ENTREPRENEURSHIP W5-6

It is created when customers are willing to pay more of your product or service than the competitors

• potential cash cow

• solves compelling problem

• superior value

• matches entrepreneurs skills

An outline of your business idea

• objective

• study background

• executive summary

• vision

These includes the main business opportunity or idea, such as nature of the

business

• study background

• executive summary

• marketing plan

• financial plan

____________ is everything you do to find customers and satisfy their needs while

making profit.

• study background

• financial plan

• operational plan

• marketing plan

Which of the following does the "S" in SMART stand for when formulating business objectives?

• SPECIFIC

• SUSTAINABLE

• STRATEGIC

• SIGNIFICANT

What does the "R" in SMART stand for when formulating business objectives?

• RATIONAL

• REALISTIC

• RIGOROUS

• RADICAL

What does the "A" in SMART stand for when formulating business objectives?

• ASPIRATIONAL

• AMBITIOUS

• ATTAINABLE

• AGGRESSIVE

Which of the following is an example of a time-bound business objective?

• Establish a positive company culture

• Reduce production waste

• Launch a new product line within the next six months

• Improve communication among team members

This means analyzing, assessing, and understanding where you are now and where you want to be in the future.

• Mission statement

• Vision Statemnent

• Objectives

• Study Background

This statement outlines WHERE you want to be. Communicates both the purpose and values of your business.

• Mission Statement

• Vision Statement

• Objective

• Study Background