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Entrepreneurship Dynamics: Business Viability and Planning

Entrepreneurship10 CardsCreated 17 days ago

This deck covers key concepts from the Dynamics of Entrepreneurship, focusing on evaluating business ideas, market research, business structure, and financial planning.

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What is a viability study?

A viability study estimates interest in a business, expected sales, costs, and identifies strengths and weaknesses.

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Key Terms

Term
Definition
What is a viability study?
A viability study estimates interest in a business, expected sales, costs, and identifies strengths and weaknesses.
What is the purpose of market research?
Market research gathers, analyzes, and interprets information about a market, product, or service and its customers.
What are the key components of a needs analysis?
Identifying potential customers, their needs, and how they make buying decisions.
Name the types of business structures mentioned.
Sole trader, partnership, close corporation, company.
What is a mission statement?
A mission statement defines a business's fundamental process, its products/services, and its customers.
What does the SMART framework stand for?
Specific, Measurable, Attainable, Relevant, Time-bound.

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Entrepreneurship Dynamics: Business Viability and Planning
TermDefinition
What is a viability study?
A viability study estimates interest in a business, expected sales, costs, and identifies strengths and weaknesses.
What is the purpose of market research?
Market research gathers, analyzes, and interprets information about a market, product, or service and its customers.
What are the key components of a needs analysis?
Identifying potential customers, their needs, and how they make buying decisions.
Name the types of business structures mentioned.
Sole trader, partnership, close corporation, company.
What is a mission statement?
A mission statement defines a business's fundamental process, its products/services, and its customers.
What does the SMART framework stand for?
Specific, Measurable, Attainable, Relevant, Time-bound.
How is the expected market share calculated?
Estimate the total potential market, the portion held by competitors, and the portion you can sell to.
What is the break-even point?
The volume where all fixed expenses are covered.
What is cash planning?
Cash planning involves forecasting future cash receipts and payments to manage daily business operations.
Why is a cash budget important?
It helps plan short-term credit needs, predict cash shortfalls, and highlight payment schedule issues.