LESSON 1.2: CORE COMPETENCIES IN ENTREPRENEURSHIP

Question 1

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

Answer 1

Filipino market

Question 2

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

Answer 2

SWOT

Question 3

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

Answer 3

Entrepreneur as a
marketing man

Question 4

the elements that could endanger the profitability of the business.

Answer 4

Threats

Question 5

Entrepreneurs must ____, _____, _____, and _______

Entrepreneur as a
marketing man

Answer 5

design the product,

set its price,

distribute the product to the market

promote the
product.

Question 6

no business website

Answer 6

Weaknesses

Question 7

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

Answer 7

profitable

Question 8

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

Answer 8

Entrepreneur’s initiative

Question 9

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

Answer 9

Core competencies

Question 10

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

Answer 10

Core competencies

Question 11

market boom

Answer 11

Opportunities

Question 12

Factors that Develop Entrepreneurial Activity

Answer 12

1.) Entrepreneur’s initiative

2.) Organization of capital resources

3.) Development of
administrative machinery

4.) Development of
entrepreneurial autonomy

5.) Development of SWOT analysis

Question 13

negative reviews

Answer 13

Threats

Question 14

The concept of core competencies was developed by

Answer 14

C.K Prahalad and Gary Hamel

Question 15

increasing number of
competitors

Answer 15

Threats

Question 16

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

Answer 16

Development of
administrative machinery

Question 17

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

Answer 17

Organization of capital resources

Question 18

low profits

Answer 18

Weaknesses

Question 19

Working towards clearly defined goals is important.

Answer 19

Entrepreneurs are
goal-driven

Question 20

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

Answer 20

Entrepreneur’s initiative

Question 21

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

Answer 21

P350,000

Question 22

The same applies to the world of
business.

Answer 22

All growth starts from the beginning

Question 23

unique taste

Answer 23

Strengths

Question 24

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

Answer 24

Opportunities

Question 25

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

Answer 25

cubao quiapo

Question 26

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

Answer 26

small enterprise big company

Question 27

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

Answer 27

Development of entrepreneurial autonomy

Question 28

competitors has more offerings

Answer 28

Weaknesses

Question 29

something unique that a business has or can do strategically well

Answer 29

core competence

Question 30

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

Answer 30

Lao Tzu

Question 31

can implement a loyalty program

Answer 31

Opportunities

Question 32

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

Answer 32

Entrepreneur as a missionary

Question 33

friendly staff

Answer 33

Strengths

Question 34

Core Competencies of Entrepreneur

Answer 34

1.) Entrepreneur as a missionary 2.)Entrepreneurs are goal-driven 3.) Entrepreneur as a marketing man 4.) Entrepreneurs start small to big

Question 35

rising cost of ingredients

Answer 35

Threats

Question 36

quality ingredients

Answer 36

Strengths

Question 37

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

Answer 37

Entrepreneur’s initiative

Question 38

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

Answer 38

Organization of capital resources

Question 39

The entrepreneur considers the business as a mission.

Answer 39

Entrepreneur as a missionary

Question 40

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

Answer 40

SWOT analysis - Development of SWOT analysis

Question 41

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

Answer 41

Entrepreneurs start small to big

Question 42

very similar to the strengths of a business.

Answer 42

Core competencies

Question 43

Marketing is an important process for entrepreneurs.

Answer 43

Entrepreneur as a marketing man

Question 44

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

Answer 44

Core Competencies Description Entrepreneurs are goal-driven

Question 45

the focus of marketing

Answer 45

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

Question 46

Caktiong chose to serve

Answer 46

cheeseburgers chicken spaghetti

Question 47

Most successful entrepreneurs start small and think big.

Answer 47

Entrepreneurs start small to big

Question 48

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

Answer 48

Development of administrative machinery

Question 49

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

Answer 49

Entrepreneurs are goal-driven

Question 50

3 general conditions that a business activity must meet

Answer 50

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.

Question 51

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

Answer 51

Organization of capital resources

Question 52

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

Answer 52

managerial talents persistence grow

Question 53

a tool used in evaluating a business

Answer 53

SWOT

Question 54

an important process for entrepreneurs.

Answer 54

Marketing - Entrepreneur as a marketing man

Question 55

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

Answer 55

Development of administrative machinery

Question 56

the things that the company does well

Answer 56

Strengths

Question 57

some entrepreneurs start their businesses with________

Answer 57

innovative ideas

Question 58

Chinese philosopher

Answer 58

Lao Tzu

Question 59

is like a process of trial and error

Answer 59

The Making of a Filipino Entrepreneur

Question 60

the things that the company lacks

Answer 60

Weaknesses

Question 61

All growth starts from the ______

Answer 61

beginning

Question 62

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

Answer 62

Entrepreneur as a marketing man

Question 63

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

Answer 63

Development of entrepreneurial autonomy

Question 64

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

Answer 64

Tony Tan Caktiong

Question 65

expansion of branches

Answer 65

Opportunities