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101ENTREP > Lesson 2.5: Recognize a Potential Market (ACTIVITIES) > Flashcards

Lesson 2.5: Recognize a Potential Market (ACTIVITIES) Flashcards

1
Q

T/F: An entrepreneur enters a business because of its profitability.

A

TRUE

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2
Q

T/F: New business ideas provide business opportunities.

A

TRUE

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3
Q

T/F: . Interest and hobbies of the people are possible good sources of
entrepreneurial ideas.

A

TRUE

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3
Q

T/F: Not all changes in the external environment provides business opportunities

A

FALSE

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4
Q

T/F: The industry environment of the business is under technological discovery
and advacement sources of opportunities.

A

FALSE

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4
Q

T/F: The entrepreneurial process starts with identification of entrepreneurial
opportunities.

A

FALSE

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5
Q

T/F: Discovery and advancement in the use of technology are additional good
sources of business opportunities.

A

TRUE

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5
Q

T/F: Entrepreneurial heart flame refers to the ability of the entrepreneur to
sense without using the five senses.

A

FALSE

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6
Q

T/F: The variables in the physical environment include the economic forces.

A

FALSE

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7
Q

T/F: Entrepreneurial mind frame permits the entrepreneur to see things in a very
positive and optimistic light.

A

TRUE

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8
Q

T/F: The business operates in the industry environment.

A

TRUE

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9
Q

T/F: Environmental scanning is conducted only when a new business is opened.

A

TRUE

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10
Q

T/F: Opening a Halo – halo business during summer season is ideal.

A

TRUE

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11
Q

T/F: Entrepreneurs need not observe and evaluate the priorities of the
government.

A

FALSE

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12
Q

T/F: When the barriers to the competitive forces are high, the effect to the growth
of the business is likewise high.

A

FALSE

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13
Q

It is the process of considering, evaluating, and pursuing market-based
activities that are believed to be advantageous for the firm.

A

OPPORTUNITY-SEEKING

14
Q

This is essential to opportunity – seeking which allows the entrepreneur to see
things in a positive and optimistic light in the midst of crisis or difficult
situations.

A

ENTREPRENEURIAL MIND FRAME

15
Q

It is the ability of entrepreneur that can sense without using the five senses,
also known as intuition.

A

ENTREPRENEURIAL GUT GAME

16
Q

One of the essetials of entrepreneur’s opportunity – seeking that refers to the
driven passion of an individual.

A

ENTREPRENEURIAL HEART FLAME

17
Q

What variable of societal environment includes income level and employment
rate?

A

ECONOMIC FORCES

18
Q

A. Preferences and tastes of the customers easily change.
B. The buyer has the potential for backward integration.
C. The cost of switching the supplier cost is minimal.
D. Product differentiation is highly noticeable.

Which are the factors of the substitute product that pose a great threat in the
industry environment?

A

A and D

19
Q

A. Preferences and tastes of the customers easily change.
B. The buyer has the potential for backward integration.
C. The cost of switching the supplier cost is minimal.
D. Product differentiation is highly noticeable.

Which are the factors that influence the buyer to have a less threats because
of the bargaining power?

A

B and C

20
Q

They are the ones who pay cash in exchange for your goods and services.

A

BUYERS

21
Q

The intensity of rivalry among existing firms is characterized to the following
factors except one:
A. Diversity of rivals
B. Number of competing firms
C. Characteristics of the products or services
D. The product represents a high percentage of the buyer’s cost

A

D. The product represents a high percentage of the buyer’s cost

22
Q

The following are the forces competing within the industry except one:
A. Potential new entrants and Substitute Products
B. Buyers and Suppliers
C. Rivalry among Existing Firms
D. Needs and Wants

A

NEEDS AND WANTS

23
Q

Which of the following good sources of entrepreneurial ideas determine the
interest, hobbies and preferences of people

A

PEOPLE’S INTEREST

24
Q

Societal environment includes the following, except:
A. Economic forces
B. Sociocultural forces
C. Political forces
D. Natural resources

A

D. Natural resources

25
Q

Which among the following is the result of identifying entrepreneurial
opportunities?

A

OPENING OF ENTREPRENEURIAL VENTURES

26
Q

What entrepreneurial idea will you recognize, if you consider the new discovery
and advancement of technology as source of opportunity?

A

TECHNOLOGICAL DISCOVERY AND ADVANCEMENT

27
Q

A source of entrepreneurial idea where expertise and skills developed by a
person from its previous work can lead to the opening of a related business
enterprise.

A

PAST EXPERIENCES

101ENTREP (9 decks)

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