IDENTIFYING THE BUYERS AND THE SELLERS Flashcards
Displays hard work and perseverance in the face of challenges; utilizes skills to diligently carry out tasks or make goods.
Industrious
Has the ability to envision future needs or demands and create new opportunities,
products, and services to meet these demands.
Innovative
Does not engage in deceptive or fraudulent acts; displays sincerity at all times.
Honest
Does not easily give up or let go.
Persistent
Understands the feelings, concerns, and needs not only of his or her customers but also
his or her workers.
Caring
Is always available to provide assistance.
Helpful
Conducts business fairly and cultivates a culture of righteousness
Faith in goodness and righteousness
Is able to adapt to any change yet remain logical and organized
Organized yet flexible
Feels or shows certainty, as of success.
Confident
Is a careful planner; sets long term goals and plans and executes a well thought of
strategy in order to achieve them.
Strategist
Is never wasteful and always ensures that all resources are used wisely and every bit of
raw material does not go to waste
Prudent
Is a go-getter and an achiever; acting on a dream, vision, and plan, no matter how hard
it may seem at first
Determined
Is well-trained and possess information and understanding of concepts necessary to run a business venture
Knowledgeable
Strives for excellence and perfection to exceed customer satisfaction
High quality philosophy
Takes calculated risks and knows how to match opportunities with market realities; takes on risks anticipating business profitability and chances of success.
Risk-taker
This type of entrepreneur offers products and services with the overall intention of
creating social good.
THE SOCIAL ENTREPRENEUR
This type of entrepreneur sets up business and brings them to a stage of development
from where they can move on to the next project
THE SERIAL ENTREPRENEUR
This type would choose a business that would reflect their passion. Focus is on doing
something one loves rather than pursuing profit.
THE LIFESTYLE ENTREPRENEUR
This type operates alone and manages all aspects of the business.
THE SOLOPRENEUR
WHAT ARE BUYERS?
PURCHASE
Persons who offer things to buyers in return of something
SELLER
Vendors creditors, dealers, merchants and suppliers
SELLER
Persons or group of persons who transfer goods
SELLER
WHAT ARE THE DUTIES OF THE SELLER?
- Make business fairly with buyers
- Deliver on time, with proper care and place of delivery
- Provide warranty for the product sold to the buyer.
TRUE OR FALSE
Buyers are persons who purchase products or services while sellers are persons
who transfer products or services,
TRUE
TRUE OR FALSE
An entrepreneur must have not just the knowledge and skill but also the proper
values and attitude.
TRUE
is something that is manufactured following a process, or grown and nurtured
in order to be sold for a profit.
PRODUCT
Hints to help one decide what type of business to get into:
Start with a hobby or interest.
Produce something that you can offer or sell to your friends and school mates.
Products that are always in demand are food items.
Start small before you think of producing bigger quantities.
Do some research and investigation.
Observe people and their food preferences.
Check existing products in the local market.
Things to remember when putting up a business:
Keep your cost down while maintaining the quality of your product.
Make sure to canvass and find out where you can get your materials and supplies in the
best price available.
Purchase ingredients in a store or market that sells fresh produce.
Packaging must be of good quality to affect its saleability.
TRUE OR FALSE
Needs are basic necessities of people such as food, clothing, and shelter.
TRUE
TRUE OR FALSE
Wants are goods that people desire or wish to have
TRUE
Are goods that people desire or wish to have
WANTS
are basic necessities of people such as food, clothing, and shelter.
NEEDS
WHO INVENTED HIERARCHY OF NEEDS?
Abraham Maslow
is a well-known American psychologist. He proposed the different levels of
needs and human beings.
Abraham Maslow
true or false
The knowledge of the needs of people does not help entrepreneurs market their products and services.
false
what are the Maslow’s Hierarchy of needs.
Physiological needs = basic needs
Security needs or safety needs
Social needs include the need for belonging, love, affection
Esteem needs include personal worth
Self-actualization or
self-fulfilment needs
true or false
Bottled water is one of the most in-demand products in school and community that can
provide a solution to the need.
true
TRUE OR FALSE
Among the products that are always in demand are non-food items.
FALSE
FOOD ARE THE MOST IN DEMAND ITEMS
