1. Understanding Opportunity
Mile Markers 1 & 2
(4.01)

2. What is an Entrepreneur?
An entrepreneur is a person who organizes, operates, and assumes the risk for a business venture.

3. 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. 

4. 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

5. 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.

6. Leadership Qualities Self-Confidence Initiative & Innovative Charisma
Intelligence
Decisiveness
Effective Communication
Personality
Vision & Foresight
Flexibility
Acceptance of Responsibility

7. Marketing What is marketing?
The management process through which goods and services move from concept to the customer.

8. 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

9. 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?

10. 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?