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SUbs > Entrep Summative tomo > Flashcards

Entrep Summative tomo Flashcards

1
Q

Entrepreneurial Process

A
  1. Opportunity spotting and assessment
  2. Developing a Business plan
  3. Determining the capital needed
  4. Running the business
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2
Q

evaluate the identified opportunity Opportunity spotting and assessment

A

Opportunity spotting and assessment

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3
Q

problems encountered in the environment

A

Sources of opportunities

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4
Q

3s of opportunity spotting

A

Opportunity seeking
Opportunity screening
Opportunity Seizing

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5
Q

the first step and the most difficult process of all due to the number of options that the entrepreneur will have to choose from.

A

opportunity seeking

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6
Q

Ways to spot opportunity

A
  1. Voice of Customers
  2. Voice of Enterprise
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7
Q

A research process that captures the changing needs of customers and consumers

A

Voice of Customers

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8
Q

Benefit related to the performance of the product or service

A

Functional Benefit

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9
Q

Benefit related to the price of the product or service

A

Economic benefit

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10
Q

Benefit related to how the owner feels when owning or using the product or service

A

Emotional benefit

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11
Q

Benefit related to how others will perceive the owner of the product or service

A

Social benefit

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12
Q

Entrepreneurs must understand the frequency, and depth

A

Pain Points Understanding

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13
Q

Not just understand pain points but also accepts that change is needed

A

Pain Healing

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14
Q

Lifestyle trends

A

how do people live
how do people work
how do people pray
how do people die
how do people invest

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15
Q

the process to articulate the needs of the entrepreneur or the needs of their company

A

Voice of enterprise

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16
Q

growth strategy

A

segment opportunity
product opportunity
channel opportunity
geography opportunity
business model opportunity

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17
Q

new business versus expansion

A

new business versus expansion

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18
Q

identify the need of non-market customers

A

market driven strategy or market driving strategy

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19
Q

merger and acquisition

A

other ways to grow

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20
Q

general environment where the business can operate

A

steeple analysis

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21
Q

current trends

A

industry

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22
Q

new venture

A

new discovery or knowledge

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23
Q

diversity of product line

A

Futuristic opportunities

24
Q

represents a general view of localities traditions, customs, beliefs, norms

A

SocioCultural Factors

25
Q

Composed of innovations of an existing technology or an invention of a new one mostly on applied science and engineering research areas

A

technological factors

26
Q

play a vital role in the scanning of marketing environment because economic factors directly affect any business venture

A

economic factors

27
Q

factors that will serve as an entrepreneurs guide on how to be ethical on running the business

A

ethical factors

28
Q

these factors are mostly induced by government policies

A

Political factors

29
Q

related with political factors, government rules and regulations

A

legal factors

30
Q

comply with environmental standards

A

Environmental factors

31
Q

consumer preferences, interests

A

Microenvironmental sources

32
Q

This is the process of cautiously selecting the best opportunity.

A

Opportunity screening

33
Q

to vision, mission, and objectives of the entrepreneur.

A

Relevance

34
Q

Resonance to values.

A

Resonance to values.

35
Q

How does the opportunity resonate with the entrepreneur’s personal interests, talents, and skills?

A

Reinforcements of Entrepreneur Interests

36
Q

In any entrepreneurial endeavor, it is important to determine the sales potential of the products or services you want to offer.

A

Revenues

37
Q

to customer needs and wants.

A

Responsiveness

38
Q

Opportunities that have good changes of expanding through branches, distributorships, dealerships, or franchise outlets in order to attain rapid growth are better opportunities.

A

Reach

39
Q

The opportunities can potentially lead to a wide range of possible product or service offerings, thus, tapping many market segments of the industry.

A

Range

40
Q

If you think that the opportunity will most likely be the “next big thing” or even a game-changer that will revolutionize the industry, then there is a big potential for the chosen opportunity.

A

Revolutionary Impact

41
Q

It is a fact that products with low costs of production and operations but are sold at higher prices will definitely yield the highest returns on investments.

A

Returns

42
Q

Will the opportunity be relatively easy to implement for the entrepreneur or will there be a lot of obstacle and competency gaps to overcome?

A

Relative ease of implementation

43
Q

Opportunities requiring fewer resources from the entrepreneur may be more favored than those required more resources.

A

Resources required

44
Q

. In an entrepreneurial endeavor, there will always be risks. However, some opportunities, carry more risks than others, such as those with high technological, market, financial, and people risks.

A

Risks

45
Q

It is a blueprint composed of controllable and uncontrollable variable critical to the success of the firm.

A

Key factors for success

46
Q

The process of determining the viability of a new service or product through research conducted directly with potential customers.

A

Market Research

47
Q

Convert a concept or an idea into reality via proof of concept, build prototype and do rapid testing.

A

Prototyping and rapid testing

48
Q

Market validation is the process of presenting a concept for a product to its target market and learn from those prospective buyers whether or not the idea is worth pursuing.

A

Validate for acceptability

49
Q

this is the last step in opportunity spotting and assessment

A

Opportunity Seizing

50
Q

It is when you bring something new to the world.

A

BREAKTHROUGH/DISRUPTIVE INNOVATIONS

51
Q

A new or improved product or process whose technological characteristics are significantly different from before.

A

Technological Innovations

52
Q

The market has a strong influence in the implementation of an innovation

A

Ordinary Innovations

53
Q

The characteristics of business which give its advantages over its competitors

A

Strengths

54
Q

Characteristics of business which makes it disadvantageous relative to competitors

A

Weaknesses

55
Q

elements in a company’s external environment that allow it to formulate and implement strategies to allow more profitability

A

Opportunities

56
Q

Elements in external environment that could endanger the integrity and profitability of the business

A

Threats

SUbs (5 decks)

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