Q1 - Entrep 🛋📈🤝💰

Question 1

Is the ability and readiness to develop, organize and run a business enterprise, along with any of its uncertainties in order to make a profit. The most prominent example of this is the starting of new businesses.

Answer 1

Entrepreneurship

Question 2

Someone who has the ability and desire to establish, administer and succeed in a startup venture along with risk entitled to it, to make profits.

Answer 2

Entrepreneur

Question 3

What are the 4 +1 M’s of Production

Answer 3

1. Manpower
2. Methods
3. Machines
4. Materials
5. Money (+1)

Question 4

The right human resources who will handle certain business operations. It is one of the highest cost of operating the business, but also the most instrumental to its success.

Answer 4

Manpower

Question 5

It does not only include labor or muscular power but also intellectual, creative abilities and other qualities of individuals that can contribute to the production

Answer 5

Manpower

Question 6

Suggest the process of combining raw materials and how these are going to be transformed using the other factor inputs of production. This resource input is also called technology or techniques of production since it prescribes the intensity in the use of factor inputs.

Answer 6

Methods

Question 7

Technology used in efficiently operating the business. It was also described as the “best friend” of manpower in producing goods and offering services. These are not limited only to physical equipment but can also pertain to new technologies. It also represents all manmade physical capital used in the production process

Answer 7

Machines

Question 8

To be used in creating a product or performing a service, which includes supply chain management.

Answer 8

Materials

Question 9

Make sure that your supplier of raw materials should have consistent and have sufficient amount of supplies that can accommodate the demand of your company

Answer 9

Materials

Question 10

The selection of the supplier depends on how they will not cause interruptions in the production of goods and serving customers

Answer 10

Materials

Question 11

It is a financial resource used to purchase all the resources needed by the firm for its operation. The owners of the company contribute seed money for the initial operations of the firm. It is also needed to purchase raw materials, pay salaries of the workers and managers and durable equipment needed for the company.

Answer 11

Money

Question 12

Is one of the important aspect of selling, you have to visualize what your target market will patronize and would like to have.

Answer 12

Product Description

Question 13

Three (3) Rules to Visualize a Product Descriptions That Sell:

Answer 13

1. Know who your target audience is
2. Focus on the Product Benefits
3. Use good product images

Question 14

Is an initial creation of a product that shows the basics of what product will look like, what it will do and how it will work. However, it is NOT meant to be the final version as there will be lots to improve.

Answer 14

Prototype

Question 15

Advantages of Prototype (4):

Answer 15

• Creating prototype gives you the opportunity to test and refine the functionality of your design.
• It makes it possible to test the performance and quality of the materials.
• It will help you describe your products more effectively with potential buyers.
• It will encourage others to treat you more seriously.

Question 16

Controls the implementation of the business plan. Once our procedures are set up to maximize efficiency, it is the time to train the production staff on their individual responsibilities centered on the 4Ms of Production.

Answer 16

Operation Management

Question 17

Materials Requisitioning Options (3):

Answer 17

1. Manufacturing own products or offer services
2. Outsourcing Materials
3. Purchasing own products or services from present suppliers

Question 18

If this is the case entrepreneurs need to prepare huge capital for the materials, machines, & manpower which we all know will cause the company a greater risk. However, through this entrepreneurs can closely monitor the quality of his product & can build his own name overtime making his own brand identity

Answer 18

Manufacturing own products or offer services

Question 19

This is the process where a company appoint a third party manufacturer to do the manufacturing operations of the business. Expertise wise these third party companies have more experience & can handle manufacturing products tailored to the entrepreneur’s needs at a lower cost. It also saves the entrepreneur from buying expensive machineries, but has it also has its risk such as: Profit shared with the third party, they run out of supply, when the outsource party closes its business & if they produced sub standard products

Answer 19

Outsourcing materials

Question 20

When ____ the entrepreneur must protect its product through a trademark or a patent & a noncompeting or nondisclosure
agreement.

Answer 20

outsourcing materials

Question 21

The right to protect the entrepreneur regarding the product or service.

Answer 21

Patent

Question 22

A sign or symbol that helps to distinguish the product from the others.

Answer 22

Trademark

Question 23

States that the third party will be given full access to any confidential information provided that it should be disclosed to anyone else.

Answer 23

Non-disclosure Agreement

Question 24

This is where entrepreneurs purchased finished products from manufacturer or offering the services of another company. The company can save the cost of the machines & manpower. However, the entrepreneur cannot own the brand name of the product or service & the manufacturer is not restricted to sell to the entrepreneur’s competitors

Answer 24

Purchasing own products or services from present suppliers

Question 25

How to Select a Potential Supplier

Have a supplier that can match your business needs or much better exceeds it. It is also better to have a choice of sources so when one lets you down you can have a back up.

Answer 25

Thinking strategically when selecting suppliers

Question 26

How to Select a Potential Supplier

What you should look for in a supplier

6 items

Answer 26

Your supplier should be:

• Reliable
• Consistent with the quality of supplies
• Value for money
• Have strong service & communication
• Financially secured, &
• Have a strong partnership approach.

Question 27

How to Select a Potential Supplier

In Identifying potential suppliers through variety of channels.

It is best to build a shortlist of possible suppliers through:

6 items

Answer 27

a) Recommendations
b) Directories
c) Trade associations
d) Business advisors
e) Exhibitions
f) Trade press

Question 28

How to Select a Potential Supplier

In Choosing a supplier

When considering the firms on your shortlist, ask yourself the following questions:

Answer 28

• Can these suppliers deliver what you want, when you want it?
• Are they financially secure?
• How long have they been established?
• Do you know anyone who has used & can recommend them?
• Are they on any approved supplier lists from trade associations or government?

Question 29

How to Select a Potential Supplier

Get a quotation, & compare them between potential suppliers. Remember that price isn’t everything. Spend time on research & ask around about them, if it isn’t too much you can also do credit check. Make sure you agree on service levels before you start & don’t buy from too many suppliers, but don’t have a just a single one.

Answer 29

Getting the right supplier for your business by knowing your needs

Question 30

The process in which businesses receive raw materials, add value to them through production, manufacturing, & other processes to create a finished product, & then sell the finished product to consumers.

Answer 30

Value Chain

Question 31

Is a set of interrelated activities a company uses to create a competitive advantage.

Answer 31

Value Chain

Question 32

Represents the steps it takes to get the product or service to the customer, often dealing with manufacturer and aftermarket parts.

Answer 32

Supply Chain

Question 33

Involves all parties in fulfilling a customer request & leading to customer satisfaction.

Answer 33

Supply Chain

Question 34

Enumerates the duties & responsibilities of the potential employee, including the scope, limitations & terms & conditions of employment.

Answer 34

Job Description

Question 35

Five (5) parts of the job description:

Answer 35

o Job title
o Compensation & benefits
o Duties
o Responsibilities & accountabilities
o Work schedules

Question 36

This includes the criteria of the company to hire a particular person, such as (4):

Answer 36

Employee Qualification

o Educational background
o Work experience
o Specific skill or knowledge
o Work attitude

Question 37

After the job description & employee qualifications are finalized by the entrepreneur, he or she now preselects a set of candidates for the position required. However, once the business is already sizeable & established the entrepreneur can hire a Human Resource Department (HRD) that will handle the selection.

Answer 37

Preparatory Selection of Job Applicants

Question 38

Screening & picking the most qualified & most suited candidate for the job. The preliminary screening is through qualifications. Usually they conduct qualifying exams in Math, English & logic, Qualitative Exams or Psychology test & an interview for the short listed candidates

Answer 38

Selection of Job Applicants

Question 39

Remember that in an interview the entrepreneur promotes the business to the candidate while the candidate sells himself or herself by citing his or her work experience or educational background.

Answer 39

Selection of Job Applicants

Question 40

Once the entrepreneur has been convinced already of the job credentials & the interview answers of the candidate, the job contract is now prepared.

Answer 40

Job Offer

Question 41

A ____ generally summarizes the terms & conditions of the candidate’s employment with the business.

Answer 41

Job Contract (Job Offer)

Question 42

____ is one of the biggest investments of an entrepreneur or a businessman. Entrepreneurs should devise a strategies on how to keep employees satisfied working in the company.

Answer 42

Training people (Employment Development)

Question 43

Training tools for employees (9):

Answer 43

1. Employee Orientation
2. On-the-Job Training (OJT)
3. Buddy System
4. Mentor-Mentee Program
5. Succession Plan
6. Further Training
7. Online Learning Programs
8. Internal Training Programs
9. International or Local Symposia, Seminars, etc.

Question 44

Guide on how company selects the right human resources who will handle certain business operations (6):

Answer 44

1. Job Description
2. Employee Qualifications
3. Preparatory Selection of Job Applicants
4. Selection of Job Applicants
5. Job Offer
6. Employment Development

Question 45

Includes guaranteed bonuses, performance bonuses, commissions & other monetary incentives.

Answer 45

Competitive Salary Package

Question 46

Medical coverage, leave credits, decent job titles, flexible work schedules, awards & recognitions, transparency & fairness in performance evaluation, channels where employees can provide constructive feedback without the risk of being fired.

Answer 46

Non-monetary Benefits

Question 47

Annual trips, work from home opportunities, scholarships, transportation & communication allowances, free meals & drinks, fitness programs, sports programs, & other work life balance programs. Employee training & development is a major thrust of every entrepreneur because employees are the best assets of a business enterprise.

Answer 47

Additional Benefits

Question 48

Strategies for Employee Management (3)

Answer 48

1. Competitive Salary Package
2. Non-monetary Benefits
3. Additional Benefits