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Entrepreneurship > ENTREP 12 > Flashcards

ENTREP 12 Flashcards

MIDTERM EXAMINATION

1
Q

It is examining how you observe, think, feel, react draw conclusions and evaluate outcomes.

A

Reflection

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2
Q

It is trying out an approach or a solution and then learning from it.

A

Experimenting

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3
Q

It is being open to new perspectives or other ways of looking at things that are better.

A

Creativity

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4
Q

It is the ability to put yourself in the shoes of another person.

A

Empathy

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5
Q

This skill involves injecting some fun, excitement and joy in what you are doing.

A

Skill of Play

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6
Q

This refers to a business or marketing statement that summarizes the reason why a consumer should buy a company’s product or use its services.

A

Value Proposition

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7
Q

It pertains to how you sell your product or services to your customer.

A

USP

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8
Q

Entrepreneurship involves identifying and ranking the ___________ of the product or services character.

A

Uniqueness

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9
Q

These are all individuals and organizations in a particular market who have some level of interest in the product.

A

Potential Market

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10
Q

It refers to the process of gathering, analyzing, and interpreting information about the products or the services.

A

Market Research

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11
Q

Two Types of Entrepreneurship

A

Commercial Entrepreneurship
Social Entrepreneurship

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12
Q

Three Design Thinking Process

A

Define
Prototype
Ideate

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13
Q

__________ refers to the factors or elements affecting business organization.

A

Business Environment

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14
Q

A set of controllable and connected variables that a company gather to satisfy a customer better than its competitor is ____________

A

Marketing Mix

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15
Q

External business environment includes the factors and elements ________ the organization

A

Outside

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16
Q

________ are parties likely to be affected by the activities of the organization

A

Stakeholders

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17
Q

_____________ situation refers to national or local laws, international laws, rules, and regulations.

A

Politico-Legal

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18
Q

BUSINESS ENVIRONMENT is divided into the External and Internal Environment.

A

TRUE

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19
Q

SOCIOCULTURAL SITUATIONS include the customers’ changing values and preferences

A

TRUE

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20
Q

STAKEHOLDERS are those who patronize the organizations’ services and products

A

FALSE - CONSUMERS

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21
Q

SUPPLIERS are those who ensure the organization’s continuous flow of needed and reasonably priced inputs or materials required for producing their goods and rendering their services.

A

TRUE

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22
Q

Three P’s of Marketing Mix

A

PEOPLE
PLACE
POSITIONING

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23
Q

Two examples of Promotion

A

DIRECT MARKETING
SOCIAL MEDIA

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24
Q

It is about human labor force involved in the manufacture of products

A

Manpower

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25
Q

Manpower is measured as the most serious and main factor of ______________

A

Production

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26
Q

Educational qualifications and experience, status of employment, numbers of workers required, skills and expertise required for the job are some of the ___________ criteria.

A

Man Power

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27
Q

___________ talks about raw materials necessary in the production of a product

A

Material

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28
Q

_______ it is the manufacturing equipment used in the goods or delivery of services.

A

Machine

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29
Q

________ is the process or way of transforming raw materials to finished products

A

Method

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30
Q

___________ is the process of developing, testing, and commercializing a product or service with the ultimate objective observing the problem of the primary target market.

A

Product Development

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31
Q

__________ is a preliminary model or sample of a new product or service that is created to test a product concept our services process.

A

Prototype

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32
Q

_______________ is a process of finding out if the intended primary target market will be buying the product or availing the services

A

Validation of Market Acceptability

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33
Q

__________ are plans that ensure the continued business operation in the absence of the key employees.

A

Succession Plan

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34
Q

3 M’s of Production

A

MANPOWER
MATERIAL
MACHINE

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35
Q

Define Financial Planning

A

Financial planning is a critical aspect of entrepreneurship. It involves creating a comprehensive strategy for managing your business’ priority to ensure its long-term success and sustainability.

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36
Q

An individual who creates a new business, bearing most of the risks and enjoying most of the rewards.

A

Entrepreneur

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37
Q

The resources and capabilities that comprise the strategic advantages of a business.

A

Core Competencies

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38
Q

Common traits of an entrepreneur

A

PROACTIVE
DECISIVE
RISK TAKERS

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39
Q

Core traits of an entrepreneur

A

LEADERS
COMMUNICATORS
PROBLEM SOLVERS
SPECIALIST

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40
Q

________ is a proactive process of developing a business venture to make a profit

A

Entrepreneurship

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41
Q

An _____________ is defined as a way of thinking, reasoning and behaving a perspective

A

Entrepreneurial Mindset

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42
Q

The tendency for individuals to pay attention to things in their environment that are only consistent with their own expectations

A

Selective Perception

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43
Q

_______________ being open to new perspectives or other ways of looking at things

It is about unleashing your ideas, concepts, or approaches that have not been tried.

A

The Skill of Creativity

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44
Q

This type of entrepreneurship involves creating new products.

Aim to create something with value, be it a product, a process, or an initiative.

A

Corporate Entrepreneurship

45
Q

This type of entrepreneur involves the creation or setting up of a business

Marshals resources to seize a business opportunity

A

Start-up Entrepreneurship

46
Q

This form of entrepreneurship involves a franchise that minimizes some business risks for an entrepreneur.

A

Buying a franchise

47
Q

__________ is a license purchased by an entrepreneur allowing one to trade under the name of that established business

A

Franchise

48
Q

This type of entrepreneurship used the business methods of a commercial enterprise to general profit

Engages in a process of social change

A

Social Entrepreneur

49
Q

A thinking process
commonly used by designers to solve certain problems related to products and services.

A

Design Thinking

50
Q

__________ means to
put yourself in the shoes of the other person for you to know how the other person thinks or feels about a given situation.

A

Empathize

51
Q

Identifying a specific need
for a particular group is called a
design challenge. You have to think of how to solve a specific problem that they have, or to respond to what they felt they needed to improve their
living conditions

A

Define

52
Q

Involves generating and
developing new ideas to address the needs of the people

A

Ideate

53
Q

Involves creating a
sample product or service offering
that incorporated features and
qualities desired by the target users or customers

A

Prototype

54
Q

You will now try out or sell the
product or service to an initial group of users or customers.

A

Test

55
Q

Income-generating enterprises that are established mostly for the
purpose of generating profits.

A

Commercial Entrepreneurship

56
Q

Income-generating enterprises that are established with more emphasis on social impact for the poor and other disadvantaged groups.

A

Social Entrepreneurship

57
Q

Entrepreneurial Process

A

FINDING
EVALUATING
DEVELOPING

58
Q

4 PHASES OF ENTREPRENEURIAL PROCESS

A
  • IDENTIFY AND DEVELOP THE BUSINESS OPPORTUNITY
  • DEVELOP A BUSINESS PLAN
  • DETERMINE THE RESOURCES REQUIRED
  • MANAGEMENT OF IMPLEMENT THE ENTERPRISE
59
Q

TWO MAIN APPROACHES FOR OPPORTUNITY IDENTIFICATION

A
  • Finding Approach
  • Building Approach
60
Q

It involves scanning the environment for
information to provide ideas for
starting up a business. This approach assumes that business opportunities exist “outside” of the entrepreneur.

A

Finding Approach

61
Q

It involves creating a business opportunity that does not exist in the environment. The business idea originates or builds on the entrepreneur’s creativity, talents, skills, prior knowledge and experience, personal network, and internal resources.

A

Building Approach

62
Q

MACRO ENVIRONMENTAL FACTORS

A

SOCIOCULTURAL
TECHNOLOGY ADVANCEMENTS
ECONOMIC TRENDS
INDUSTRY TRENDS
ENVIRONMENTAL OR ECOLOGICAL FACTORS
POLITICAL SITUATION

63
Q

MACRO ENVIRONMENTAL FACTORS

A

COMPETITOR MOVES
SUPPLIERS
INCREASE OF SUBSTITUTE PRODUCTS

64
Q

Changes in social
conditions such as educational needs, housing needs, food preferences,
leisure, lifestyles

A

Sociocultural

65
Q

Innovations in technology and
inventions on products and service.

A

Technology Advancements

66
Q

Changes in economic conditions that directly affect the business climate such as labor, costs, unemployment rates,
interest rates, inflation rates,
imports/exports

A

Economic Trends

67
Q

Changes in
growth or decline of specific
industries belonging to
manufacturing, services, and
agriculture sectors

A

Industry Trends

68
Q

Risks related to natural
disasters, health pandemic

A

Environmental or Ecological Factors

69
Q

Changes in
government policies and regulatory
standards that directly affects the
business

A

Political Situation

70
Q

Increase/decrease in number of
competitions, tactics of competitors
that impact the business

A

Competitor Moves

71
Q

Increase/decrease in the
number of suppliers that affect
production and inventory levels

A

Suppliers

72
Q

Entry/exit of substitute products that affect competition

A

Increase of Substitute Products

73
Q

The process of
assessing potential business opportunities and selecting the best opportunity to invest in. A compelling business opportunity must be viable and doable.

A

Opportunity Screening

74
Q

The business has the ability to
start, grow and survive. It factors the following:
* Market Aspects
* Production Sourcing
* Competition
* Financial Potential

A

Viability

75
Q

It is achievable, practical, or
workable given the resources and time you
have to implement it.

A

Feasibility

76
Q

If the business
concept is aligned with your values, abilities, passion, interests, and family or friends’ support

A

Alignment with Personal Values,
Interest, Resources

77
Q

If there are
enough customers who will buy your product or service that will earn a profit so that the business can run continuously

A

Market Potential

78
Q

If the process,
methods, technology are available
for the product or service

A

Operating Potential

79
Q

If the business
will generate a profit-expected
revenues would be at least enough to cover the expenditure costs; if the
working capital requires is minimum and can be met.

A

Financial Potential

80
Q

If the
presence or sudden moves of
competitors would not severely
threaten your business

A

Threat from Competitors

81
Q

If certain unforeseen events
such as those related to weather,
security, and public health would not severely harm your business.

A

Potential Damage from Unforeseen Risks

82
Q

Becoming popular
with the increasing number of individuals who are self-employed and working at
home

A

Home-based Business

83
Q

A strategic plan on how you
are going to implement your chosen venture
to make it successful.

A

Business Plan

84
Q

A plan of the strategies
that you will use to know your customers
and how to attract them to buy your product
or service.

A

Marketing Plan

85
Q

A definitive
statement that clearly identifies the benefits
or value that a product or service can offer to
the customers.

A

Value Proposition

86
Q

Allows you to differentiate
your marketing strategies across customer
segments.

A

Target Market

87
Q

The process of
dividing the market into small homogenous
groups.

A

Market Segmentation

88
Q

The process of
gathering, analyzing, and interpreting
information about the products or services

A

Market Research

89
Q

STEPS IN CONDUCTING A MARKET RESEARCH

A
  • Define the purpose or objectives of the market research
  • Gather data from secondary sources
  • Analyze and interpret the results
90
Q

This is a form of person-to-person communication for data gathering
that may be done either in face-to-face or virtual conference methods.

A

Interviews

91
Q

This usually involves three of five persons who
form a panel where the same set of questions
are asked to each member/target customer

A

Focused Group Discussions (FGDs)

92
Q

This method requires preparing a
questionnaire that is given to a wider number of respondents/target customers

A

Surveys

93
Q

An integrated approach to
strategies in offering and delivering the
product/service to your target customers.

A

Marketing Mix

94
Q

Pertains to the distribution strategy of
your business.

A

Place

95
Q

A marketing decision that combines
market research with financial analysis

A

Price

96
Q

You need to determine the
costs directly related to your product
or service.

A

Costs

97
Q

You need to research on
the standard markup for products in specific industries by reading
business publications or by asking
suppliers

A

Markups

98
Q

Refers to the revenues
earned after paying the cost of goods
sold (COGS).

A

Margins

99
Q

An entrepreneur examines the
price offered by the competitor and compares the quality or differentiating the
factors of his product versus the competitor

A

Competitors

100
Q

Also called
markup pricing. Here, you add a
specific mark-up to the cost to
determine the selling price.

A

Cost plus pricing

101
Q

Also called
benchmark pricing. This is offering
prices similar to your competitors

A

Competitive Pricing

102
Q

This is offering one or
two products at a reduced price

A

Bundling

103
Q

The most a customer will pay
for your product or service.

A

Price Ceiling

104
Q

Pertains to your assessment of
how much it costs you to produce your
product or service

A

Price Floor

105
Q

The price below which
you cannot sell and make the necessary
profit.

A

Break-even Price

106
Q

It enables the entrepreneur to
inform potential consumers about the product’s availability, or to educate the
consumer about the product

A

Promotion

107
Q

The role of human resources in
propelling the growth of the business

A

People

108
Q

The attributes of your product
that may be affected as it goes through the
distribution channels

A

Packaging

109
Q

How your product or service
offering is positioned in the minds of your
target customers

A

Positioning

Entrepreneurship (2 decks)

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