Prelims Flashcards
Is the ability and readiness to develop, organize and run a business enterprises
Entrepreneurship
The word entrepreneur was derived from the French verb_ which means to undertake
Entreprendre
They are the innovators. They are willing to take the risks and generate unique ideas that can provide profitable solutions to the needs of the market and society
Entrepreneur
This means that one of he benefits an entrepreneur gets is to develop his managerial skills
Development Of Managerial Skills
Which means the because of entrepreneurship many organization will exists
Creation of Organizations
This means that entrepreneurship can lift up the economic status of an individual
Improving Standard of Living
This means that not only the life of the entrepreneur is improved but also the society
Means of Economic Development
Relevance of Entrepreneurship to an organization (enumerate)
Development of Managerial Capabilities
Creation of Organizations
Improving standard of Living
Means of Economic Development
Factors Affecting Entrepreneurship
Personality
Environmental
Personality Factors Which include
Initiative
Proactive
Problem Solver
Perseverance
Persuasion
A Planner
Risk-Taker
Doing things even before being told
Initiative
To classify opportunities and and seize it
Proactive
Which means he can retain good relations with other people
Problem Solver
He will pursue things to get done regardless of challenges
Perseverance
He can entice people to buy even if they don’t want to
Persuasion
He makes plans before doing things and does not fail to monitor it
A Planner
He is willing to gamble but he will calculate it first
Risk-taker
It includes political, climate, legal system, economic, and social conditions, and market solutions
Environmental Factors
Common Competencies in entrepreneurship
Decisive
Communicator
Leader
Opportunity seeker
Power to convince people
Communicator
Stand firm in your decisions
Decisive
Charisma to be obeyed by employees
Leader
Ability to see chances; seeing struggle as opportunity
Opportunity Seeker
S.W.O.T
Strength
Weaknesses
Opportunity
Trends
Core Competencies (enumerate)
Economic and Dynamic Activity
Innovative
Profit Potential
Risk-Bearing
Involves the creation and operation of an view to creating value/ wealth enterprise by ensuring optimum utilization of limited sources
Economic and Dynamic Activity
Constantly look for new ideas, thus the he need to be creative
Innovative
It compensated by his profit coming from the operation
Profit Potential
Entrepreneur needs to gamble by his profit coming from the operation
Risk-bearing
Types of Entrepreneur (enumerate)
Innovative Entrepreneurs
Imitating Entrepreneurs
Fabian Entrepreneurs
Drone Entrepreneurs
Social Entrepreneurs
They are wise; always make new things by thinking of new things.
Innovative Entrepreneurs
They are skeptical about changes to be made in the organization.
Fabian Entrepreneurs
They are die-conservatives even ready to suffer to loss of business
Drone Entrepreneurs
They are those who initiate changes and drive social innovation and transformation in the various fields
Social Entrepreneurs
The process of creating a business by copying or adapting an existing concept or business model.
Imitating Entrepreneurs
Career Opportunities of Entrepreneurship (enumerate)
Business Consultant
Teacher
Researcher
Sales
Business Reporter
He can be very good source of advice to other entrepreneur and would be business.
Business Consultant
A graduate of an entrepreneurship can be use his knowledge in teaching
Teacher
The entrepreneur can be employed as a researcher by an enterprise
Researcher
The entrepreneurship graduate can apply as a salesman
Sales
The entrepreneur being expert in the field, can be employed as a business reporter
Business Reporter
Essentials in entrepreneur’s opportunity seeking (enumerate)
Entrepreneurial mind frame
Entrepreneurial Heart Flame
Entrepreneurial Gut Game
It allows entrepreneur to see things in a very positive and optimistic way in the midst of different situation
Entrepreneurial mind frame
They are driven by passion; they are attracted to discover satisfaction in the act and process of discovery
Entrepreneurial Heart Flame
This refers to the ability of the entrepreneur of being intuitive. This also known as intuition.
Entrepreneurial Gut Game
It refers to the physical environment, societal environment, and industry environment where the business operates.
External Environment
Under by Physical Environment
Climate
Natural Resources
Wildlife
The weather conditions
Climate
Such as minerals, forests, water, and can be used for economic gain.
Natural Resources
It includes all mammals, birds, reptiles, fish, etc. that live in the wild
Wildlife
Under Social Environment (enumerate)
Political Forces
Economic Forces
Sociocultural Forces
Technological Environment
It includes all the law, rules, and regulations that govern business practices as well as the permits, approvals, and license necessary to operate the business
Political Forces
It includes such as income level and employment
Economic Forces
Customs, lifestyles, and values that characterize a society
Sociocultural Forces
A new inventions and technology innovations
Technological Forces
Under Industry Environment
Competitors
Customers
Creditors
Employees
Government
Suppliers
Other business who can offer the same or similar goods and services to customers
Competitors
An individual or a business that purchases another company’s goods or services
Customers
That allows people to extend credit to another party
Creditors
Someone that another person or company’s hires to perform a service
Employees
Need to take into account the development opportunities of business
Government
a person or an entity who delivers top-notch services and goods from manufacturers at reasonable costs to retailers or distributors for sale.
Suppliers
Person with entrepreneurial interest sees possibility of business opportunities in any new discovery or because of the use of latest technology
Technological Advance and Discovery
It is the priorities, projects, programs, and policies of the government are also good sources of ideas
Government Thrust, Programs, and Policies
The interest, hobbies, and preferences of people are rich sources of entrepreneurial ideas
Peoples Interest
The expertise and skill developed by a person who has worked in a particular field my read to the opening of a related business enterprise
Past Experiences
Act or process of trying to get or win something
Competition
The ones pay cash in exchange for your goods and services
Buyers
Is defined as companies or business that have the ability to penetrate or enter into a particular industry
Potential New Entrants
State or situation wherein business organizations are competing with each other in a particular market
Rivalry and Existing Firms
One that serves the same purpose as another product in the market
Substitute Products
One the provide something that is needed in business operations such as office and equipment
Suppliers
That summarizes why a consumer should buy a company’s product or use it service
Value Proposition
Refers to how you sell your product or services to your customer
Unique Selling Proposition
It is a sage in market identification process that aims to determine the buyers with common needs and characteristics.
Target Market
Under Geographic segmentation
Climate
Dominant ethnic group
Culture
Density
Under Demographic Segmentation
Gender
Age
Income
Occupation
Education
Religion
Ethnic group
Family size
Under Psychological segmentation
Needs and wants
Attitude
Social Class
Personality traits
Knowledge and awareness
Brand concept
Lifestyle
Under Behavioral Segmentation
Perceptions
Knowledge
Reaction
Benefits
Loyalty
Responses
Divided according to geographical location
Geographic Segmentation
Divided based on customers
Demographic Segmentation
Divided in terms of how customers think and believe
Psychological Segmentation
Divided according to customers behavior pattern as they interact with a company
Behavioral Segmentation
Specific characteristics that the customers need from a product or a service
Customers Requirement
An intangible thing or a product that cannot be touched but the customer can feel the fulfillment
Service Requirements
Tangible things or things that can be seen
Output Requirements
It is the approximate number of sellers and buyers in a particular market.
Market Size
Most common way to gather primary research with the use of questionaires or interview schedule.
Surveys
Most reliable and credible ways of getting relevant information from target customer
Interview
The interview normally last from _ to _minutes, but they can past longer, depending on the participants
15 to 40 minutes
Traditional method of conducting an interview. It allows the researcher to establish relationship with potential participants and therefore gain their cooperation.
Personal interview
Less expensive and less time-consuming
Telephone Interview
An excellent method for generating and screening ideas and concepts
Focus Group Discussion
It refers to any goods or services that is produced
Product
It represents the location where the buyer and seller exchange goods or services.
Place
Is the value of money in exchange for a product or service.
Price
Refers to the complete set of activities, which communicate the product, brand or service to the user
Promotion
Ultimate marketing strategy
People
Is a silent hero in the marketing world
Packaging
Refers to a process used by marketers to create an image in the minds of a target market
Positioning
7P’s of Marketing of Branding
Product
Place
Price
Promotion
People
Packaging
Positioning
