Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Entrepreneurship > Lesson 2 > Flashcards

Lesson 2 Flashcards

1
Q

What is the entrepreneurial process of creating a new venture?

A

Creation of entrepreneurial ideas → Identification of entrepreneurial opportunities → Opening of entrepreneurial venture.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

What separates entrepreneurs from ordinary businessmen?

A

Entrepreneurs create value by introducing new products or services or finding better ways of making them.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

What are the essentials in an entrepreneur’s opportunity seeking?

A
  • Positive outlook
  • Risk-taking
  • Driven passion
  • Intuition
  • Confidence in oneself
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

What are potential sources of entrepreneurial opportunities?

A
  • Changes in the environment
  • Technological discovery and advancement
  • Government’s thrust, programs, and policies
  • People’s interests
  • Past experiences
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

What does the term ‘external environment’ refer to in opportunity seeking?

A

The physical environment, societal environment, and industry environment where the business operates.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

What are the five forces of competition in an industry environment?

A
  • Buyers
  • Potential new entrants
  • Rivalry among existing firms
  • Substitute products
  • Suppliers
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

What factors can increase a buyer’s bargaining power?

A
  • Several suppliers available
  • Potential for backward integration
  • Minimal switching costs
  • High percentage of buyer’s cost
  • Large purchases from seller
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

What factors can deter potential new entrants into a market?

A
  • Substantial capital requirements
  • Strict government policy
  • Difficulty in accessing distribution channels
  • Economies of scale
  • High switching costs
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

What characterizes rivalry among existing firms?

A
  • Diversity of rivals
  • Number of competing firms
  • Characteristics of products/services
  • Increased capacity
  • Amount of fixed costs
  • Rate of industry growth
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

What defines a substitute product?

A

Anything that takes the place or function of another product.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

What are the characteristics of a strong supplier threat?

A
  • Ability for forward integration
  • Few suppliers with high sales volume
  • Lack of readily available substitute products
  • High switching costs
  • Unique products/services
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

What does the term ‘micromarket’ refer to?

A

The specific target market segment of a particular business.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

What is opportunity screening?

A

A process used to evaluate innovative product ideas, strategies, and marketing trends.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

What are the 12 R’s of Opportunity Screening?

A
  • Relevance
  • Resonance
  • Reinforcement of entrepreneurial interests
  • Revenues
  • Responsiveness
  • Reach
  • Range
  • Revolutionary impact
  • Returns
  • Relative ease of implementation
  • Resource required
  • Risks
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

True or False: An entrepreneur’s driven passion is crucial for achieving their goals.

A

True

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Fill in the blank: Entrepreneurs are innovative opportunity _______.

A

seekers

17
Q

What is the result of the creation of entrepreneurial ideas?

A

The identification of entrepreneurial opportunities.

18
Q

What is the impact of technological advancements on entrepreneurial opportunities?

A

They can create new business opportunities based on discoveries or the use of latest technology.

19
Q

What are the 12 R’s of Opportunity Screening?

A

A framework for evaluating opportunities based on various criteria including returns, ease of implementation, resources required, and risks.

The 12 R’s encompass aspects like yield on investments, obstacles, competency, resource efficiency, and risk assessment.

20
Q

What does ‘Returns’ refer to in opportunity screening?

A

Yield the highest returns on investments.

This criterion helps in evaluating the potential profitability of an opportunity.

21
Q

What is meant by ‘Relative Ease of Implementation’?

A

Factors such as relative ease, obstacles, and competency involved in executing the opportunity.

This assesses how straightforward it is to implement a particular opportunity.

22
Q

What is the significance of ‘Resource Required’?

A

Fewer resources are favored.

Opportunities that require less resource investment are generally preferred for efficiency.

23
Q

What types of ‘Risks’ should be considered in opportunity screening?

A

High technological, market, financial, and people risks.

Understanding risks helps entrepreneurs make informed decisions about pursuing opportunities.

24
Q

What is the first step to seizing opportunities?

A

Step outside your comfort zone.

Embracing challenges can lead to significant growth and opportunity.

25
Q

Why do small opportunities matter?

A

Not all opportunities are created equal, but what you do with them can lead to bigger opportunities in the future.

Small opportunities should not be underestimated as they can pave the way for larger successes.

26
Q

Who should you network with to seize opportunities?

A

Creative people who have resources, contacts, experience, and skills.

Networking with innovative individuals can provide new perspectives and opportunities.

27
Q

What is a Positioning Statement?

A

An expression of how a product, service, or brand fills a particular customer need in a unique way.

It distinguishes a product from its competitors by highlighting its unique benefits.

28
Q

Provide an example of a Positioning Statement.

A

For young, active soft-drink consumers, Mountain Dew is the soft drink that gives you more energy than any other brand because it has the highest level of caffeine.

This statement clearly articulates the target audience and the unique value proposition.

29
Q

What are the directions for conceptualizing a product or service offering?

A
  1. Create a concept similar to winning products
  2. Find a market niche
  3. Conceptualize a product in a positioning category
  4. Conceptualize a product that changes customer behavior.

These steps help entrepreneurs identify and develop innovative product ideas.

30
Q

What does ‘Designing’ mean in the context of product development?

A

Rendering the concept and translating it into physical and real dimensions.

This step involves creating the actual design of the product based on the initial concept.

31
Q

What is the purpose of ‘Prototyping’?

A

Preparing the product for actual testing.

Prototyping allows for the evaluation of the product’s design and functionality before full-scale production.

32
Q

How is ‘Testing the Product’ conducted?

A

Through focus group discussions, surveys, and product demonstrations.

Testing helps gather feedback from potential customers to refine the product.

33
Q

What are the important choices a planner must make?

A
  1. Choose the correct technology
  2. Choose the right people
  3. Design the operating workflow
  4. Specify systems and procedures
  5. Design the organizational structure.

These choices are critical for achieving desired results in business operations.

34
Q

What are the three important resources in implementing, organizing, and financing a business?

A
  1. People resources
  2. Technology resources
  3. Money resources.

These resources are essential for the successful operation of a business.

35
Q

What do ‘People Resources’ refer to?

A

Sales volume targets, technology utilized, and capabilities needed by the workforce.

Human resources are crucial for meeting business objectives and operational efficiency.

36
Q

What are ‘Technology Resources’?

A

Capital expenditures and work in process to get things done.

Technology resources enable efficient production and service delivery.

37
Q

What do ‘Money Resources’ depend on?

A

People and physical resources, as well as other financial requirements needed in the business.

Financial resources are vital for sustaining business operations and growth.

Entrepreneurship (1 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2025 Bold Learning Solutions. Terms and Conditions