Edution Time

Definitions of some key conceptsin Entrepreneurship

Working capital: It represents the medium and long-term resources available to the company to finance its activity. In other words, working capital refers to the funds available to the company to finance its productive activity and its longer-term investments.

Cash plan. tool to track, month by month, the inflow and outflow of money from the business. It shows the expected income and expenses and allows the entrepreneur to anticipate his banking situation at the end of the month.

Crowdfunding: Crowdfunding, a fundraising tool running on an internet platform and allowing a set of contributors to collectively choose to finance identified projects directly and in a traceable manner.

Marginal advantage over competition: Comparative advantage in the market segment resulting from the differentiation of the product offered by the entrepreneur

Questions:

1. How do you check the suitability of an idea for a personal project?

• To assess this adequacy, it is necessary to put in parallel:
  The economic project (characteristics and constraints).
  The personal project of the creator through 3 stages:
  The personal assessment
  The motivations of the project leader
  Personal constraints.
  In other words, it is a question of verifying the adequacy between the know-how, the know-how, the power to do and the will to do of the creator.

1. How important is the operational summary of a business plan?

• The operational summary is a short and complete version of the business plan which allows the creator to seduce in one or three pages all those who can help him in the realization of his project:

1. In his book The Job of the Business Creator, Alain Fayolle states:
   “You are not born an entrepreneur, you become one”.
   By referring to what you saw in class, analyze this quote, present and justify your personal position in relation to what Alain Fayolle thinks.
   -Who is an entrepreneur? what does the entrepreneur do? Why the entrepreneur?
   Unlike the psychological approach to entrepreneurship which considers that one is born an entrepreneur (the entrepreneur has the characteristic traits that distinguish him from non-entrepreneurs), the management approach thinks that the entrepreneur can to be appreciated in relation to what he does and not by what he is. (To be developed)
   Starting a business is a good adventure, but risky if it is not well prepared: what are the factors that condition its success? 1.5 point
   The qualities of the promoter and his motivations;
   Choosing a feasible project idea
   The proposed concept must meet a previously identified need
   Target identification
   The search for information on the sector of activity concerned. ;
   The availability of material, technical, human and financial resources;
   Control of the regulatory and legal framework of its sector of activity.

2. Difference between an educational project and an entrepreneurial project.
   -The educational project essentially aims to acquire knowledge related to the objectives of a course or program of study. On the other hand, the entrepreneurial project is based on the idea of the productive action of a good, a service or an event, in response to an identified need. It therefore becomes an added value to the educational project.

3. Briefly comment on the following two entrepreneurial quotes:
   "Those who are successful don't do different things, but have a different way of doing things."

• The entrepreneur should look for initiatives and opportunities in order to offer potential customers a different product / or service. In this case, it mustobserve your environment in order to detect possible shortcomings.

1. "There is no favorable wind for those who do not know where they are going"
   -The entrepreneur must always set goals to avoid visual navigation. These objectives must be SMART (simple-measurable-attainable-achievable -temporal)

Thanks for your attention