ENTREP 👹 Flashcards
It has traditionally been defined as the process of designing, launching and running a new business.
Entrepreneurship
Which of the following statement best describe the term passion in entrepreneurship?
having interest in what you do
What is the French word for Entrepreneurship?
Entreprendre
Entrepreneur means ________.
to undertake
A trait of an entrepreneur which involve in solving problems and decision making.
thinking ability
They are the ones who pay cash in exchange for your goods and services.
buyers
An entrepreneur who managing a start up business in an established business.
intrapreneur
It is a core trait of an entrepreneur wherein they act on their responsibilities.
leadership
It is a step by step procedure in establishing any kind of business that an entrepreneur has to undergo.
entrepreneurial process
Raeqzel Angeli is an aspiring entrepreneur who is constantly observing her surroundings for potential business ideas. She spends a lot of time analyzing market trends and identifying unmet needs in her community. This initial stage is challenging, as it requires her to recognize valuable opportunities from the many trends she notices.
What is the process Raeqzel Angeli is going through, where she takes note of interesting trends in her environment to find potential business opportunities?
Opportunity spotting
A ________ is a comprehensive paper that details the marketing, operational, human resource, financial, strategic direction and tactics of the business.
Business plan
It is the starting point of any new venture that involves understanding and knowing the intricacies of the macro environment, microenvironment, and internal environment.
scanning the environment
A _______ is something you can make money with, develop a business around it, or create value with it.
opportunity
Entrepreneurs who create new ideas are called _______.
innovative
Eric Lenin has developed a unique software that solves a common problem in his industry. He knows his invention is groundbreaking and wants to ensure it is legally protected so no one can copy or reproduce it without his permission.
He’s considering applying for a patent.
What type of innovation has Eric Lenin created, which requires protection through a patent, trade secret, or copyright?
Breakthrough
A stage in the product development where the entrepreneur determines what are the feasible products and/or services that will perfectly suit the opportunity.
Idea stage
This is the last stage in the product development which validates the work done from the first three stages to measure success in the commercialization of the product or service.
Test marketing
Marketing research is the most easiest tasks for an entrepreneur.
True or False?
False
Observation is one of the
preferred and practical methods of generating ideas for the new venture.
True or False?
Truelalooo
Perception is the process wherein an individual receives external stimuli suing the five senses.
True or False?
True
Customers are the lifeblood of the business.
True or False
True
