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ENTREP > LG 3 > Flashcards

LG 3 Flashcards

1
Q

is the gathering, critical analysis, and use of knowledge regarding events and activities, as well as their interactions with their physical, sociocultural, and industrial environments.

A

Environmental Scanning

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2
Q

Is a producer of goods or products. It is engaged in buying raw
materials and supplies to be processed into finished products.

A

Manufacturing Venture

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3
Q

simply refers to the human workforce involved in the manufacture of products. It
is considered as the most critical and important factors of production.

A

Manpower

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4
Q

the operating context for a business and is made up of all the outside factors that can impact its operations

A

External Environment

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5
Q

It refers to the possible external events in the environment that may provide harm to the
business.

A

Threats

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6
Q

Is also called the natural environment. It is composed of the natural
resources here on Earth and it is divided into climate, physical resources, and wildlife.
Future entrepreneurs should rigorously examine them before starting a business.

A

Physical Environment

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7
Q

forces in the industry environment that create, sell, or provide items or
services similar to those of the business

A

Competitors

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8
Q

is the external environmental layer in which trends and changes
are easily and quickly perceived by the firm.

A

Industry Environment

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9
Q

refers to computer and information technology trends and advances that have an impact on business.

A

Technological Factors

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10
Q

SWOT stands for?

A

S- Strengths
W- Weaknesses
O- Opportunities
T- Threats

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11
Q

Is a legal entity whose assets and liability are separate from those of its
owners.

A

Corporation

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12
Q

are factors which are primarily caused by changes or movements in the Philippine economy that have direct or indirect effects on the entrepreneurial venture.

A

Economic Factors

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13
Q

NATURE OF ENTREPRENEURIAL VENTURE

A

A. Merchandising business
B. Service Business
C. Non-professional service ventures
D. Manufacturing venture

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14
Q

is a table-based methodology that displays trends and developments in many external forces

A

PESTEL ANALYSIS

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15
Q

consists of social, political, cultural, economic, legal, and
technical elements. According to research, there is a link between the evaluation of the
sociocultural environment and the favorable operating performance of the entrepreneurial
endeavor.

A

Societal Environment

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16
Q

Is a business venture that is owned by two or more persons.

A

Partnership

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17
Q

It is a popular tool to evaluate the internal environment. It is pioneered by George Albert
Smith Jr. and Roland Christensen. S

A

SWOT ANALYSIS

18
Q

Is a business venture owned by one person only.

A

Sole Prioprietorship

19
Q

It refers to the poor attributes that give disadvantages to the business

A

Weaknesses

20
Q

are societal components that are the result of human interactions and can influence people’s thoughts, behavior, attitude, actions, and even beliefs and customs.

A

Social Factors

21
Q

Examples of External Environment

A

Physical environment ( climate, natural resources, wildlife).
Societal Environment - includes various forces (economic forces, sociocultural forces, political forces, technological environment.
Industry Environment (government, competitors, suppliers, customers, creditors, employees).

22
Q

is engaged in the buying and selling of products or goods. It does
not alter the appearance of the product purchased from the seller.

A

Merchandising business

23
Q

provides services to customers. The primary sources of income are
different services rendered or provided to customers

A

Service Business

24
Q

is defined as the integrated traits of a group or ethnic group in a specific civilization.

A

Cultural Factors

25
Q

It refers to the strong attributes or capabilities of the business that provide great
advantage in exploiting the business opportunity

A

Strengths

26
Q

It refers to business situations in the form of products or services that must be exploited because of their potential in terms of profit and growth.

A

Opportunities

27
Q

lt simply refers to the raw materials needed in the production of a product

A

Materials

28
Q

Things the entrepreneur must consider before opening a business in a certain environment

A
  1. Climate
  2. Physical Resources
  3. Wildlife
29
Q

refers to the process or technique of converting raw materials to finished products

A

Method

30
Q

PESTEL stands for?

A

Political, Economical, Sociocultural, Technological, Environmental, Legal

31
Q

include laundry shops, car repair shops, beauty parlors,
educational institutions, and banking institutions

A

Non-professional service venture

32
Q

are the elements and bodies directly involved in the legislation and interpretation of laws and ordinances that have a direct impact on business.

A

Legal Factors

33
Q

Good Sources of Entrepreneurial Ideas

A

a. Changes in the environment
b. Technological discovery and advancement
c. Government’s thrust, programs, and policies
d. People’s interest
e. Past experiences

34
Q

FORMS OF ENTREPRENEURIAL VENTURE

A
  1. Sole Proprietorship
  2. Partnership
  3. Corporation
35
Q

manufacture and sell substitute
goods

A

Indirect Competitors

36
Q

is an environmental scanning tool that can be used to supplement portion of the PESTEL model.

A

Environmental Forces Mix

37
Q

manufacture and sell
equivalent goods or services

A

Direct Competitors

38
Q

FOUR Ms OF PRODUCTION

A
  1. Manpower
  2. Method
  3. Machine
  4. Materials
39
Q

refers to the manufacturing equipment used in the production of goods or delivery
of services.

A

Machine

40
Q

include trade regulations, taxation, government stability, unemployment, worker’s benefits, election practices. These elements have the potential to have a significant and important impact on businesses.

A

Political Factors

ENTREP (3 decks)

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