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ENTREP 3RD QUARTER > Lesson 6: Seeking, Screening, and Seizing Opportunities > Flashcards

Lesson 6: Seeking, Screening, and Seizing Opportunities Flashcards

1
Q

Two important factors hinder our
growth as a nation:

A
  1. Poverty
  2. Population Explosion
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2
Q

the making of its people and the
kind of leaders that hold the wheels of economic fortune.

A

Poverty

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3
Q

is another factor that
contributes to the poverty of our nation.

A

Population Explosion

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4
Q

The following factors are contributory determinants to our slow growth in economic development as a
nation:

A
  1. The Filipino Values and culture
  2. Availability of Needed Capital
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5
Q

entrepreneur see things in a very positive and optimistic
light in the midst of crisis or difficult situations.

A

Entrepreneurial Mindframe

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6
Q

driven by passion, entrepreneurs are drawn to find
fulfillment in the act and process of discovery.

A

Entrepreneurial Heartflame

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7
Q

the ability of the entrepreneur to sense without using the
five senses
-this is also known as INTUITION

A

Entrepreneurial Gut Game

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8
Q

Sources of Opportunities

A
  1. Macro Environmental Sources of Opportunities
  2. Industry Sources of Opportunities
  3. Market Sources of Opportunities
  4. Micromarket
  5. Consumer Preferences, Piques, and Perceptions
  6. Other Sources of Opportunities
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9
Q

Refers to the “big or macro forces” that affect the
area, the industry, and the market, which the
enterprise belongs to.

A

Marco Environment

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10
Q

Enumerate the types of The Filipino Values and Culture

A

a. Love for Imported Products
b. Our Values of BAHALA NA.
c. Our Crab Mentality
d. The MAÑANA HABIT
e. The Value of Time
f. Our Values of HIYA
g. Fiesta and Social Occasions

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11
Q

➢ The country’s colonization for
centuries has developed in
the Filipinos a culture of
dependence and love for
foreign products.

A

a. Love for Imported Products

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12
Q

➢ BAHALA NA is the concept
of belief in BATHALA, the
Gods of the lazy bones and
undetermined individuals.

A

b. Our Values of BAHALA NA.

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13
Q

➢ Is the action of people to pull
down others who are about
to get out of the verge of
poverty and reach for their
success.

A

c. Our Crab Mentality

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14
Q

➢ MAMAYA NA or BUKAS NA
is a culture that is brought to
us by the colonizers who
were fond of SIESTA after
lunch time.

A

d. The MAÑANA HABIT

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15
Q

➢ We are always late in the
start of the program, coming
to our classes, attending to
office work and even in
important meetings and
appointment.

A

e. The Value of Time

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16
Q

➢ Our political and social
systems have not developed
the value of HIYA, as graft and
corruption still exist because of
our love for material things,
money, and power.

A

f. Our Values of HIYA

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17
Q

➢ Savings spent in a day of the
fiesta, entertaining guest, only
to find out the next day that
there is no more rice to feed
their children.

A

g. Fiesta and Social Occasions

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18
Q

What are the five categories of macro environment forces?

A
  1. Socio-Cultural Environment
  2. Political Environment
  3. Economic Environment
  4. Ecological Environment
  5. Technological Environment
19
Q

It includes the demographics and cultural dimensions that govern the relevant entrepreneurial endeavor.
- It helps the entrepreneur assess the trends and
dynamics of the bigger consumer population, their
beliefs, and tastes, customs, and traditions.

A
  1. Socio-Cultural Environment
20
Q
  • defines the governance system of the country or the local area of business.
  • It includes all the laws, rules, and regulations that govern business practices as well as the permits, approval, and licenses necessary to operate the business.
A
  1. Political Environment
21
Q

-Supply and demand forces mainly drive the macro
economic environment.
- They are the same factors that drive the interest and
foreign exchange rates that fluctuate with the movement
of the market forces.

A
  1. Economic Environment
22
Q

-includes all natural resources and the ecosystem, habitat of men, animals, plants, and minerals.

A
  1. Ecological Environment
23
Q

Technology does not only come in the form of
advanced machinery or equipment, but it can also
be in the form of new systems, new processes, or
new products.

A

Technological Environment

24
Q

▪ PARTICIPANTS IN AN INDUSTRY INCLUDE:
1. Rivals or competitors in a particular type of business
2. Suppliers of input to rivals as well as suppliers of machinery and equipment, suppliers of manpower and expertise, and supplies of merchandise
3. Consumer market segments being served by rivals or competitors
4. Substitute products or services, which customers shift or turn to.
5. All other support and enabling industries.

A

INDUSTRY SOURCES OF OPPORTUNITIES

25
Q

▪ The entrepreneur must also be able to
measure the actual demand and supply as
well as the potential demand and supply of
the industry that the enterprise belongs to.
▪ It can be discovered from increased or
decreased demand as well as higher or lower
supply.

A
  1. MARKET SOURCES OF OPPORTUNITIES
26
Q
  • Refers to the specific target market
    segment of a particular enterprise.
  • These are the target customers that
    represent the immediate customers of
    an enterprise
A

4.MICROMARKET

27
Q

-refer to the tastes of a particular groups of people.

A

CONSUMER PREFERENCES

28
Q
  • refer to the curiosity of a particular group of people
A

CONSUMER PIQUES

29
Q

-refer to the process by which a customer selects, organizes, and interprets information/stimuli inputs to create a meaningful picture of the brand or the product

A

CONSUMER PERCEPTIONS

30
Q
  • Refer to the things that irritate customers
A

CONSUMER DISLIKES

31
Q

Enumerate the Methods of Generating New Products/Services

A
  1. Focus Group Discussion
  2. Brainstorming
  3. Problem Inventory Analysis
32
Q
  • a predetermined semi-structured interview led by a skilled moderator.
    -The moderator asks broad questions to a group of 8 to 14 to elicit responses and generate discussion among the participants.
    -The moderator’s goal is to generate the maximum
    amount of discussion and opinions within a given time period.
A

Focus Group Discussion

33
Q

-a group creativity technique by which efforts are made to find a conclusion for a specific problem by gathering a list of ideas spontaneously contributed by its members.
Rules:
a. No criticism of ideas or suggestions. Every idea even the wildest, non-feasible idea is accepted.
b. Freewheeling discussion is encouraged.
c. Quantity of ideas is desired.
d. Combinations and improvements of ideas are
encouraged.

A

Brainstorming

34
Q
  • it is a method for obtaining new ideas and solutions
    by focusing on problems.
    -this analysis uses individuals in a manner that is
    analogous to focus groups to generate new product
    areas.
  • however, instead of generating new ideas, the
    consumers are provided with list of problems and then
    asked to have discussion over it and it ultimately results in an entirely new product idea.
A
  1. Problem Inventory Analysis
35
Q

This can be taken from tried and tested
business models like opening up a snack bar in
competition with almost 100 others in a particular
city.

A

Conventional ideas

36
Q

having product can be introduced that is not yet known to the market, it is where experimentation and boldness in business come in.

A

Innovative businesses

37
Q

a. Start a business that you are familiar with.
b. Start a business due to the needs of existing
business contacts.
c. Gain business inspiration from your hobby or interest.
d. Gain inspiration from an imported item.
e. Explore the possibility of import business.

A

Conventional business scenario

38
Q

a. Gain inspiration from the needs and wants of
customers.
b. Gain an inspiration from the problems and issues that bothered you and your peers.
c. Study the usual or existing solutions and venture in
the alternative solution.
d. List down existing products and find out their other
uses aside from what was stated.

A

Innovative business scenario

39
Q

*By now, the entrepreneur has an idea as to where he or she will locate the business and how he or she will
market the product or service.
*At this stage, the entrepreneur must be able to
determine the critical success factors that enable other
players in the same industry to succeed while, at the
same time, be vigilant about those factors that cause
other businesses to fail.

A

OPPORTUNITY SEIZING

40
Q

-is a way of describing a consumer categorically so
that they can be grouped for marketing and advertising
purposes
- it describes a customer or set of customers that
includes demographic, geographic, and psychographic
characteristics, as well as buying patterns,
creditworthiness, and purchase history.

A

*CUSTOMER PROFILING

41
Q
  • means that the entrepreneur must render
    the concept and translate it into its very
    physical and very real dimensions.
A

*DESIGNING

42
Q

-means pre-production model of a product, engineered for full service test.
-changes based on test results are incorporated into
the prototype which undergoes the same tests again.

A
  • PROTOTYPING
43
Q

Quality control means by which the
capability of a manufactured item to meet
its specified requirements is determined
and documented by subjecting the item to a
set of operating conditions.

A

Testing

ENTREP 3RD QUARTER (9 decks)

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