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  • Entrep 1ST Quiz Finals

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    Coleen Balaccua
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    The document discusses key considerations for entrepreneurs regarding materials, operations, business models, and financial planning. It notes that entrepreneurs must decide whether to manufacture their own products/services, outsource production, or purchase from suppliers. The business model section advises targeting high-value customers and offering great value. A financial plan involves raising capital through personal funds or loans using collateral. Revenue estimation depends on factors like the target market, competitors, marketing strategies, and external economic conditions.

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    ENTREP 1ST QUIZ FINALS

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    The document discusses key considerations for entrepreneurs regarding materials, operations, business models, and financial planning. It notes that entrepreneurs must decide whether to manufacture their own products/services, outsource production, or purchase from suppliers. The business model section advises targeting high-value customers and offering great value. A financial plan involves raising capital through personal funds or loans using collateral. Revenue estimation depends on factors like the target market, competitors, marketing strategies, and external economic conditions.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    5 views2 pages

    Entrep 1ST Quiz Finals

    Uploaded by

    Coleen Balaccua
    The document discusses key considerations for entrepreneurs regarding materials, operations, business models, and financial planning. It notes that entrepreneurs must decide whether to manufacture their own products/services, outsource production, or purchase from suppliers. The business model section advises targeting high-value customers and offering great value. A financial plan involves raising capital through personal funds or loans using collateral. Revenue estimation depends on factors like the target market, competitors, marketing strategies, and external economic conditions.

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    © All Rights Reserved
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    of 2

    ENTREP 1ST QUIZ FINALS  Offer products with great value

    and reasonable price


    4M’S OF OPERATIONS
    RED means STOP and THINK AGAIN
    MATERIALS
    Red Light- negative indication about
     Raw materials are materials or
    business opportunity
    substances used in the primary
    production or manufacturing of Satisfying the customers becomes too
    goods costly and irrational
    Entrepreneurs must decide what route to  High warranty cost
    choose when it comes to materials  Extensive technical support,
    requisitioning such as: installation requirements, and
    customer care
     Manufacturing your own
     Being a market leader is hard to
    product/services
    sustain
     Outsourcing of manufacturing or
     Return on investment (ROI) takes
    service activities to a third party
    too long and small
     Purchasing own products or
    services from present suppliers FINANCIAL PLAN
    For logistics Entrepreneur begins to raise funds for
    his/her company, financial management
     Warehouse
    begins.
     Inventory
     Transportation Capital
     Money that is allocated by the
    THE BUSINESS MODEL
    entrepreneur to establish business
    Accdg. To Don Debelak, entrepreneurs  Shouldn’t mixed with the personal
    must apply the dynamics of the traffic money of the entrepreneur
    lights in developing business mode
    Collateral
    GREEN means GOOD TO GO
     Refers to a high asset that is
    Green Light- positive indication about a submitted by the business to the
    business opportunity bank applying for a loan and will
    be subject for repossession if the
    Target High Value Customers
    business defaults
     Easy to locate
    FACTORS AFFECTING ESTIMATION OF
     Allow you to charge a profitable
    REVENUE
    price
     Willing to try your product after Revenue
    minimal marketing expenses
     Output of a sale wherein the sale
     Can generate enough business to
    price exceeds the cost to product
    meet your sales and profit
    the product or render the service
    objectives
     Considered earned when the
    product is already sold or service
    has been rendered regardless if
    the business is paid in cash or
    credit
    The economy and the external primary
    target market
    The external competitors

     Direct competitors are those that


    offer exactly the same product
     Indirect competitors do not offer
    the same product but influence or
    affect the entrepreneur’s market
    share
     The entrepreneur can also enter a
    market with no competitors. This
    rarely happens though; these days,
    there are virtually no unique
    products or services, or there are
    only few entrepreneurs who want
    to venture in an entirely different
    market that no one has tried yet.

    The internal business

     To assess potential revenue, the


    entrepreneur must devise his or
    her own marketing strategies
    based on external and internal
    scan from the competitive profile
    matrix

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