Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

ENTREPRENEUR > MODULE2 > Flashcards

MODULE2 Flashcards

1
Q

A STEP-BY-STEP PROCEDURE IN ESTABLISHING ANY KIND OF BUSINESS THAT AN ENTREPRENEUR HAS TO UNDERGO.

A

ENTREPRENEURIAL PROCESS

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

This is the beginning of the whole process.
Considered the most DIFFICULT step in the whole entrepreneurial
process.

A

Opportunity Spotting and Assessment

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Entrepreneurs should formulate a business plan when they have
already spotted and assessed the opportunities for a market.

A

Developing a business plan

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

is a comprehenshive paper that details the marketing, operational, human resource, financial, strategic direction, and tactics of the business.

A

BUSINESS PLAN

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

This is an important and crucial step in the entrepreneurial process.

A

Determining the capital needed

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

an entrepreneur’s business idea that can potentially become a
commercial product or service in the future

A

Opportunity

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

the framework that most of the promising entrepreneurs use to
finally come up with the ultimate product or service suited for a
specific opportunity.

A

3s

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

3S of Opportunity spotting

A

Seeking
Screening
Seizing

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q 
It involves the
development of new
ideas from various
sources. It is the first step in Opportunity Spotting and Assessment
Considered as the most
difficult process
A

Seeking

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Macroenvironent

A

STEEPLED
Industry
New discovery or Knowledge
Futuristic Opportunities

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Microenviroment

A 
Consumer preferences, interests,
and perception
Competitors
Unexpected opportunities from
customers
Talents, hobbies, skills, and expertise
Irritants in the marketplace such
as deterrents, problems,
complains, and delays
Location
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

a mnemonics that represents the general environment where the
entrepreneur can identify business
opportunities.

A

STEEPLED

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q 
This is the source of
current trend on what is
happening in the
industry where the
future business will belong to.
A

Industry

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

These are new trends
that can be the core
business model of a
new venture.

A

New discovery or knowledge

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

These are projected new opportunities that can possibly affect the new business while it is
running.

A

Futuristic opportunities

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q 
These are the current
needs and wants of
potential customers that
should be discovered
right away by a budding
entrepreneur
A

Consumer preferences, interests, and perception

17
Q 
in this method, a
moderator handles a
very open,
free-flowing, and
in-depth discussion
with a group of people
who can provide
insights.
A

Focus Group Discussion

18
Q 
This is an activity
that allows the
participants to share
creative ideas by
following lenient
rules.
A

Brainstorming

19
Q

This is exactly the

same as brainstorming except that the channel used is not face-to-face, but writing or online.

A

Brainwriting or Internet brainstorming

20
Q

this method is
similar to the FGD
except the participants are already given an
inventory of product or service problems.
The participants will just identify from the list given the potential
product or service instead of generating the ideas from them.

A

Problem inventory analysis

21
Q

It is the process of
cautious selecting the
best opportunity
through the following

A

Screening

22
Q

refers to the

entrepreneur’s tolerance of business risks.

A

Risk appetite

23
Q 
This is the last step in
opportunity spotting
and assessment.
This is the “pushing
through” with the
chosen opportunity.
This is the step where
innovations and
inventions are born
A

Seizing

24
Q

the process of positively
improving an existing product or
service.
“it is a key for economic growth”

A

Innovations

25
Q

3 types of innovations

A

BreTechOrd

26
Q

Inventions
Occure infrequently
Internet computer airplane

A

Breakthrough

27
Q

Innovations of existing products

Occur more frequently

A

Technological

28
Q

Occur ordinary

Request of customers “technological pull”

A

Ordinary

29
Q

stages of seizing

A

Idea stage
Concept stage
Product development stage
Test marketing stage

30
Q

Determine the feasible products/ service

A

Idea stage

31
Q

Idea will undergo consumer acceptance test

Getting initial reaction

A

Concept stage

32
Q

Entrepreneurs leverages on info from prospective customers

A

Peoduct development stage

33
Q

Work done from the first 3 stages measure success in commercialization of product or service

A

Test marketing stage

ENTREPRENEUR (2 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions