Reviewer for Entrepreneurships

 Marketing Plan - are designed to capture market share and defeat competitors
- the process consists of analyzing marketing opportunities, selecting target markets,
designing marketing strategies, developing marketing programs and managing the marketing
effort.
 Positioning - is the way the customers perceive the enterprise and its products or services in
their minds
 Packaging - does not refer only to the wrapper or container of the product
- it can mean the bundle of products or services that are put together to attract
and delight customers
 A Brand - a name, symbol, or design (or combination thereof) that identifies the goods or
services and distinguishes them from those of the competitors
 Place
 Final Choice Of Location
a. Image And Location Conditions
b. Clustering Of Competitor Establishments
c. Future Area Development
Promotion - is the explicit communication strategy adopted by an enterprise to elicit the
patronage, loyalty and support not only from its customers but also from its other significant
stakeholders
Kinds of Promotion
 Advertising – is a paid, non-personal communication regarding goods, services,
organization people, places and ideas that is transmitted through various media
- Form of communication
 Personal Selling – involves oral communication with one or more prospective the buyers
my paid representatives for the purpose of making select
Price - is a major factor for the customer in buying a product it is not the only factor such as in
the case of buying premium products
Product - is the tangible good or the intangible service that the enterprise offers to its customers
in order to satisfy their needs and to produce their expected results
Niche Products - do not intend to compete directly with the giants
Entrepreneurial Mind – refers to a specific state of mind which orientates human conduct
towards entrepreneurial activities and outcomes
Creative Mind - conceptualizes and designs a product that consumers find some use for it
Technical Mind - is the technology originator
Purposes Product Launch And The Business Mind - brings the product from prototype stage to
the production phase and finally to its ultimate destination the marketplace
- the product must be made shop-ready for commercial
Partnerships - is vested with own legal personality quite distinct and separate from its individual
members
- can own its own assets and incur its own liabilities
- it can sue and it can get sued
Categories of Accounts
 Assets – something that a company has owns or controls, a receivable is an assets
- A particular entity can obtain the benefit and control other’s access to the asset
- Examples: cash, account receivables, land, equipment, construction in progress,
patents, copyrights, goodwill, computer, trademark, etc.
 Liabilities - Amounts that company owes to its creditors
- Examples: Notes Payable, Accounts Payable, Unearned Revenue, Owe on
Account, Accrued Expenses, etc.
 Revenues - Goods or services provided to a customer
 Expense - You were provided a service that you will pay for
- Examples: employees work, electricity, advertising, interest, taxes, etc.
 Equity - Owned by the owners of the company
 - Example: Retained Earnings, etc.
Major Financial Statements
 Income Statement
 Financial statement that reports the company’s revenues and expenses over an interval of time
 Shows whether the company was able to generate enough revenue to cover expenses of running the
business
Formula:
 Revenue-Expenses = Net Income or Net Loss
 Statement of Changes in Shareholder’s Equity
 Contributed capital and retained earnings
 Retained Earnings:
Formula:
Beginning Retained Earnings
Less Dividends
Plus Net Income or Minus Net Loss
Ending Retained Earnings
 Balance Sheet (assets, liabilities and Shareholder’s equity)
 Financial statement that presents the financial position of the company on a particular date.
 Summarized by the accounting equation which must always be in balance
Formula:
(Assets=Liabilities + Shareholder’s Equity)

Categories of Balance Sheets

1. Assets
 Current Assets – will be used or paid for within the next year
 Examples: Cash, Account Receivables, Inventory, Office supplies, Prepaid insurance
 Non-current Assets – will not be used or paid for within the next year
 Examples: Land, Notes Receivable, Equipment, Buildings, Trademarks, Investment, Long Term
2. Liabilities – amounts that company owes to its creditors
 Current Liabilities
 Examples: Account payable, unearned revenue, accrued expenses
 Non-current Liabilities – will not be used or paid for within the next year
 Examples: Notes Payable (Long Term or Short Term), Bonds Payable
3. Owner’s Equity – the owner’s claim to the assets of the company
- Includes both retained earnings and capital stock (common stock, preferred stock)