What are the basic concepts that are relating to entrepreneurship and small business management?
Principle of business entrepreneurship
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Mar 20
1. Entrepreneurship: The process of starting, organizing, managing, and assuming the responsibility for a business venture.
2. Small Business Management: The process of planning, organizing, directing, and controlling the activities of a small business to achieve its objectives.
3. Business Plan: A written document that outlines the goals, objectives, strategies, and financial projections of a business.
4. Marketing: The process of identifying, anticipating, and satisfying customer needs and wants through the creation and exchange of value.
5. Finance: The management of money and other assets to achieve the financial goals of a business.
6. Human Resources: The management of the people who work for a business, including recruitment, training, and performance evaluation.
7. Operations Management: The management of the processes and systems that produce and deliver a company's products and services.
8. Innovation: The process of developing new ideas, products, or services that create value for customers and differentiate a business from its competitors.
9. Risk Management: The process of identifying, assessing, and mitigating risks that could impact the success of a business.
10. Networking: Building relationships with other entrepreneurs, customers, suppliers, and industry professionals to support and grow a business.