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101ENTREP > Lesson 2: Recognize a Potential Market > Flashcards

Lesson 2: Recognize a Potential Market Flashcards

1
Q

an innovative concept that can be used for financial gain usually centered on a product or service offered money

A

entrepreneurial ideas

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2
Q

the creation of entrepreneurial ideas leads to

A

identification opportunities

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3
Q

identification opportunities results in

A

the opening of entrepreneurial venture

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4
Q

the entrepreneurial process of creating a new venture

A

creation of entrepreneurial ideas → identification of entrepreneurial opportunities → opening of entrepreneurial ventures

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5
Q

defined as the steps taken in order to begin a new enterprise

A

entrepreneurial process

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6
Q

step-by-step method one has to follow to set up a business

A

entrepreneurial process

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7
Q

who made the diagram showing the entrepreneurial process of creating a new venture

A

Nick L. Aduana

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8
Q

sources of ideas for entrepreneurial ventures

A

FROM existing products; the process; the person; relations

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9
Q

methods of generating for testing business ideas OR methods of generating business ideas through logical thinking

A

statistical analysis and market analysis

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10
Q

refers to the systematic analysis of data generated from a survey of individuals

A

statistical analysis

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11
Q

undertaken to know the various factors that affect the demand for a particular product or serivce

A

market analysis

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12
Q

market analysis is related to

A

statistical analysis

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13
Q

the process of considering, evaluating, and pursuing market-based activities that are expected to be beneficial for the business

A

opportunity seeking

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14
Q

essential in entrepreneur’s opportunity-seeking

A

entrepreneurial mind frame; entrepreneurial heart flame; entrepreneurial gut game

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15
Q

This allows the entrepreneur to see things in a
very positive and optimistic way in the midst of difficult situation

A

entrepreneurial mind frame

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16
Q

being a risk-taker, an entrepreneur can

A

find solutions when problems arise

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17
Q

Entrepreneurs are driven by passion; they are
attracted to discover satisfaction in the act and process of discovery.

A

entrepreneurial heart flame

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18
Q

entrepreneurs are driven by

A

passion

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19
Q

the great desire of an entrepreneur to achieve his/her goals

A

passion

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20
Q

This refers to the ability of the entrepreneur of
being intuitive.

A

entrepreneurial gut game

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21
Q

entrepreneurial gut game is also known as

A

intuition

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22
Q

the entrepreneurial gut game also means

A

confidence in one’s self and the firm belief that everything you aspire can be reached

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23
Q

sources of opportuntiies

A

changes in the environment; technological discovery and advancement; government’s thrust, programs, and policies; people’s interest; past experiences

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24
Q

ways to discover opportunities. Looking at the big picture,
some have noticed the emerging trends and patterns for business opportunities.

A

sources of opportunities

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25
Q

Entrepreneurial ideas arise when changes happen in the external environment.

A

changes in the environment

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26
Q

A person with an entrepreneurial drive views these changes

A

positively

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27
Q

refers to the physical environment, societal environment, and industry
environment where the business operates.

A

external environment

28
Q

the external environment includes

A

physical environment, societal environment, industry environment

29
Q

the physical environment includes

A

climate, natural resources, wildlife

30
Q

the weather conditions.

A

climate

31
Q

such as minerals, forests, water, and fertile land
that occur in nature and can be used for economic gain.

A

natural resources

32
Q

includes all mammals, birds, reptiles, fish, etc., that live in the wild.

A

wildlife

33
Q

the societal environment includes

A

political forces; economic forces; sociocultural forces; technological environment

34
Q

includes all the laws, rules, and regulations that
govern business practices as well as the permits, approvals, and
licenses necessary to operate the business.

A

political forces

35
Q

such as income level and employment rate.

A

economic forces

36
Q

customs, lifestyles and values that characterize a society.

A

sociocultural forces

37
Q

new inventions and technology innovations

A

technological environment

38
Q

the industry environment includes

A

competitors; customers; creditors; employees; government; suppliers

39
Q

one factor in the physical environment that can easily change
is

A

climate

40
Q

A person with entrepreneurial interest sees possibility of business opportunities
in any new discovery or because of the use of latest technology

A

technological discovery and advancement

41
Q

The priorities, projects, programs, and policies of the government are also good
sources of ideas.

A

government’s thrust, programs, and policies

42
Q

The interest, hobbies, and preferences of people are rich sources of
entrepreneurial ideas

A

people’s interest

43
Q

The expertise and skills developed by a person who has worked in a particular
field may lead to the opening of a related business enterprise

A

past experiences

44
Q

the forces of competitions model is also known as

A

five forces of competition

45
Q

An industry environment is
a

A

competitive environment

46
Q

Regardless of what product or services you have,
competition is

A

always present

47
Q

the act or process of trying to get or win something

A

competition

48
Q

the five forces of competition

A

buyers; potential new entrants; rivalry among existing firms; substitute products; supplier

49
Q

the ones that pay cash in exchange for your goods and services.

A

buyer

50
Q

the buyer has a

A

strong and magnified bargaining power

51
Q

example of the influence of buyers

A

price or bargaining strategy

52
Q

factors to notice that will lessen the threat of bargaining power

A

there are several suppliers available in the market; the buyer has the potential for backward integration; the cost of switching the supplier cost is minimal; the product represents the high percentage of the buyer’s cost; the buyer purchases large portions of the seller’s products or services

53
Q

defined as companies or businesses that have the ability to
penetrate or enter into a particular industry.

A

new entrant

54
Q

if a business requires huge capital,

A

new entrants should decline to join the business

55
Q

factors to notice with regards to potential new entrants

A

substantial capital requirement; strict government policy; difficulty in accessing distribution channels; economies of scale; high cost of product differentiation; high switching cost

56
Q

a state or situation wherein business organizations are competing
with each other in a particular market

A

rivalry

57
Q

The intensity of
rivalry among existing firms is characterized to the following factors:

A

diversity of rivals; number of competing firms; characteristics of the products or services; increased capacity; amount of fixed costs; rate of industry growth

58
Q

that serves the same purpose as another product in the
market

A

substitute

59
Q

A substitute product can give a big threat in the industry environment if the following
factors are noticed:

A

switching cost is low; preferences and tastes of the customers easily change; product differentiate is highly noticeable; the quality of substitute products dramatically improves; the price of substitute product is substantially lower

60
Q

the one that provide something that is needed in business
operations such as office supplies and equipment.

A

suppliers

61
Q

suppliers can be noticed if there is the presence of the
following factors:

A

the supplier has the ability for forward integration; suppliers in the industry are few but sales volume is high; substitution products are not readily available in the market; the switching cost is very high; the product or service is unique

62
Q

factors used to measure the supplier power of an industry

A

number of suppliers; uniqueness; switching costs; forward integration; industry importance

63
Q

when few firms can give a company something it needs to stay in business, each has a greater negotiating power. they can raise prices or reduce quality without fear of losing business

A

the number of suppliers

64
Q

if a supplier provides a unique product or its not easy to find a substitute. it is more dominant. businesses can’t easily switch to another supplier

A

uniqueness

65
Q

if it’s costly or time consuming to switch suppliers, then they have more power. businesses are less likely to switch, even if prices increase

A

switching costs

66
Q

if suppliers can move into the buyer’s industry, they have more power. they already have access to the necessary supplies, making it difficult for their former buyers to compete once they decide to enter the market themselves

A

forward integration

67
Q

some sectors are tightly intertwined, such as automotive suppliers and the major auto companies or the semiconductor and tech industries, which can balance the power between the suppliers and those in the sector. this is because the supplier needs these buyers to do well so that it can too. when a supplier can just as easily sell its products elsewhere, that gives it a great deal more power

A

industry importance

101ENTREP (9 decks)

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