Entrepreneurship and Innovation.

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Understanding Entrepreneurship

1. Describe three (3) critical areas of research an entrepreneur should examine prior to investing in their new

venture. Next, explain how this research will assist the entrepreneur in developing their business plan.Be sure to

justify your answer.

Discuss three (3) sources of business funding an entrepreneur could utilize to finance the startup costs of a new

business. For each source of funding present two (2) or three (3) benefits and two (2) or three (3) risks. Next,

elaborate on which option you would prefer for your business model and why.

Basic Business Research and Planning

1. Describe three (3) critical areas of research an entrepreneur should examine prior to investing in their new

venture. Next, explain how this research will assist the entrepreneur in developing their business plan.Be sure to

justify your answer.

2. Discuss three (3) sources of business funding an entrepreneur could utilize to finance the startup costs of a new

business. For each source of funding present two (2) or three (3) benefits and two (2) or three (3) risks. Next,

elaborate on which option you would prefer for your business model and why.

Customer Target Marketing Strategy and Competitive Analysis

1. Discuss three (3) specific characteristics that you would use to define the target audience. Next, determine how

you would utilize this market information to develop your product or service niche. Justify your response.

2. Describe two (2) or three (3) elements of a business model that would provide your company with a competitive

advantage over other businesses in your industry. Next, list the major risk(s) you would identify as the biggest

threat to a company’s success and how they could overcome them.

Understanding Financial Statements and Funding Strategies

1. Compare and contrast the main differences between cashflow and revenue. Next, determine whether or not you

prefer your company to be cash flow positive or achieve a break-even point. Provide support for your response.

2. There are many potential sources of money available to fund an operation. Identify five (5) sources of money you

would list in a business plan as funding opportunities for a startup venture capital. Next, discuss the ranking you

would use to rank these options in order of importance. Be sure to provide support for your rankings.

Marketing Plans, Strategies, and Tactics

1. State the key attributes of a product or service that you would use to develop a marketing message. Next,

identify two (2) or three (3) unique selling propositions you believe a company would focus on to develop a

competitive advantage in their industry. Provide support for your selections.

2. As the marketing manager, describe how you would spend your marketing budget to get the most value for your

organization. As part of your budget, you must select one (1) traditional marketing venue (newspaper, TV, mailers,

coupons, etc.) and one (1) online marketing strategy (website, social sites, mobile, search ads, etc.). Discuss why you

believe these two (2) tactics are the best options to consider for your business model. Justify your response.

Sales Channels and Management Practices

1. Compare and contrast the main advantages and disadvantages of Traditional Brick and Mortar business models

as compared to eCommerce business models. Next, describe which business model you would most likely select for

your next venture. Provide support for your response.

Sales Channels and Management Practices

1. Compare and contrast the main advantages and disadvantages of Traditional Brick and Mortar business models

as compared to eCommerce business models. Next, describe which business model you would most likely select for

your next venture. Provide support for your response.