The legal structure, ownership, management, and staffing requirements of the business.
To raise money for a specific purpose without making a profit.
People who need your product, are willing to buy, and have the power to buy.
Attractiveness, cost-efficiency, attention capture, brand message connection, and clear messaging.
A dynamic process of vision, change, and creation.
Sourcing, attracting, recruiting, and onboarding employees.
What a customer needs or wants from a product or service.
They are referred to as customer requirements.
A statement of what your product or service does and how it solves a customer's challenge.
Their thoughts, feelings, and experiences shape the decisions of the business.
Putting the right product in the right place, at the right time, and at the right price.
To drive awareness and increase sales through effective advertisements and tools.
It should include advertising strategies, pricing strategy, sales and distribution methods, and post-sales support.
Making someone agree to provide resources under extraordinary conditions, asserting confidence and competence.
Viability is defined as the ability to survive or persist, linked to financial performance and the chance of success.
Grouping customers based on their perceptions, lifestyle, motivations, and inclinations.
The total quantity of a product or service that consumers are willing and able to purchase at a given price.
The main group of consumers a business aims to reach with its products or services.
Pursuing a new venture, including new products in existing markets or creating new organizations.
Launches a new business venture or commercializes technology.
Gathering and analyzing information about competitors, customers, and industry trends to make smarter business decisions.
The legal structure of the company, ownership percentages, and details if it's a sole proprietorship.
The best location for the business, convenience for customers, and distribution processes.
A formal document outlining the goals, strategies, and financial projections of a business.
Creates opportunity, ensures social justice, instills confidence, stimulates the economy.
To cover local business news and interview business personalities.
Urgency means the market problem needs an immediate solution and customers care if it is not solved.
Skimming, Penetration, Value Based, Cost Plus, Cost Leadership.
Represents a company, manages accounts, and follows up on customer leads.
A market segment to which a particular good or service is marketed.
To determine the most appropriate price and pricing strategies that represent good value for money.
A USP describes how a product or service benefits the customer and what sets it apart from competitors.
To bring resources together in a way that creates greater value.
Understands business concepts and recommends courses of action based on data.
To outline the physical requirements of the business, including space, equipment, and labor.
Market analysis demonstrates thorough understanding of the target market and demand for the product or service, ensuring business viability.
Setting the price of a product or service based on how much value it provides to customers.
Underlying characteristics that lead to effective or superior performance in a job.
Business cards, flyers, brochures, product launches, and tradeshows.
Grouping customers according to relevant socio-economic variables like income, age, and gender.
A business plan convinces readers that the business can produce enough revenue to be a satisfactory investment opportunity.
The process of gathering information about customer demand and competitors' products in a particular market.
Product, Price, Promotion, Place, People, Process, and Physical Evidence.
The appropriateness of the product or service for the opportunity and reasons customers will buy it.
Skills, attitudes, and behaviors that enable individuals to identify opportunities and establish successful ventures.
To identify problems in client companies and recommend solutions.
Time to produce a unit, start date for production, and potential problems like rush orders.
You should consider if buyers will pay to have the problem solved, especially if it is urgent and pervasive.
The distribution channels and locations through which a product or service is delivered to the customer.
A comprehensive plan outlining how a brand will position itself in the market and build strong relationships with its target audience.
A quantitative and qualitative assessment of a market's ability to respond positively.
They are essential as they are part of the business offering, influencing customer experience.
Characteristics of an entrepreneur that always finds ways to do things faster or with fewer resources or at a lower cost.
It should provide an overview of the business, mission, management, product offerings, target customers, competition, and financial projections.
A challenge or need in the market that is not being effectively addressed by current products or services.
To inspire students to develop an entrepreneurial mindset.
Pervasiveness refers to whether the identified market problem applies to a significant percentage of the target market.
Stated needs are explicit requests from the market, while silent needs are problems with undefined solutions.
To advise clients on strategies to apply in their business and how to execute them.
The French verb 'enterprendre', which means to undertake.
