ENTREP (DEF OF TERMS - COMPONENTS - 071218)

Question 1

This is term for how many customers whose attention were caught by your product/s.

Answer 1

Capture Rate

Question 2

This means doing things in a new way.

Answer 2

Innovation

Question 3

The sum total of all the soft skills and the hard skills that will define who you are as a business person.

Answer 3

Entrepreneur

Question 4

Skills done physically.

Answer 4

Hard Skills

Question 5

Skills that are used to make relationships with others.

Answer 5

Soft Skills

Question 6

This means getting results through the people with the resources that you have.

Answer 6

Management

Question 7

A component of the successful entrepreneurial venture where you plant and nurture your Big Idea to fruition.

Answer 7

Opportunity

Question 8

The contents of your “warchest” when you venture out and start your business.

Answer 8

Resources

Question 9

The means by which a business sets out to achieve its desired ends. A long-term business plan.

Answer 9

Strategy

Question 10

The team who will travel with you on your journey to entrepreneurial success.

Answer 10

Organization

Question 11

This means to produce and market a good quality product or service at a lower cost.

Answer 11

Cost Leadership

Question 12

These are making your products or services seem unique than the others.

Answer 12

Differentiation

Question 13

This means to address a “focused” segment of the marketplace, product form, or cost management process.

Answer 13

Focus

Question 14

A term for “the common man”.

Answer 14

Hoi Poloi

Question 15

Basic Management Skills?

Hint: M.D.D. / S.M.O.

Answer 15

1. Managing people
2. Directing business operation
3. Directing sales and marketing options
4. Setting up a business
5. Managing money
6. Overcoming challenges

Question 16

This is marketing’s best strategy at expanding their business.

Answer 16

Franchise

Question 17

A specific group of people you want to satisfy with your product or service.

Answer 17

Target Customer/s

Question 18

Levels of setting goals?

Hint: K.P.D.

Answer 18

1. Know what you can do.
2. Plan what you think you can do.
3. Dream what you really want.

Question 19

Seven key steps to starting a business?

Hint: T.C.G. / L.G.C. / S.

Answer 19

1. Take time to brainstorm
2. Create a business plan
3. Gather up resources
4. Launch marketing and brand-awareness campaign
5. Get finances in shape
6. Create a maintenance list
7. Set future goals

Question 20

They have direct interest on the success of the company.

Answer 20

Stakeholders

Question 21

They are generally known as the owners of the company.

Answer 21

Shareholders

Question 22

They are grouped and known as the board of directors of a company.

Answer 22

Management

Question 23

Meaning of “NATO”?

Answer 23

No Action, Thought Only

Question 24

Outline of the Entrepreneurial Process?

Hint: D.A.F. / B.S.A. / C. / T.M.F. / O.P.A.D.

Answer 24

1. Decide to go into business yourself
2. Assess your potential
3. Find an appropriate service or product idea
   > Buy a business
   > Start a new business
   > Acquire a franchise
4. Conduct a feasibility study
   > Technical feasibility
   > Marketing acceptibility
   > Financial viability
5. Organise your business structure and legal requirements
6. Protect your idea
7. Arrange the necessary financing
8. Develop a comprehensive business plan