Lesson 2.75: Other Terms

Question 1

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

Answer 1

buyers

Question 2

it is the act or process of trying to get or win something.

Answer 2

competition

Question 3

can be defined as the steps taken in order to begin a new
enterprise. It is a step-by-step method one has to follow to set up a business.

Answer 3

entrepreneurial process

Question 4

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

Answer 4

entrepreneurial ideas

Question 5

these are the basic
foundation that the entrepreneur must have in seeking opportunities, such as
entrepreneurial mind frame, heart flame and gut game.

Answer 5

essentials in entrepreneur’s opportunity-seeking

Question 6

essentials in entrepreneur’s opportunity-seeking includes

Answer 6

entrepreneurial mind frame, heart flame, gut game

Question 7

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

Answer 7

external environment

Question 8

refers to the local government (municipality, city, or provincial) or the
national government and its branches.

Answer 8

government

Question 9

the one who enters something

Answer 9

new entrants

Question 10

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

Answer 10

opportunity-seeking

Question 11

is a state or situation in which people or groups are competing with each
other.

Answer 11

rivalry

Question 12

can be attained by assessing and looking at changes in the
environment; technological discovery and advancement; government’s thrust,
programs, and policies; people’s interest, and past experiences.

Answer 12

sources of opportunity

Question 13

anything that takes the place or function of another.

Answer 13

substitute

Question 14

are the ones who provide something that is needed or wanted.

Answer 14

suppliers