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ENTREPRENEURSHIP > LESSON 1.2: CORE COMPETENCIES IN ENTREPRENEURSHIP > Flashcards

LESSON 1.2: CORE COMPETENCIES IN ENTREPRENEURSHIP Flashcards

1
Q

By knowing the ___________, Jollibee figured out how to exceed expectations as an inexpensive food household name.

A

Filipino market

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2
Q

Entrepreneurs should know how to analyze their
business using this tool.

A

SWOT

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3
Q

Entrepreneurs must design the product, set its price, distribute the product to the market and promote the product.

A

Entrepreneur as a
marketing man

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4
Q

the elements that could endanger the profitability of the business.

A

Threats

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5
Q

Entrepreneurs must ____, _____, _____, and _______

Entrepreneur as a
marketing man

A

design the product,

set its price,

distribute the product to the market

promote the
product.

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6
Q

no business website

A

Weaknesses

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7
Q

Most Filipinos start
a business when they see that other businesses are _____

A

profitable

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8
Q

It also includes the ability to plan and manage projects with creativity,
innovation, and risk-taking in order to achieve goals.

A

Entrepreneur’s initiative

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9
Q

the features or characteristics that allow a business to stand out
from its competitors.

A

Core competencies

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10
Q

These competencies cover the business’s manpower, capabilities,
acquired assets, capital, and registered patents.

A

Core competencies

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11
Q

market boom

A

Opportunities

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12
Q

Factors that Develop Entrepreneurial Activity

A

1.) Entrepreneur’s initiative

2.) Organization of capital resources

3.) Development of
administrative machinery

4.) Development of
entrepreneurial autonomy

5.) Development of SWOT analysis

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13
Q

negative reviews

A

Threats

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14
Q

The concept of core competencies was developed by

A

C.K Prahalad and Gary Hamel

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15
Q

increasing number of
competitors

A

Threats

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16
Q

The management will develop a structure based on the need
for operations.

A

Development of
administrative machinery

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17
Q

He may ask his trusted family members or friends that could help him
start his dream business.

A

Organization of capital resources

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18
Q

low profits

A

Weaknesses

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19
Q

Working towards clearly defined goals is important.

A

Entrepreneurs are
goal-driven

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20
Q

With the interest in the opportunity at hand, the entrepreneur
takes the initiative of venturing into the business.

A

Entrepreneur’s initiative

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21
Q

With a beginning capital of _________, the youthful Caktiong opened two
branches in Cubao and Quiapo

A

P350,000

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22
Q

The same applies to the world of
business.

A

All growth starts from the beginning

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23
Q

unique taste

A

Strengths

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24
Q

factors/events in the environment of the
business which are favorable for its growth and success.

A

Opportunities

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25
Q

With a beginning capital of P350,000, he opened two
branches in _____ and _____

A

cubao

quiapo

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26
Q

There are a lot of entrepreneurs who start their business from a __________ into a ________

A

small enterprise

big company

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27
Q

He knows the best
direction because he also knows how to calculate the risk
involved.

A

Development of
entrepreneurial autonomy

28
Q

competitors has more offerings

A

Weaknesses

29
Q

something unique that a business has or can do strategically well

A

core competence

30
Q

“ The journey of a thousand miles, begins with a
single step”

A

Lao Tzu

31
Q

can implement a loyalty program

A

Opportunities

32
Q

For these people, there is a passion rather than drive.

A

Entrepreneur as a
missionary

33
Q

friendly staff

A

Strengths

34
Q

Core Competencies of Entrepreneur

A

1.) Entrepreneur as a
missionary

2.)Entrepreneurs are
goal-driven

3.) Entrepreneur as a
marketing man

4.) Entrepreneurs start small to big

35
Q

rising cost of ingredients

A

Threats

36
Q

quality ingredients

A

Strengths

37
Q

It is the ability of entrepreneurs to convert ideas into actions.

A

Entrepreneur’s initiative

38
Q

Human resources and financials are important in starting up a business.

A

Organization of capital resources

39
Q

The entrepreneur considers the business as a mission.

A

Entrepreneur as a
missionary

40
Q

strengths and weaknesses are internal
elements in the business while opportunities and threats are
external elements.

A

SWOT analysis - Development of SWOT analysis

41
Q

Many entrepreneurs start a small scale business but with
their managerial talents and persistence, they will be able to make the company grows.

A

Entrepreneurs start
small to big

42
Q

very similar to the strengths of a
business.

A

Core competencies

43
Q

Marketing is an important process for entrepreneurs.

A

Entrepreneur as a
marketing man

44
Q

Goal-oriented entrepreneurs achieve the maximum results
of their efforts because they work towards clear and
measurable targets.

A

Core Competencies Description
Entrepreneurs are
goal-driven

45
Q

the focus of
marketing

A

process of acquiring and retaining customers - Entrepreneur as a
marketing man

46
Q

Caktiong chose to serve

A

cheeseburgers

chicken

spaghetti

47
Q

Most successful entrepreneurs start small and think big.

A

Entrepreneurs start
small to big

48
Q

It is based on their capacity to do the job and not on personal connections with the entrepreneur.

A

Development of
administrative machinery

49
Q

They think of what they want and how to get it.

A

Entrepreneurs are
goal-driven

50
Q

3 general conditions that a business activity must meet

A
  1. The activity must provide superior value or benefits to the consumer.
  2. It should be difficult for a competitor to replicate.
  3. It should be rare.
51
Q

With the entrepreneur’s savings and other
resources, he will start the operation of his business.

A

Organization of capital resources

52
Q

Many entrepreneurs start a small scale business but with
their ______ and ______, they will be able to make the company _____

A

managerial talents

persistence

grow

53
Q

a tool used in
evaluating a business

A

SWOT

54
Q

an important process for entrepreneurs.

A

Marketing - Entrepreneur as a
marketing man

55
Q

Duties and responsibilities are assigned to
individuals with skills that will fit to their position and qualifications.

A

Development of
administrative machinery

56
Q

the things that the company does well

A

Strengths

57
Q

some entrepreneurs start their businesses with________

A

innovative ideas

58
Q

Chinese philosopher

A

Lao Tzu

59
Q

is like a process of trial and error

A

The Making of a Filipino Entrepreneur

60
Q

the things that the company lacks

A

Weaknesses

61
Q

All growth starts from the ______

A

beginning

62
Q

Entrepreneurs must differentiate their company’s product or service so its uniqueness and value are clear to
the customer.

A

Entrepreneur as a
marketing man

63
Q

The entrepreneur develops autonomy as he leads all the
activities in the business organization.

A

Development of
entrepreneurial autonomy

64
Q

used to have a dessert parlor, before changing it into a fast-food chain
called Jollibee

A

Tony Tan Caktiong

65
Q

expansion of branches

A

Opportunities

ENTREPRENEURSHIP (3 decks)

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