ENTREP MIDTERM
Customer profile- description of the
1. Business Plan- written document that describes
all the steps necessary for opening and
operating a successful business
2. Small Business Administration- independent
agency of the federal government that was
created to help Americans start, build and grow
businesses
3. Harvest strategy- (exit strategy) way an
entrepreneur intends to extract or harvest his/
her money from a business after it is operating
successfully
4. Service Corps of Retired Executive- made up of
more than 12, 400 retired executives who
volunteer their time to provide entrepreneurs
with real-world advice and know-how
5. Focus group- in-depth interview with a group of
target customers who provide valuable ideas on
products/ services
6. Office of Small Business Development Center-
provides management assistance to current and
prospective small business owners
7. Use-based data- data that help you determine
how often potential customers use a particular
service
8. Competitive analysis- identifying and examining
the characteristics of a competing firm
9. Market research- system for collecting,
recording, and analysing information about
customers, competitors, products and services;
key to finding out your primary customers and if
they are willing to buy your product or service
10. Secondary data- found in already-published
sources; data on population, family size,
household income, economic trends, industry
forecasts
11. Cover letter- letter that introduces and explains
an accompanying document or set of
documents
12. Pro forma financial statement- financial
statement based on projected revenues and
expenses
13. Executive summary- before getting into the
detail of the main body of business plan,
readers will want to read it; a short restatement
of the report
14.
characteristics of the person or company that is
likely to purchase a product/ service
15. Demographics- data that describe a group of
people in terms of age, marital status, family
size, ethnicity, gender, profession, education
and income
16. Customer relationship management- goal of a
new marketing trend that focuses on
understanding customers as individuals instead
of as a part of a group
17. Survey- list of questions you would like to ask
your customers to find out demographic and
psychographic information
18. Indirect competition- business that makes only
a small amount of money selling the same or
similar products/ services to the same market
as other businesses
19. Statement of purpose- brief explanation of why
you are asking for a loan and what you plan to
do with the money
20. Primary data- information collected for the very
first time to fit a specific purpose
21. Psychographics- data that describe a group of
people in terms of their tastes, opinions,
personality traits, and lifestyle habits
22. Direct competition- business that makes most
of its money selling the same or similar
products or services to the same market as
other businesses
23. Data mining- used to find hidden patterns and
relationships in the customer data stored in the
data warehouse
24. Financial management- the financial section of
your business plan will help determine your
financial needs
25. Geographic data- data that help you determine
where your potential customers live and how
far they will travel to do business with you
26. Entrepreneurs-
27. Government-
28. Target customer- customers you would most
like to attract
29. Customer data-
30. Education and income-
31. Customer service-