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Entrepreneurship > Module 3B: Starting a Business kn the Philippines > Flashcards

Module 3B: Starting a Business kn the Philippines Flashcards

1
Q

Business idea generation

A

Creativity
Innovation
Invention

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2
Q

ability to develop something original, particularly an idea or a representation of an idea.

A

Creativity

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3
Q

adds value to an existing product or service

A

Innovation

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4
Q

truly novel product, service, or process that, though based on ideas and products that have come before

A

Invention

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5
Q

The creative process: The 5 stages of creativity

A

[PIIEE]
Preparation
Incubation
Insight
Evaluation
Elaboration

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6
Q

involves investigating a chosen field of interest, opening your mind, and becoming immersed in materials, mindset, and meaning

A

Preparation

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7
Q

refers to giving yourself, and your subconscious mind in particular, time to incorporate what you learned and practiced in the preparation stage

A

Incubation

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8
Q

a.k.a. “illumination,” a term for the “aha!” moment

A

Insight

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9
Q

when the solution to a creative problem suddenly becomes readily accessible to your conscious mind

A

Insight

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10
Q

the purposeful examination of ideas

A

Evaluation

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11
Q

the actual production release of a “minimum viable product”. It functions well enough that you can begin to market it while still elaborating on it in an iterative development process.

A

Elaboration

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12
Q
  • a feeling of dissatisfaction among customers
  • persistent or recurring problem that frequently inconveniences or annoys customers
A

pain points

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13
Q

response to both changes within markets and changes from outside markets

A

Key point about innovation

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14
Q

Seven sources for innovative opportunities

A

[TIPI DCN]
1. The unexpected
2. Incongruities
3. Process need
4. Industry and market structure
5. Demographics
6. Changes in perception, mood, and meaning
7. New knowledge

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15
Q

Internally focused sources for innovative opportunities

A

[TIPI]
1. The unexpected
2. Incongruities
3. (Innovation based on) Process need
4. Industry and Market Structures

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16
Q

Externally focused sources for innovative opportunities

A

[DCN]
5. Demographics
6. Changes in Perception, Mood and Meaning
7. New knowledge - both scientific and non-scientific

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17
Q

Types of innovation

A
  1. Incremental innovation
  2. Pioneering innovation
  3. Disruptive innovation
  4. Social innovation
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18
Q

Type of innovation that modifies an existing product or service

A

Incremental Innovation

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19
Q

Type of innovation that is based on new technology. Advancements in the related field that leads to the development of a new product

A

Pioneering innovation

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20
Q

Type of innovation that makes a product more affordable or accessible

A

Disruptive innovation

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21
Q

Type of innovation that address social and environmental challenges

A

Social innovation

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22
Q

Developing an Invention

A

[ESCCD]
1. Educate yourself
2. Stay organized
3. Conduct Market
4. Research
5. Conduct Patent
6. Research
7. Develop a Prototype

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23
Q

Source of the Known

A

Education / Research
Experience / skill
Family (business/tradition)

24
Q

Source of the Unknown

A

Information from friends
Brainstorming
Tips/information from various sources

25
Q

→ creates significant value for customers and offers significant profit potential to the entrepreneur

→ it can also be said that there exists an entrepreneurial opportunity when a gap exists between supply (amount and characteristics of the product produced) and demand (consumers’ desire for the product).

A

Entrepreneurial Opportunities

26
Q

Identify the problem → Test hypothesis → Evaluate opportunity (Competency, Competition, Sustainability, Profitability, and Financing)

A

Shaping opportunities

27
Q

→ focus on what creates that value

→ defining and refining the problem that needs to be solved for customers and users.

→you need to be sure that the problem exists and be able to describe it in some detail before you even begin to invest heavily in building your solution

A

Shaping opportunities

28
Q

Evaluate Opportunity

A

[CCSPF]
Competencies
Competition
Sustainability
Profitability
Financing

29
Q

Evaluate opportunities
* Do I have substantial knowledge and skills?
* Do I know someone who has advanced knowledge and skill who I can trust to be a partner or employee?
* Do I have connections inside the industry who can help me?

A

Competency

30
Q

Evaluate Opportunity
* How many competitors are there in the area? in the industry?
* What are their strengths and weaknesses?
* How are you going to be different?

A

.Competition

31
Q

How to do a competitor check

A
  • Mystery Shopping
  • Buy their product/service
  • Interviewing competitor’s customers
  • Competitor’s website/social media
  • Testimonials
32
Q

Evaluate Opportunity
* Threat of new entrants
* Threat of substitute/s
* Bargaining power of supplier
* Short lived trend/fad

A

Sustainability

33
Q

Evaluate opportunity
* Net income
* net profit margin
* break-even point
* payback period
* return of investment

A

Profitability

34
Q

Evaluate Opportunity
* Compute for capital requirement
* check if this can be funded by your savings

A

Financing

35
Q

4 legal forms of ownership

A

sole proprietorship
partnership
corporation
cooperative

36
Q

Types of partnership

A

General partnership
Limited partnership

37
Q

A business co-owned by 2 or more general partners
simplest form
made up of general partners
most common type of partnerships
have unlimited liability

A

General partnerships

38
Q

a person who has full or shared responsibility for running the business

A

General partners

39
Q

a business co-owned by at least one general partner and one limited partner

A

Limited partnerships

40
Q

In partnerships, they have unlimited liability

A

general partners

41
Q

In partnerships, they have limited liability (only able for the amount they invested in busines)
-they do not operate on business, they provide capital

A

limited partners

42
Q

Special elements of a corporation

A

stock
stockholder
dividend
board of directors
closed (private) corporations
open (public) corporations

43
Q
  • shares of ownerships of corporations
A

stocks

44
Q

2 types of stocks

A

common stock
preferred stock

45
Q

stock with voting privilege

A

common stock

46
Q
A
46
Q
A
47
Q

stock without voting rights; dividend paid first

A

preferred stock

47
Q

a person who owns a share of a corporations stock

A

stockholder

47
Q

a corporation whose stock is bought and sold on exchanges and can be purchased by any individual

A

open (public) stock

47
Q

corporation with a single stockholder, who must be a natural person, trust, or an estate
provided in Title XIII (Special Corporations) of Republic Act No. 11232, also known as the “Revised Corporation Code”

A

One person corporation

47
Q

a portion of the corporation’s profit (earnings) that is distributed to stockholders

A

dividend

47
Q

a corporation whose stock is owned by relatively few people and is not sold publicly

A

closed corporation

47
Q

governing body of the corporation
elected by the stockholders and appoint corporate officers

A

board of directors

47
Q

autonomous and duly registered association of persons, with a common bond of interest, who have voluntarily joined together to achieve their social, economic and cultural needs and aspirations by making equitable contributions to the capital required, patronizing their products and services and accepting a fair share of risks and benefits of the undertaking in accordance with the universally accepted cooperative principles.

A

cooperatives

Entrepreneurship (6 decks)

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