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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
They know how to grab attention and create connections. They know how to handle people or customer’s attitude and behavior
sociable
26
They can create or build connections within their field to help them grow.
networkers
27
They think what is advantageous or not; weigh in on what's better or not. Thus, knowing, not right, but the best decision.
decisive
28
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.
balanced
29
They think and create new products in the market.
innovative
30
Takes and considers suggestions. Focuses on teamwork to succeed.
leadership
31
Expresses ideas and strategies clearly and effectively. It also strengthens their relationship with their staff, customers, and stakeholders.
communicators
32
They want the business. They like the business. They know how to do their business. They know their expertise.
specialists
33
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”.
problem solver
34
an entrepreneur that focuses on/involves with high technology.
technopreneur
35
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.
social entrepreneur
36
focuses on creating/ developing/ promoting products/ services within/for the company.
intrapreneur
37
Focuses on project based products/services (aka freelancing).
extrapreneur
38
provides intangible products. Services can mean labor services.
service business
39
focuses on “buy-and-sell”. Buys a product and sells it for a higher price.
merchandising business
40
buys materials/products to create a new product, hence, manufacturing.
manufacturing business
41
to create a new entity that is more efficient and effective than the two previous companies before joining together.
merger and acquisition
42
two or more separate companies/businesses merged into one single “entity”
merger
43
a company purchases a company/business and absorbs it to their industry.
acquisition
44
owned properties
assets
45
owes and debts
liabilities
46
number of weeks in each financial period in each financial quarter
accounting calendar
47
12-month accounting period that a business uses for financial and tax reporting purposes.
fiscal year
48
12-month accounting period that starts on January 1st and ends on December 31st.
calendar year
49
Total amount earned after subtracting the expenses and discounts.
gross profit
50
income before taxes and expenses. The exact value of the product/service without the discounts
gross income
51
Total amount after subtracting the expenses and liabilities
profit
52
total amount that is received
income/revenue
53
This is what the company pays on a monthly basis to fund operations
expenses
54
consider the additional charges such as shipping fees if you have a large and heavy product. It will cost you and lessen your profit
consider product size and weight
55
It will need extra attention when shipping the fragile product to guarantee the product will reach the customer in perfect condition.
consider product fragility
56
refers to color, size, and other variations of a single product
consider the stock keeping units
57
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
consider product lifespan
58
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
consider product lifespan
59
means that there are different levels of demand for a product throughout the year
consider seasonality
60
Selling a product with a higher price tag doesn’t prevent you from finding e-commerce success.
consider price point
61
The more niche your products are, the less competition you’ll have
consider competition
62
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.
consider yourself
63
seven ways to guarantee success and profitability
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
- List down customer needs - Identify product weaknesses, gaps in your product range, and areas for product improvement
idea generation
65
- 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
brainstorm product issues
66
- Identify modifications on your products or adaptations for new products - Consistent with the market and customer feedback
use your research and development process
67
Identify potential ideas for addressing the gap in quality
review your quality assurance
68
- Identify common weaknesses in your existing product range - Look for areas where improvement is most needed
review customer complaint records
69
Develop a set of criteria to evaluate your ideas.
idea screening
70
Identify the strengths, weaknesses, opportunities, and threats of each idea
swot analysis
71
12 R's of opportunity screening
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
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
marketing mix
73
A marketing concept that divides the complete market set up into smaller subsets comprising consumers with similar tastes, demands, and preferences
market segmentation
74
4 c's of marketing mix
commodity, cost, channel, communication
75
In the year 1993, it was modernized by Robert F. Lauterborn and according to him 4 c's are
Consumer, Cost, Convenience, and Communication
76
7 p's
product, price, place, promotion, packaging/physical evidence, process, people
77
products that individuals can see, touch, and feel.
tangible products
78
materials have no physical presence but can be felt indirectly
intangible products

erio (5 decks)

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