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Entrepreneurship 1 > Entrepreneur > Flashcards

Entrepreneur Flashcards

1
Q

They are an owner of a business who invests their resources to bring an idea to life.

A

Entrepreneur

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2
Q

It is the act of creating a business while building and sealing it to generate a profit

A

Entrepreneurship

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3
Q

It involves all the functions, activities, and actions associated with perceiving opportunities and creating organizations to pursue them.

A

The Entrepreneurial Process

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4
Q

It is the process of spotting, evaluating, and pursuing relevant and sustainable revenue and profit-generating activities in the marketplace.

A

Opportunity Seeking

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5
Q

It allows the entrepreneur to see things in a very positive and optimistic light amid crises or difficult situations.

A

Entrepreneurial Mind Frame

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6
Q

It is about wanting something so much that a person would be willing to devote one’s self to the quest totally.

A

Entrepreneurial Heart Flame

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7
Q

This refers to the ability of the entrepreneur to sense without using the five senses.

A

Entrepreneurial Gut Game

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8
Q

It is a process in which the entrepreneur picks an opportunity from the list taken in the stage of seeking an opportunity.

A

Opportunity Screening

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9
Q

A process in which the entrepreneur must determine precisely what critical factors cause business opportunities to succeed and what critical factors cause them to fail.

A

Opportunity Seizing

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10
Q

It is a document containing the marketing objectives, marketing strategies, and the activities that will be undertaken to execute these strategies.

A

Marketing Plan

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11
Q

It is the first element in the Marketing mix. It is anything that can be offered to a market that might satisfy a want or need.

A

Product

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12
Q

A type of product that can be perceived by our five senses.

A

Tangible products

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13
Q

It is a type of product that can be enjoyed that are performed by people or machines.

A

Intangible products

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14
Q

Products that offer new performance benefits. They may double the performance at half the cost and offers new performance benefits completely

A

Break-through products

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15
Q

Products that try to claim a new space in the mind of the customer different from the spaces occupied by existing products.

A

Differentiated products

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16
Q

Products that will not make much impression on the consumer’s mind.

A

Copycat products

17
Q

Products that do not intend to compete directly with the giants.

A

Niche products

18
Q

It is also known as Situational Analysis, which evaluates your company’s strengths, weaknesses, market opportunities, and potential threats to provide competitive insight into the potential and critical issues that impact the overall success of the business.

A

SWOT analysis

19
Q

A firm’s resources and capabilities can be used as a basis for developing a competitive advantage.

A

Strengths

20
Q

List of areas where the company might struggle.

A

Weakness

21
Q

Areas that may reveal certain new opportunities for profit and growth.

A

Opportunity

22
Q

Changes in the external environment may present threats to the company.

A

Threat

23
Q

It refers to providing a product location that is convenient for consumers to access or buy.

A

Place

24
Q

The enterprise communicates through the quality of its products and the attractiveness of its packaging.

A

Promotion

25
Q

They are the ultimate marketing strategy.

A

People

26
Q

It serves to contain and protect and sometimes identify and promote the product.

A

Packaging

27
Q

A display of information about a product on its container, packaging, or the product itself.

A

Labeling

28
Q

It is also the process of communicating the image of a brand into the mind of consumers. The objective is to make the brand stand out in comparison.

A

Positioning

29
Q

To establish the positioning of its various products in the marketplace, the enterprise endeavors to build the brand of each product.

A

Branding

30
Q

It is about delivering products and services to customers to meet or surpass their expectations.

A

Operation Management

30
Q

This refers to the workforce, who will help a business to produce more products.

A

Men/Manpower

31
Q

This refers to the ways of producing a product from raw materials.

A

Method

32
Q

Pertains anything used as inputs to production or manufacturing.

A

Materials

33
Q

This refers to the devices and equipment used to perform specific types of work and usually uses energy (electricity) to complete a task

A

Machines

Entrepreneurship 1 (1 decks)

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