Lesson 2: Recognize Potential Market

Question 1

The creation of _______ leads to identification of ______, which results to opening of ______

Answer 1

The creation of entrepreneurial ideas leads to identification of entrepreneurial opportunities, which results to opening of entrepreneurial venture

Question 2

What are the essentials in Entrepreneur’s Opportunity-Seeking?

Answer 2

1. Entrepreneurial mind frame
2. Entrepreneurial heart frame
3. Entrepreneurial gut game

Question 3

Essentials in Entrepreneur’s Opportunity-Seeking
- see things in a positive and optimistic way in the midst of difficult situation.

Answer 3

Entrepreneurial mindframe

Question 4

Essentials in Entrepreneur’s Opportunity-Seeking
- entrepreneurs are attracted to discover satisfaction in the act process of discovery. Passion is the great desire to achieve goals.

Answer 4

Entrepreneurial heart flame

Question 5

Essentials in Entrepreneur’s Opportunity-Seeking
- ability to be intuitive. Confidence of oneself and the firm belief that everything you aspire can be reached.

Answer 5

Entrepreneurial gut game

Question 6

What are the 5 sources of opportunities?

Answer 6

1. Changes in environment
2. Technological discovery and advancement
3. Government’s thrust, programs, and policies
4. People’s interest
5. Past experiences

Question 7

Sources of opportunities:
A person with an entrepreneurial drive views changes in external environment positively.
- has 3 facets (physical, societal, industry)

Answer 7

Changes in environment

Question 8

Climate - weather conditions
Natural resources - mineral, forest, water, fertile land that occur in nature and can be used in economic gain
Wildlife - all mammals, birds, reptiles, fish, etc. that live in the wild

Answer 8

Physical Environment

Question 9

Political forces - laws, rules, regulations, that govern business practices as well as permits, approval, and licenses necessary to open a business
Economic forces - income level and employment rate
Sociocultural forces - customs, lifestyle, values
Technological environment - new inventions and technology innovations

Answer 9

Societal environment

Question 10

Competitors
Customers
Creditors
Employees
Government
Suppliers

Answer 10

Industry environment

Question 11

Sources of opportunities:
Sees opportunity of business in any new discovery or because of the use of latest technology

Answer 11

Technological discovery and advancement

Question 12

Sources of opportunities:
Priorities, projects, programs, and policies of the government are also good sources of ideas
- alternative for products banned by the government

Answer 12

Government’s thrust, programs, and policies

Question 13

Sources of opportunities:
Interest, hobbies, and preferences of people are rich sources of entrepreneurial ideas

Answer 13

People’s Interest

Question 14

Sources of opportunities:
Expertise and skills developed by a person who has worked on a particular field may lead to the opening of a related business enterprise

Answer 14

Past experiences

Question 15

What are the factors under physical environment?

Answer 15

1. Climate
2. Natural Resources
3. Wildlife

Question 16

What are the forces under societal environment?

Answer 16

1. Political
2. Economic
3. Sociocultural
4. Technological

Question 17

What are the factors under industry environment?

Answer 17

1. Competitors
2. Customers
3. Creditors
4. Employees
5. Government
6. Suppliers