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ENTREP ST REVIEWER > Lesson 2 > Flashcards

Lesson 2 Flashcards

1
Q

What should a future entrepreneur should keep in mind?

A

a business must be firmly established on existing business opportunities.
Nonetheless, there can be no business opportunities in the absence of an entrepreneurial idea.

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2
Q

What are the entrepreneurial sources ideas?

A
  1. Changes in the Government
  2. Government’s programs and policies
  3. Technological discovery and
    advancement
  4. People’s interests
  5. Past Experiences
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3
Q

The requirement for businesses to cater for disabled people, by building ramps into offices, shops etc. Also This design and implementation of workplace and environmental regulations.

A

Changes in the Government

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4
Q

What are the 4 steps of entrepreneurial process?

A

Step 1 : Opportunity Spotting and Assessment with the 3S

Step 2: Developing a Business Plan

Step 3: Determining the Capital Needed

Step 4: Running the business

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5
Q

What are the key 5 terms ?

A

Needs, Wants, Demand, Opportunity, Idea

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6
Q

level of desire or need in particular good or service. It is also a want becomes a demand when there is an increasing number of people who wished to acquire the purchasing power to buy it.

A

Demand

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7
Q

Something people must have for survival or to strive for a certain necessity. These may vary on the external situation of the person as it may include food, water, medicine, clothing, security, house, and others.

A

Needs

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8
Q

Simply anything that would satisfy a person’s desire whether necessary or not.

A

Wants

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9
Q

An entrepreneur’s business idea that can potentially become a commercial product or service in the future.

A

Opportunity

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10
Q

It is a result of a creative thinking process.

A

Idea

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11
Q

What are the 3s?

A

Seeking, Screening, Seizing

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12
Q

is the first step and is the most difficult process of all due to the number of options that the entrepreneur will have to choose from

A

Step 1: Seeking

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13
Q

What are the 2 various sources?

A

a. Macro-environmental Sources

b. Micro-market Sources or Micro- environment Sources

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14
Q

The environment in which a business operates is a major consideration in determining an organization’s design

A

Business Environment

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15
Q

These are sources outside of the business that the owner has very little control. These are also the larger societal forces that may directly and indirecty the business.

A

Macro environmental Sources

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16
Q

What are the Macro Environment Sources?

A
  1. Political
  2. Socio-Cultural
  3. Economic
  4. Technological
  5. Environmental
  6. Demographic Factors
  7. Legal
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17
Q

Government policies and administrations:

  • Corruption level
  • Tax policy
  • Government effectiveness
  • National Minimum Wage
  • Corporate Taxes
A

Political

18
Q

The general view of locality’s traditions, customs, beliefs, norms and perceptions.

A

Socio-Cultural

19
Q

These include income, expenses and resources that can influence the cost of doing business and generating income. (growth rate, labor costs, interest rates)

A

Economic

20
Q
  • Use of mobile devices in establishing a more relationship with customers.
  • Making technology more convenient by incorporating AI technology.
  • Voice command function
A

Technological

21
Q

The environmental standards or will just be a hazard to people, animals or nature.

A

Environmental

22
Q

These are the characteristics of the people on the target market.

  • Age
  • Gender
  • Education
  • Income
  • Social Class
A

Demographic Factors

23
Q

These are government laws and regulations that could restrict or allow business activities.

A

Legal

24
Q
  1. Anti-discriination Law
  2. Employment Law
  3. National Minimum Wage Law
  4. Copyright and Patent Laws
  5. Health and Safety Laws
A

Legal

25
Q

What are the sources of Micro- Market ?

A
  1. Customers
  2. Suppliers
  3. Competitors
  4. Intermediaries ( Distributors, Wholesalers, Retailers, Online Selling)
  5. Some Publics
26
Q

The process of cautiously selecting the best opportunity and the selection will depend on the entrepreneur’s.

A

Step 2 : Screening

27
Q

The entrepreneur should say NO to an opportunity if it does not contain any of the business opportunity elements which are ?

A
  • Has superior value to customers
  • Solves a compelling problem, issue, need or want.
  • Is a potential cash cow
  • Matches with the entrepreneur’s skills, resources, and risk appetite.
28
Q

The “pushing through” with the chosen opportunity.

A

Step 3 : Seizing

29
Q

Is the process of positively improving an existing product or service.

A

Innovation

30
Q

Turning an idea into a solution that adds value from a customer’s perspective.

A

Innovation

31
Q

These are the innovations that occur infrequently; must be protected by a patent, a trade secret, or a copyright.

A

Break through Innovation

32
Q

These are the innovations that occur more frequently, technological advancements of an existing product or service.

A

Technological Innovation

33
Q

These are innovations that occur ordinarily.
This means that the market has a strong influence on the implementation of the innovation.

A

Ordinary Innovation

34
Q

What should an entrepreneur should establish?

A

A new product or service offered will provide TRUE VALUE to the customers and influence their behavior

35
Q

“ When you speak to everyone, you speak to one”

A

Meredith Hill

36
Q

is defined as ‘the systematic design, collection, interpretation, and reporting of information to help entrepreneurs solve marketing problems or take advantage of business opportunities from the consumer data.

A

Consumer Analysis

37
Q

Why is it important that an entrepreneur must know his or her target market?

A

to focus his or her business strategy to a smaller market.

38
Q

What are the demographics customers characteristics?

A
  • Age
  • Gender
  • Income level
  • Family size
  • Culture and tradition Health
  • Occupation
  • Educational background Social class
  • Religion
  • Tace
  • Generation
  • Nationality
  • Family size
39
Q

What are the customers geographic location?

A
  • countries
  • regions
  • cities
  • climate
  • ethnic group
40
Q

What are the customers psychographic personality?

A
  • hobbies
  • leisure activities (social class)
  • psychological or personality traits
  • lifestyle
  • brand concept
41
Q

What are the customers behavioral buying preferences?

A
  • knowledge and attitudes
  • response to a product
  • changing attitudes
  • purchase patterns
  • buying preferences in terms of features, priorities, brand, and travel time.
  • occasion
42
Q

What are the customers behavioral buying preferences?

A
  • How do they react to products/ services offered by different companies?
  • What is their attitude towards new products or services?
  • Are they impulsive or wise buyers?

ENTREP ST REVIEWER (2 decks)

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