Recognizing a Potential Market and Introduction to Entrepreneurship

Question 1

Definition of a term

It is a proactive process of developing a business venture to make a profit.

Answer 1

Entrepreneurship

Question 2

Definition of a term

It involves seeking opportunities for a market, establishing and operating a business out of the opportunity, and assessing its risks and rewards through close monitoring of the operations.

Answer 2

Entrepreneurship

Question 3

Definition of Terms

is a proactive process of developing a business venture to make a profit.

Answer 3

Entrepreneurship

Question 4

Definition of Terms

It involves seeking opportunities for a market, establishing and operating a business out of the opportunity, and assessing its risks and rewards through close monitoring of the operations.

Answer 4

Entrepreneurship

Question 5

Definition of Terms

The word “entrepreneur” was derived from what word? and what did that word mean?

Answer 5

from the French verb enterprendre, which means “ to undertake”

Question 6

Definition of terms

is a unique individual who has the innate ability and extraordinary dedication to establish and manage a business, acknowledging all the risks and reaping its rewards.

Answer 6

Entrepreneur

Question 7

Definition of Terms

Are individuals who have generated substantial value and profits from innovations in a very short period of time

This definition is from Joseph Schumpeter

Answer 7

Entrepreneur

Question 8

Definition of Terms

These individuals are also willing to absorb huge risks of using enormous amounts of capital in their business ventures.

2 types of Entrepreneurs according to size

Answer 8

Megaentrepreneurs

Question 9

Definition of Terms

They also initiate business enterprise, the value-added and profits they make are limited. Their contributions are minimal and attract few competitors and imitators.

2 types of Entrepreneurs according to size

Answer 9

Microentrepreneurs

Question 10

Enumeration

2 types of Entrepreneurs according to size

Answer 10

Megaentrepreneurs and Microentrepreneurs

Question 11

Enumeration

What are the Types of Entrepreneurs according character

There are five

Answer 11

1. Innovative
2. Immitating
3. Fabian
4. Drone
5. Social

Question 12

Definition of Terms

they are those who always make new things by thinking of new ideas.

Types of Entrepreneurs according character

Answer 12

Innovative entrepreneur

Question 13

Definition of Terms

they are those who don’t create new things but only follow the ideas of other entrepreneurs.

Types of Entrepreneurs according character

Answer 13

Imitating entrepreneurs

Question 14

Definition of Terms

they are those skeptical. They don’t initiate but follow only after they are satisfied.

Types of Entrepreneurs according character

Answer 14

Fabian entrepreneurs

Question 15

Definition of Terms

they are those who lives on the labor of others. They are die-hard conservatives even ready to suffer the loss of business

Types of Entrepreneurs according character

Answer 15

Drone entrepreneur

Question 16

Definition of Terms

they are those who initiate changes in the various fields such as education, health, human rights, environment and enterprise development.

Types of Entrepreneurs according character

Answer 16

Social entrepreneurs

Question 17

Enumeration

Relevance of Entrepreneurship to an organization

Answer 17

1. Development of Managerial capabilities
2. Creation of Organizations
3. Improving standard of living
4. Means of economic development

Question 18

Enumeration

Factors Affecting Entrepreneurship

Answer 18

1. Personality
2. Environmental Factors

Question 19

Definition of Terms

which means doing things even before being told

Under Personality Factors

Answer 19

Initiative

Question 20

Definition of Terms

which means he can retain good relations with other people.

Under Personality Factors

Answer 20

Proactive

Question 21

Definition of Terms

which means he can retain good relations with other people.

Under Personality Factors

Answer 21

Problem Solver

Question 22

Definition of Terms

meaning he will pursue things to get done regardless of challenges

Under Personality Factors

Answer 22

Perseverance

Question 23

Definition of Terms

means that he can entice people to buy even if they don’t.

Under Personality Factors

Answer 23

Persuasion

Question 24

Definition of Terms

meaning he makes plan before doing things and do not fail to monitor it.

Under Personality Factors

Answer 24

A Planner

Question 25

# **Definition of Terms** which means that he is willing to gamble but he will calculate it first. | Under Personality Factors

Answer 25

Risk-taker

Question 26

# **Definition of Terms** These are factors which include political, climate, legal system, economic and social conditions and market situations.

Answer 26

Environmental Factors

Question 27

# **Enumeration** Core Competencies in Entrepreneurship | There are 4

Answer 27

1. Economic and dynamic activity 2. Innovative 3. Profit Potential 4. Risk bearing

Question 28

# **Enumeration** Career Opportunities of Entrepreneurship

Answer 28

1. Business Consultant 2. Teacher 3. Researcher 4. Sales 5. Business Reporter

Question 29

# **Definition of Terms** An innovative concept that can be used for financial gain that is usually centered on a product or service that can be offered for money.

Answer 29

Entrepreneurial Ideas

Question 30

# **Definition of Terms** Can be defined as the steps taken in order to begin a new enterprise. It is a step-by-step method one has to follow to set up a business.

Answer 30

Entrepreneurial Process

Question 31

# **Definition of Terms** The process of considering, evaluating, and pursuing market-based activities that are excepted to be beneficial for the business.

Answer 31

Opportunity Seeking

Question 32

# **Definition of Terms** his allows the entrepreneur to see things in a very positive and optimistic way in the midst of difficult situation. Being a risk - taker, an entrepreneur can find solution when problems arise. | Essentials in Entrepreneur’s Opportunity Seeking

Answer 32

Entrepreneurial mind frame

Question 33

# **Definition of Terms** entrepreneur's driven passion, they are attracted to discover satisfaction in the act and process of discovery. Passion is the great desire of an entrepreneur to achieve his/her goals. | Essentials in Entrepreneur’s Opportunity Seeking

Answer 33

Entrepreneurial heart flame

Question 34

# **Definition of Terms** his refers to the ability of the entrepreneur of being intuitive. This also known as intuition. The gut game also means confidence in one’s self and the firm believes that everything you aspire can be reached. | Essentials in Entrepreneur’s Opportunity Seeking

Answer 34

Entrepreneurial gut game

Question 35

# **Enumeration** Essentials in Entrepreneur’s Opportunity Seeking | There are three

Answer 35

1. Entrepreneurial heart flame 2. Entrepreneurial mind frame 3. Entrepreneurial gut game

Question 36

# **Enumeration** Sources of Opportunities

Answer 36

1. Changes in the environment 2. Technological discovery and advancement 3. Government’s thrust, programs, and policies 4. People’s interest 5. Past experiences

Question 37

# **Definition of Terms** refers to the physical environment, societal environment, and industry environment where the business operates. | This is under Changes in the environment

Answer 37

External environment

Question 38

# **Definition of Terms** the weather conditions. | Under external environment

Answer 38

Climate

Question 39

# **Definition of Terms** such as minerals, forests, water, and fertile land that occur in nature and can be used for economic gain. | Under external environment

Answer 39

Natural resources

Question 40

# **Definition of Terms** includes all mammals, birds, reptiles, fish, etc., that live in the wild. | Under external environment

Answer 40

Wildlife

Question 41

# **Definition of Terms** includes all the laws, rules, and regulations that govern business practices as well as the permits, approvals, and licenses necessary to operate the business. | Under external environment

Answer 41

Political forces

Question 42

# **Definition of Terms** such as income level and employment rate. | Under external environment

Answer 42

Economic forces

Question 43

# **Definition of Terms** customs, lifestyles and values that characterize a society. | Under external environment

Answer 43

Sociocultural forces

Question 44

# **Definition of Terms** New inventions and technology innovations. | Under external environment

Answer 44

Technological environment

Question 45

# **Definition of Terms** it is the act or process of trying to get or win something.

Answer 45

Competition

Question 46

# **Enumeration** These are the five forces competing within the industry

Answer 46

* Buyers * Potential new entrants * Rivalry among existing firms * Substitute products * Supplier

Question 47

# **Definition of Terms** are the one that pays cash in exchange to your goods and services.

Answer 47

Buyers

Question 48

# **Enumeration** The threat of its bargaining power will be less if the following factors notice | Under Buyers

Answer 48

* There are several suppliers available in the market. * The buyer has the potential for backward integration. * The cost of switching the supplier cost is minimal. * The product represents a high percentage of the buyer’s cost. * The buyer purchases large portions of the seller’s product or services.

Question 49

# **Definition of Terms** is defined as the one who enters something.

Answer 49

Potential New Entrants

Question 50

# **Definition of Terms** is a state or situation in which people or groups are competing with each other

Answer 50

Rivalry among Existing Firms

Question 51

# **Enumeration** The intensity of rivalry among existing firms is characterized to the following factors: | Name at least two (2)

Answer 51

* Diversity of rivals. * Number of competing firms. * Characteristics of the products or services. * Increased capacity. * Amount of fixed costs. * Rate of industry growth.

Question 52

# **Definition of Terms** means anything that takes the place or function of another

Answer 52

Substitute

Question 53

# **Enumeration** substitute product can give a big threat in the industry environment if the following factors are notice | name at least one (1)

Answer 53

* Switching cost is low. * Preferences and tastes of the customers easily change. * Product differentiation is highly noticeable * The quality of substitute products dramatically improves. * The price of substitute product is substantially lower.

Question 54

# **Definition of Terms** are the one that provides something that is needed or wanted.

Answer 54

Suppliers