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entrep Flashcards

1
Q

can be defined as a field of business that seeks to understand how opportunities to create something new

A

Entrepreneurship

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2
Q

doing something new
as an idea, product, service, market, or technology in a new or established organization, creation of business is a new venture development

A

innovation

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3
Q

an opportunity to offer new or
improved products or services
showing initiatives to pursue that opportunity and activities
undertaken to secure new and
additional resources

A

resource mobilizing

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4
Q

derives from uncertainty

A

risk

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5
Q

means to undertake

A

entrependre

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6
Q

entrepreneurship is derived from the word

A

entrepreneur

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7
Q

reinforced the commitment to the development of the
private business sector

A

1987 constitution

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8
Q

is the landmark legislation that reflected the commitment of the government to their policy to foster a dynamic small and
medium enterprise.

A

RA 9501 - Magna Carta for Small Enterprises

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9
Q

revitalize the creation of new businesses by providing incentives to Barangay-based micro businesses

A

RA 9178 - Barangay Micro Business Enterprises Act of 2002

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10
Q

recognized the special role of
women in development and supports women entrepreneurs.

A

RA 7882 - Act Providing Assistance to Women

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11
Q

involves developing new products or improving existing technologies, processes, designs and marketing to solve problems, increase efficiency, reach new customers, and ultimately increase profits

A

Livelihood

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12
Q

involves sale or lease of any product, service, equipment, etc. that will enable the purchaser-licensee to begin a business

A

entrepreneurship

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13
Q

refers to the act of creating a business or businesses while building and scaling it to generate a profit

A

social change

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14
Q

refers to their “means of securing the basic necessities”

A

socio-economic

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15
Q

system of production, distribution, consumption

A

business opportunity

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16
Q

Based on the estimated number of possible customers who might avail of the product or service

A

market potential

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17
Q

Enable you to analyze the market need. It gathers information that will make the entrepreneur aware of what the customers’ needs and wants to determine the viability or acceptability of the products or services intends to offer in the market

A

market research

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18
Q

prospects who are capable buyers and have access to particular products and services.

A

available market

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19
Q

Group of particular customers to whom an enterprise wants to sell its products and
services.

A

target market

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20
Q

Consumers who are already
using/consuming a product and services

A

potential market

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21
Q

They know their business well. Thus, they create their own path and control the fate of their business.

A

proactive

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22
Q

They know how to adapt to changes. Think of something to take advantage of that change for their business to grow

A

agents of change

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23
Q

Trying out potential opportunities and strategies that help build and grow a business. However, unsuccessful results will lead to a personal loss

A

risk takers

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24
Q

They know, if not, look for what is lacking and/or missing in the business.

A

have a sharp edge for opportunities

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25
Q

They know how to grab attention and create connections. They know how to handle people or customer’s attitude and behavior

A

sociable

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26
Q

They can create or build connections within their field to help them grow.

A

networkers

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27
Q

They think what is advantageous or not; weigh in on what’s better or not. Thus, knowing, not right, but the best decision.

A

decisive

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28
Q

They consider all things that may happen. What can they do if the business falls? What will they do next if it grows? They create a “backup” / ”follow up” plan depending which path they end up in.

A

balanced

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29
Q

They think and create new products in the market.

A

innovative

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30
Q

Takes and considers suggestions. Focuses on teamwork to succeed.

A

leadership

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31
Q

Expresses ideas and strategies clearly and effectively. It also strengthens their relationship with their staff, customers, and stakeholders.

A

communicators

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32
Q

They want the business. They like the business. They know how to do their business. They know their expertise.

A

specialists

33
Q

They know the “what ifs” or possible consequences. They know how to create a plan to solve these problems. Contingency Plan aka the “just in case”.

A

problem solver

34
Q

an entrepreneur that focuses on/involves with high technology.

A

technopreneur

35
Q

a person who pursues novel applications that have the potential to solve community-based problems. Take on the risk and efforts to create and formulate a solution for society.

A

social entrepreneur

36
Q

focuses on creating/ developing/ promoting products/ services within/for the company.

A

intrapreneur

37
Q

Focuses on project based products/services (aka freelancing).

A

extrapreneur

38
Q

provides intangible products. Services can mean labor services.

A

service business

39
Q

focuses on “buy-and-sell”. Buys a product and sells it for a higher price.

A

merchandising business

40
Q

buys materials/products to create a new product, hence, manufacturing.

A

manufacturing business

41
Q

to create a new entity that is more efficient and effective than the two previous companies before joining together.

A

merger and acquisition

42
Q

two or more separate companies/businesses merged into one single “entity”

A

merger

43
Q

a company purchases a company/business and absorbs it to their industry.

A

acquisition

44
Q

owned properties

A

assets

45
Q

owes and debts

A

liabilities

46
Q

number of weeks in each financial period in each financial quarter

A

accounting calendar

47
Q

12-month accounting period that a business uses for financial and tax reporting purposes.

A

fiscal year

48
Q

12-month accounting period that starts on January 1st and ends on December 31st.

A

calendar year

49
Q

Total amount earned after subtracting the expenses and discounts.

A

gross profit

50
Q

income before taxes and expenses. The exact value of the product/service without the discounts

A

gross income

51
Q

Total amount after subtracting the expenses and liabilities

A

profit

52
Q

total amount that is received

A

income/revenue

53
Q

This is what the company pays on a monthly basis to fund operations

A

expenses

54
Q

consider the additional charges such as shipping fees if you have a large and heavy product.
It will cost you and lessen your profit

A

consider product size and weight

55
Q

It will need extra attention when shipping the fragile product to guarantee the product will reach the customer in perfect condition.

A

consider product fragility

56
Q

refers to color, size, and other variations of a single
product

A

consider the stock keeping units

57
Q

consumable or disposable product is perceived as a great choice from a business perspective because you can improve the way you earn customers’ loyalty and build your business of repeat sales

A

consider product lifespan

58
Q

consumable or disposable product is perceived as a great choice from a business perspective because you can improve the way you earn customers’ loyalty and build your business of repeat sales

A

consider product lifespan

59
Q

means that there are different levels of demand for a product
throughout the year

A

consider seasonality

60
Q

Selling a product with a higher price tag doesn’t prevent you from finding e-commerce success.

A

consider price point

61
Q

The more niche your
products are, the less competition you’ll have

A

consider competition

62
Q

Building a successful business often requires long hours, and those can either fly by or drag on endlessly depending on how
passionate you are about what you’re selling.

A

consider yourself

63
Q

seven ways to guarantee success and profitability

A

identifying a customer you want to serve, talk to your customers, let your customers create your business, presell your product, launch the business when you have sufficient funds, create your minimum viable product, scale your business

64
Q
  • List down customer needs
  • Identify product weaknesses, gaps
    in your product range, and areas for
    product improvement
A

idea generation

65
Q
  • Work with your team members to
    brainstorm product issues
  • Hear customer’s feedback and
    customer’s needs
  • Capture feedback, observations,
    and ideas from team members
A

brainstorm product issues

66
Q
  • Identify modifications on your
    products or adaptations for new products
  • Consistent with the market and customer feedback
A

use your research and development process

67
Q

Identify potential ideas for
addressing the gap in quality

A

review your quality assurance

68
Q
  • Identify common weaknesses in your existing product range
  • Look for areas where improvement is most needed
A

review customer complaint records

69
Q

Develop a set of criteria to evaluate your ideas.

A

idea screening

70
Q

Identify the strengths, weaknesses, opportunities, and threats of each idea

A

swot analysis

71
Q

12 R’s of opportunity screening

A

Relevance to the vision, mission, and objectives of the entrepreneur, Resonance to values, Reinforcement of entrepreneurial interest, Revenues, Responsiveness to customer needs and wants, Reach, Range, Revolutionary impact, Returns, Relative ease of implementation, Resources required, Risks

72
Q

introduced term by Neil Borden in the year 1953. It defines as a mixture of several ideas
and plans followed by a marketing representative to
promote a particular product or brand

A

marketing mix

73
Q

A marketing concept that
divides the complete market set up into smaller subsets comprising consumers with similar tastes, demands, and preferences

A

market segmentation

74
Q

4 c’s of marketing mix

A

commodity, cost, channel, communication

75
Q

In the year 1993, it was modernized by Robert F.
Lauterborn and according to him 4 c’s are

A

Consumer, Cost, Convenience, and Communication

76
Q

7 p’s

A

product, price, place, promotion, packaging/physical evidence, process, people

77
Q

products that individuals can
see, touch, and feel.

A

tangible products

78
Q

materials have no physical
presence but can be felt indirectly

A

intangible products

erio (5 decks)

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