Entrepreneurship: Basics & Business Planning
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This overview covers key aspects of entrepreneurship, including business opportunity recognition, planning (business plan structure and marketing), financial management, legal considerations, operations, leadership, technology integration, and ethical practices. It also details different entrepreneur types and essential financial and marketing concepts.
A person who starts and runs a business, taking on financial risks in the hope of profit
The act of identifying opportunities and organizing resources to start and grow a business
Focuses on new products/ideas
Copies existing business models
Aims to solve social issues
Starts multiple businesses over time
Personal savings, loans, investors
Shows profit/loss
Assets = Liabilities + Equity
Tracks money in/out
A brief overview of the business plan
Details about the company's history, mission, and structure
Research on the target market, competition, and industry trends
Information about the company's organizational structure and management team
Description of the company's products or services
Plan for marketing and selling the company's products or services
Forecasts of the company's financial performance
Amount of funding requested from investors (if applicable)
A good or service offered to customers
The amount customers pay for a product or service
The distribution channels used to reach customers
Marketing activities used to promote a product or service
Dividing the market into segments and targeting specific groups
Creating a unique image and identity for a brand
The process of registering a business with the government
Authorizations required to operate a business legally
Legal rights protecting creations of the mind
The ability to bounce back from setbacks
The ability to generate new ideas and solutions
The willingness to take chances and make bold decisions
The ability to make sound judgments and choices
The process of creating and leading a high-performing team
A company's commitment to act ethically and contribute to society
Environmentally conscious business operations
Using ethical and sustainable practices in sourcing materials and conducting business
An assessment of the practicality and viability of a business idea