Entrepreneurship
| English | Chinese | Pinyin |
|---|---|---|
| entrepreneurship/ˌɒntrɪprəˈnjʊəʃɪp/ | 创业 | chuàng yè |
| value proposition/ˈvæljuː ˌprɒpəˈzɪʃn/ | 价值主张 | jià zhí zhǔ zhāng |
| feasibility study/ˌfiːzɪˈbɪlɪti ˈstʌdi/ | 可行性研究 | kě xíng xìng yán jiū |
| start-up capital/stɑːt ʌp ˈkæpɪtl/ | 创业资金 | chuàng yè zī jīn |
| break-even point/breɪk ˈiːvən pɔɪnt/ | 盈亏平衡点 | yíng kuī píng héng diǎn |
Start with a real problem
- Entrepreneurship 创业 is identifying an opportunity, organising resources, and taking responsibility for creating value.
- An idea is not automatically an opportunity. It becomes one when a defined customer has a problem worth solving and is likely to pay for the solution.
- A value proposition 价值主张 states who the offer helps, what problem it solves, and why that offer is useful.
An idea is free; customers are under no obligation to applaud.
When does an idea become a business opportunity?
An opportunity connects value with a defined customer need.
Test before you build
- A feasibility study 可行性研究 checks whether an idea can work in practice: customers, costs, skills, suppliers, rules, and competition.
- A small test is often better than a confident guess. A prototype, sample service, or short customer interview can reveal a flaw early.
- Evidence may make an entrepreneur change the idea. That is learning, not failure.
What can a feasibility study check? Choose all that apply.
Research reduces uncertainty; it cannot guarantee the result.
Take managed risks
- Entrepreneurs take risks, but sensible risk is researched, limited, and reviewed.
- Start-up capital 创业资金 is the money needed to begin. It may pay for stock, equipment, permits, or initial marketing before sales arrive.
- A break-even point 盈亏平衡点 is where total revenue equals total cost. Before it, the venture has not yet covered its costs.
At break-even, total revenue equals total cost.
The venture has covered costs, but has not yet made a profit above them.
Match the idea to its purpose.
One pays for the beginning; the other makes early learning cheaper.
Two students propose a same-day bicycle-repair service. They interview cyclists near campus, learn that puncture repairs are the most urgent problem, test a two-hour repair slot on one afternoon, and calculate the tools and replacement parts needed before buying a full set.
Their first idea changed from “repair every bicycle problem” to a focused service with evidence behind it.
Write one English sentence giving a customer problem and a focused bicycle-repair offer.
Example: “Students with punctures need to travel home today, so we offer a two-hour puncture repair service near campus.”
Customer problem → evidence → offer. A strong business explanation does not begin with “we want to sell”; it begins with why a defined customer would choose the offer.
Do not use “everyone” as a target customer. If an offer is for everyone, its price, promotion, and service are usually too vague for anyone.