Prelims

Question 1

The first process of venturing into business

Answer 1

Scanning the market

Question 2

Define businesses opportunities from macro environmental sources and within the realms of the entrepreneur community or locality

Answer 2

Scanning the market

Question 3

What are the two types of sources of business opportunities?

Answer 3

External sources and internal sources

Question 4

Are the external forces in the budding entrepreneur’s environment

Answer 4

External sources

Question 5

Entrepreneur’s strengths or assets that drives him or her to pursue a potential business

Answer 5

Internal sources

Question 6

What are the external sources of business opportunities ?

Answer 6

1. Sociocultural factors
2. technological advancements
3. economic growth or decline
4. Politics and legal factors
5. industry trends
6. new discovery or new knowledge
7. futuristic or unexpected opportunities
8. consumer preferences
9. competitors
10. suppliers
11. irritants in the marketplace
12. physical location of the entrepreneur

Question 7

An external source that pertains to the customs, lifestyles, and values that characterize a society

Answer 7

Sociocultural factor

Question 8

An external source that changes in the way products or services are produced or delivered that reduce the resource input requirements for production or delivery

Answer 8

Technological advancements

Question 9

An external source that refers to an increase in the production of economic goods and services in one period of time compared with the previous .

Answer 9

Economic growth

Question 10

External source that refers to a decrease in the production of goods or services over specific .

Answer 10

Economic decline

Question 11

External sources that refers to the government regulations that influence business operation positively and negatively

Answer 11

Politics and legal factors

Question 12

External source that refere to the patterns or trends that occur within specific industry

Answer 12

Industry trends

Question 13

External source that aims to develop new businesses, products, and services

Answer 13

New discovery or new knowledge

Question 14

External source that has also been in use successfully to identify new research and development directions, define new approaches for marketing and production, and address various issues for human resources and corporate affairs

Answer 14

New discovery or new knowledge

Question 15

External source from those future or unexpected events

Answer 15

Futuristic or unexpected opportunities

Question 16

External source defined as a subjective states of individual consumers, measured by their satisfaction with those item after they purchase them

Answer 16

Consumer preference

Question 17

External source that refers to the companies that operate in the same industry make similar product and target the same consumers

Answer 17

Competitors

Question 18

External source that refers to the companies that provide the materials needed in the production of the business

Answer 18

Suppliers

Question 19

External source of business opportunities that refers to the deterrents, problems, complaints, and delays

Answer 19

Irritants in the marketplace

Question 20

External source that includes the entirety of any space associated with the business site

(ex. workstations, hallways, stairwells, breakroom, bathrooms, elevators)

Answer 20

Physical location of the entrepreneur

Question 21

What are the internal sources of business opportunities

Answer 21

• Talents, hobbies, skills, expertise or academic background
• financial capacity
• processes or operational capacity
• leadership and people management skills
• entrepreneurial attitude or character
• vision and strategy