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 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 Price Product Promotion People 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 Target Market A popular taste at a given time Demographics Characteristics of the human population & population segments Customer profile Those most likely to buy your products/services Need to ask: 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 Packaging Labeling 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?