Download Understand Opportunity

Understanding
Opportunity
Mile Markers 1 & 2
(4.01)
What is an Entrepreneur?
• An entrepreneur is a person who organizes,
operates, and assumes the risk for a business
venture.
Types of Entrepreneurships
• Sole Proprietorship
– One individual (or married couple) in business
alone.
– Most common form of entrepreneurship
• General Partnership
– Composed of 2 or more persons (usually not a
married couple) who agree to contribute money,
labor, or skill to a business.
• Limited Partnership
– Composed of one or more general partners and one or
more limited partners.
Types of Entrepreneurships
• Franchise
– The practice of using another firm's
successful business model
• Corporation
– An independent legal entity owned by
shareholders.
– Can sell stock (representation of ownership) to
raise capital
Opportunity
• Before you begin a business, you determine if
there is a demand for the product.
– This is determining if there is a value or an
opportunity.
Leadership Qualities
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Self-Confidence
Initiative & Innovative
Charisma
Intelligence
Decisiveness
Effective Communication
Personality
Vision & Foresight
Flexibility
Acceptance of Responsibility
Marketing
• What is marketing?
– The management process through which goods
and services move from concept to the
customer.
Marketing
• Strategies
– Place
• Location, location, location!
– Price
• Best for the buck
– Product
• What sets yours apart
– Promotion
• Getting the consumer to buy/shop
– People
• Who are you selling to
Marketing
• Trends
– A popular taste at a given time
• Target Market
– Demographics
• Characteristics of the human population & population
segments
– Customer profile
• Those most likely to buy your products/services
• Need to ask:
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Who are my customers?
What do they generally buy & how do they hear about it?
How often do they buy
How can my business meet their needs?
Marketing
• Distribution
– Place
• Location, Location, Location!
• Do hours match target market?
– Packaging
• Channel of distribution-path
product takes form manufacturer
to consumer
– Labeling
• Creativity
• What will attract customers to
my business/product?