Explains the tasks, and VIII. Use of advisors responsibilities of a position Accountants, bankers, Roles of employees lawyers, researchers Prevents overlapping of jobs Can become part of an V. Content of job description organization Details of work - specific task It gives the best advice assigned to an individual or It can be friends, relatives, the group chamber of commerce IX. Forms of business  Proprietor - someone who owns Refers to writing down all an unincorporated business transactions from business Partnership - 2 or more share activities ownership Types of Financial Statements Corporation - Owned by shareholders who elect a board I. Working Capital to oversee activities Total money required to make a business Financial Aspect Things to consider Snapshot of the company’s ○ Operation cost finances ○ Renovation cost Gives crucial info about your ○ Equipment cost business performance Income Statement It contains: ○ Working Papers Profit and loss account ○ Study Situation of Tells if the business made a business profit or not ○ Financial Standing Contents: ○ Accounting statement ○ sales ○ goods sold Management Accounting ○ profit/loss Process of preparing reports ○ operating expenses about business operations that ○ net income / loss help managers make short-term Parts: and long-term decisions ○ Money In - Payment for Contents: goods/services (sales) ○ How money came in ○ Money Out - Used to ○ What you own operate the business ○ How money will come (maintenance/salary) out ○ Profit Product Cost Composes: Bookkeeping Raw material Direct Labor  Overhead Expenses ○ Financial position of a II. Balance Sheet business Reports company’s assets, ○ shows what the business liabilities and shareholder equity owns and owes A snapshot of what the III. Cash Flow Statement company owns and owes as of Plan that shows how cash will the date of publication flow in/out of the business Formula: Reveals the status of your business Asset = Liabilities + Capital 2 Groups of cash flow ○ Asset - whole list of Source of cash ownership with monetary Uses of Cash value current assets - 3 ways of cash inflow can be converted sales - transaction between to cash buyer and seller Liabilities - loans accounts receivable - payment incurred during the company received from the the business customer who bought their fixed assets - product used in business loans operations (not for sale) Types of cash outflow other assets - legal rights and Purchases economic Direct Labor - workers relationship Overhead expenses - ongoing ○ Capital - Money Invested business expenses Contents: Operating expenses - expenses ○ Accounts for the to perform operations activities distribution of the money Amortization - periodically in the business lowers the book value of a loan  or an intangible asset over a set III. Run By Tradition period of time Procedure devised in the past Long TAE (trial and error) Definition of terms Custom and belief BOH - Beginning on hand Disadvantages: EOH - Ending on Hand ○ Applicable To non-industral societies Socio Economic Aspect ○ Tech advancement not regarded Provides for the material well ○ Does not consider large being of society scale change Improves quality of life of ○ Economic life is based customers on past and cultures I. Things to consider ○ Hinders economic Society development Division of labor - occurs IV. Run by Command when dividing mfg and retail Dictator process into multiple jobs Great speed to change Mobilizing effort - making an Disadvantages: effort to improve work ○ Restricts freedom Material scarcity - demand of a ○ Radical change resource is greater than supply ○ Limit indiv. Goods Allocating Effort ○ Abuse may not be Distribution of output - questioned distribution entails making a V. Run by Market product available for purchase Combines Tradition and II. Task of economic society Command Production of enough goods Order and efficiency and services Dictated by people More Production will take place Unlimited Demand 3 Solutions to the economic Disadvantages: problem ○ Uncontrolled society  ○ Some demands are harmful ○ Nobody runs the market (p.s. Patayin niyo nalang ako sa haba nito)