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Entrepreneurship by Mind Map: Entrepreneurship
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Entrepreneurship

Scarborough, Norman. Essentials of Entrepreneurship and Small Business Management, 6th Ed. Prentice Hall, c. 2011

Business Model Designing

Why & How must a business create competitive advantage

Steps in the Strategic planning process

Develop a clear vision & translate into a mission statement

Assess the company's strengths & weaknesses

Scan the environment for opportunities & threats facing the business

Identify the key success factors

Analyze the competition

Create company goals & objectives

Formulate strategic options & select the appropriate strategies

Translate strategic plans into action plans

Establish accurate controls

S-M-A-R-T goals & objectives

Basic strategies

Low-cost

Differentiation

Focus

Understand the importance of controls such as Balanced Scorecard in the planning process

PowerPoint

Conducting Feasibility Analysis

Major components of Feasibility Analysis

Industry & market feasibility analysis

Product or service feasibility analysis

Financial feasibility analysis

Goal of feasibility analysis

to determine whether or not an entrepreneur’s idea is a viable foundation for creating a successful business

Benefits of Preparing a Business Plan

Elements of a Business Plan

Executive summary

Mission statement

Company history

Business & Industry profile

Company's business strategy

Profile of products & services

Marketing strategy

Competitors' analysis

Owners' & officiers' resumes

Plan of operation

Financial data

Loan investment proposal

What the 5C of credit and their importance

Capital

Capacity

Collateral

Character

Conditions

PowerPoint

Marketing Plan

Principles & Benefits of Building a Marketing Plan

How can a business pinpoint their target market

Discuss the role of market research

Outline the market research process

Sources to develop competitive edge

Find a niche and fill it.

Use the power of publicity.

Don’t just sell; entertain

Strive to be unique.

Connect customers on an emotional level.

Create an identity for your business through branding.

Embrace social networking.

Start a blog.

Create online videos.

Focus on the customer.

Be devoted to quality.

Pay attention to convenience.

Concentrate on innovation.

Be dedicated to service.

Emphasize speed.

What the 4Ps of marketing & their role in a successful marketing strategy

Product

Place

Price

Promotion

PowerPoint

Financial Plan

Importance of a Financial plan

Describe how to prepare & use the basic financial statements

Balance sheet

Income statement

Cash Flows statement

Create projected financial statements

Categories of & understanding financial ratios

liquidity ratios

leverage ratios

operating ratios

profitability rations

Break-even analysis

PowerPoint

Financing Sources

Importance of planning for capital requirements

Equity vs. Debt Capital

Differences

Advantages

Disadvantages

Sources of Equity capital

Personal

Family & friends

Angels

Partners

Corporations

Venture capital

Public stock offering

"Going public"

Sources of Debt capital

banks

asset-based lenders

vendors

equipment suppliers

commercial finance companies

savings & loans associations

stock brokers

insurance companies

credit unions

bonds

private placements

small business investment companies

small business lending companies

Government loan programs

Internal financing sources

PowerPoint

Venture Team Planning

Entrepreneur as Leader

Hiring the right employees

Company culture for retention

Management succession plan

Exit strategies

Powerpoint

Topics

The Entrepreneurial Mind

Foundations

Right Location

Pricing Strategies

Franchising

Global Aspects

Buying a Business

Cash Flow Managing

Business Forms

E-Commerce