THE ENTREPRENEURIAL PROCESS

Question 1

It is a step-by-step procedure for establishing any kind of business that an entrepreneur has to undergo.

Answer 1

Entrepreneurial Process

Question 2

What are the four aspects of the entrepreneurial process?

Answer 2

Opportunity Spotting and Assessment
Developing a Business Plan
Determining the capital needed
Running the business

Question 3

It is the beginning of the process and is considered the most difficult.

Answer 3

Opportunity Spotting and Assessment

Question 4

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

Answer 4

Business Plan

Question 5

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

Answer 5

Business Plan

Question 6

It is mandatory in the entrepreneurial process where you calculate the resources needed to establish the business and compare this against the entrepreneur’s current resources.

Answer 6

Determining the Capital Needed

Question 7

It is the part where the entrepreneur uses the resources allocated for the new venture.

Answer 7

Running the Business

Question 8

All aspects of the business plan should not be critically observed from operations, marketing, sales, human resources, finance, and strategy implementation. (True or False)

Answer 8

False

Question 9

What are the 3 s of opportunity spotting and assessment?

Answer 9

Seeking, Screening, and Seizing

Question 10

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

Answer 10

Opportunity

Question 11

It is the most difficult of all due to the number of options that the entrepreneur will have to choose from. It involves the development of new ideas from various sources.

Answer 11

Seeking the opportunity

Question 12

It is the process of cautiously selecting the best opportunity. The selection will depend on the entrepreneur’s internal and external intent.

Answer 12

Screening the opportunity

Question 13

This is the pushing through with the chosen opportunity.

Answer 13

Seizing the opportunity

Question 14

What are the 4 macro-environmental sources?

Answer 14

Steepled
Industry
New Discovery of Knowledge
Futuristic Opportunities

Question 15

This is mnemonic for sociocultural, technological, economic, environmental, political, legal, ethical, and demographic factors. This represents the general environment where an entrepreneur identifies business opportunities from
and where the future business is about to operate.

Answer 15

Steepled

Question 16

This is the source of current trend on what is happening in the industry where the future business will belong to.

Answer 16

Industry

Question 17

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

Answer 17

New discovery of knowledge

Question 18

These are future business ideas that are like portraits entrepreneurs paint in their mind and set out to create.

Answer 18

Futuristic Opportunities