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Title: Entrepreneurship (Introduction)
Description: The introduction according to our professor's lecture during class. I'll be posting more about the lesson, I hope you can support me with the notes I provide and I hope I do the same to all of you. Thank you!
Description: The introduction according to our professor's lecture during class. I'll be posting more about the lesson, I hope you can support me with the notes I provide and I hope I do the same to all of you. Thank you!
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ENTREPRENEURSHIP NOTES
Chapter 1: Introduction (From Lecture)
Entrepreneurship
➢ Ability to provide the right products and services at the right time, right place tot the right
people with the right price
...
BUSINESS MAN
ENTREPRENEUR
Sets up a business with
existing idea
...
MEANING
MARKET POSITION
Market Player – plays along
with the competitors
...
Intuitive – there are risks
...
Creates place in existing
market
...
Comparatively High – risky
...
Profit
Atomistic – detailed, separate
elements that you are
concerned
...
METHOD APPLIED FOR
DOING THINGS
APPROACH
ORIENTATION
COMPETITION
Business Plan
➢ Serves as a guide or roadmap to achieve one’s goals
...
➢ Satisfy the needs of the target audience
...
Entrepreneur
...
Investors
...
Staff and Managers
...
Micro
3m
1-10
2
...
Macro
15m - above
100
(According to Concept)
1
...
2
...
3
...
Opportunity Seeking
➢
➢
➢
➢
First step in developing a product
...
Expanding your reach
...
Traits of an Entrepreneur:
1
...
2
...
3
...
Sources of Opportunities
MACRO ENVIRONMENT
➢ Large, broad
...
P
...
E
...
or P
...
S
...
E
...
➢
➢
➢
➢
➢
➢
Socio-Cultural – traditions, beliefs, customs, trends, taste
...
Economic – foreign exchange, inflation, interest rates
...
Technological – advancement, makes access easier
...
Industry Sources of Opportunities
1
...
3
...
5
...
Suppliers - sources of raw materials in relation of making a product
...
Substitute Products – alternative
...
Notes:
•
•
•
•
Direct Competitor – offering the same product and market
...
Customer – buy product but not necessarily the one who uses it
...
And uncertain if the consumer is the one who
bought the product
...
➢ According to function
...
Market Sources of Opportunities
Demand – no
...
Supply – no
...
Market Trend – environment
...
Segmentation – divide your market (e
...
Boys, Girls)
...
MICROMARKET
➢ Specific target market
...
Consumer: Preferences, Piques, and Perception
Preferences: likes, dislikes
...
Perception: promotional tools, advertisement
...
BUYERS BARGAINING POWER – buyers are more dominant
...
Value Added Chain – value/ create value
...
Something
makes it specials because it is more costly
...
➢ Production/Service Facilities Investment
...
Opportunity Seizing
Crafting Positioning Statement
➢ Does not pertain to location or place
...
Conceptualization
➢ By set
...
➢ The product should match its positioning statement
...
First thing of what it should like
...
Sample of product
...
Implementing, Organizing, Financing
➢ Operation of your business
Title: Entrepreneurship (Introduction)
Description: The introduction according to our professor's lecture during class. I'll be posting more about the lesson, I hope you can support me with the notes I provide and I hope I do the same to all of you. Thank you!
Description: The introduction according to our professor's lecture during class. I'll be posting more about the lesson, I hope you can support me with the notes I provide and I hope I do the same to all of you. Thank you!