Value addition refers to value added to the goods and services through different means so as to create a new product that has greater value to customers.
<mark>Value Chain</mark> refers to all the activities that create and build value at every step. Thus the total value added to the final product or service is the sum of the individual value added at every step.

Return on Equity (ROE)
Return on Investment (ROI)

A business opportunity is an attractive economic idea which could be implemented to create a business, earn profits and ensure further growth. Entrepreneurs perceive opportunities quickly, synthesize the available information and analyse emerging patterns that escape the attention of other people.

Factors Involved in Sensing Opportunities

To sense an entrepreneurial opportunity, an entrepreneur employs his sharpened skills of observation, analysis and synthesis to identify an opening. The most important factors that are involved in this process are:

(i)    Ability to perceive and preserve basic ideas which could be used commercially.
(ii)    Ability to harness different sources of information.
(iii)    Vision and creativity.

(i) A business plan is a comprehensively written down document prepared by the entrepreneur describing formally all the relevant external and internal elements involved in starting a new venture.
(ii) It is a ‘road map’ required by the venture to evolve from an early start up to a mature business.
(iii) It workout all the relevant external and internal elements involved in starting a new venture and then running it successfully.
(iv) It is a formal statement of a set of business goals to be achieved by the enterprise.

Branding can be defined as name, term, sign, symbol or design or a combination of them which is intended to identify and distinguish the product of one firm with other. It is the means that differentiates products of one producer with competitors.

A logo is a graphic mark, emblem, symbol or stylized name used to identify a company, organization, product, or brand. It may take the form of an abstract or figurative design, or it may present as a stylized version of the company's name if it has sufficient brand recognition. A logo is a name, mark, or symbol that represents an idea, organization, publication, or product. Typically, logos (such as the Nike "swoosh" and Apple Inc.'s apple with a bite missing) are uniquely designed for easy recognition. Logos are images, texts, shapes, or a combination of the three that depict the name and purpose of a business – to put it simply. However, a logo can and should be more than a symbol of identification. If designed well, it also tells a company's story, by conveying your brand message.

Initiator: The entrepreneur is the one who initiates the process of creating an enterprise by coming up with the idea for the business and planning out how to turn that idea into a reality.
Risk Taker: In an enterprise, the entrepreneur, being the owner, is the biggest risk taker. He is the one who finds the capital to back up his idea and also the person who is accountable in the face of the failure of that particular idea.
Reduces Risk: It is also one of the most important roles of entrepreneurs to reduce the risk of an enterprise failure by bringing in people that can help the organization grow. These people can be shareholders or investors that have a stake in the company and therefore are motivated to help the company succeed.

Illumination

Illumination: In this period of illumination the idea re-surfaces in realistic way and entrepreneur comes out with viable plan to give practical shape by collecting raw-material, arranging funds, policy-making for the implementation of idea.

Technology refers the knowledge and utilization of tools, techniques and systems in order to serve a bigger purpose like solving problems or making life easier and better. Its significance on humans is tremendous because technology helps them adapt to the environment. Technology is important because it makes you feel more secure with every area in life for both personal and business reasons. With technology advancing more people are able to have access to supplies such as fresh water and food because technology can help deliver those items to people that otherwise couldn't get it.

Various business activities may be classified into two broad categories-

• Industry: Viewed collectively, or one of these individually, enterprises which manufacture or are technically productive in a particular field, country, region, or economy is an industry. Such as the tourist industry or the entertainment industry can be isolated from others in any general business or commercial enterprise
• Commerce: Commerce is a branch of business. All those activities, which directly or indirectly facilitate the exchange of goods and services are included in commerce.