Lesson 1

Question 1

This course integrates all the key concepts and processes of
Accounting, Business, and Management (ABM) as applied in
real-life activities following the business cycle:

Answer 1

Business Enterprise Simulation

Question 2

the process of venturing into business begins with
scanning of market to find the business opportunities from macro environmental sources
and within the realms of the entrepreneur’s community or locality.

Answer 2

scan the market

Question 3

External Sources of Business Opportunities

Answer 3

Socio-Cultural Factors
Technological Advancement
Economic growth or decline
Politics and legal factors
Industry Trends
New discovery or New knowledge
Futuristic or unexpected opportunities
Competitors
Societal Problems
Physical location of the entrepreneur

Question 4

Internal Sources of Business Opportunities

Answer 4

Talents, hobbies, skills, expertise, or academic background.
Financial capacity
Process/ operational capacity
Leadership and people management skills.
Entrepreneurial attitude/ character
Vision, mission and strategy

Question 5

Validate the initial business opportunity which has been listed as feasible and must contain the four important elements which should also be reflected in an ________

Answer 5

OAM System (Opportunitty Attractiveness Elements)

Question 6

Business presents super value to customers. The entire size of the market for a product at a specific time. It represents the upper limits of the market for a product. Usually measured either by sales value or sales volume

Answer 6

Market Potential

Question 7

Projects how much start-up capital is needed, sources of capital, returns on investment, and other financial considerations.

Answer 7

Financial Feasibility

Question 8

Refers to factors that allow a
company to produce goods or services better or more cheaply than its rivals.

Answer 8

Competitive Advantage and Entrepreneurial Resources