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Entrepreneurship > Week 3 > Flashcards

Week 3 Flashcards

1
Q

___ are your
market’s stated or silent problems
which refer to existing
inefficiencies, awkward workflows
or non-optimal solutions

A

Market Problems

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2
Q

They are the people who have already purchased your product

A

Existing customer

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3
Q

People who have not yet purchased your product but are
considering it.

A

Prospects

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4
Q

People in your target market who are not
currently looking for a solution

A

Target market users

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5
Q

___ are explicit statements from your market

A

Stated needs

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6
Q

____ are problems with yet undefined
solutions

A

Silent needs

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7
Q

Enumerate on how to evaluate market problems.

A
  1. Is the market problem urgent?
  2. Is the market problem pervasive?
  3. WIll your buyers pay to have this problem solved?
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8
Q

Once you identify a problem that applies to the market,
ensure that potential and existing customers actually care
about the problem. Is the perceived problem actually
urgent? Will customers care if the problem is not solved?

A

Is the market problem urgent?

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9
Q

Determine if the identified market problem applies to a significant
percentage of your target market. Use quantitative research to
collect the data. Methods of data collection include surveys,
census information and other primary market research.

A

Is the market problem pervasive?

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10
Q

If the problem is significantly urgent and pervasive, chances are
good that customers would agree to pay for a solution. The next
step would be to understand how much they would be willing to
pay for a solution to this problem.

A

Will your buyers pay to have this problem solved?

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11
Q

What are the essentials in entrepreneur’s opportunity seeking?

A

Entrepreneurial mind frame, entrepreneurial heart flame and entrepreneurial gut game.

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12
Q

This 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 solutions when problems arise.

A

Entrepreneurial mind frame

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13
Q

Entrepreneurs are driven by 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

A

Entrepreneurial heart flame

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14
Q

This 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 belief that everything you aspire can be
reached

A

Entrepreneurial gut game

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15
Q

Enumerate sources of opportunity

A
  1. Changes in environment
  2. Technological discovery and advancement
  3. GOVERNMENT’S THRUST, PROGRAMS, AND
    POLICIES
  4. People’s interest
  5. Past experiences
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16
Q

Entrepreneurial ideas arise when
changes happen in the external
environment. A person with an
entrepreneurial drive views
these changes positively.

A

Changes in the environment

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17
Q

A person with
entrepreneurial interest sees
possibility of business
opportunities in any new
discovery or because of the use
of latest technology

A

technological discovery and advancement

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18
Q

The priorities, projects, programs,
and policies of the government are
also good sources of ideas.

A

Government’s thrust, programs, and policies

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19
Q

The interest, hobbies, and
preferences of people are rich
sources of entrepreneurial
ideas, like the increasing
number of Internet Cafés at
present could lead to the
strong attachment of young
people to computers

A

People’s interest

20
Q

The expertise and skills
developed by a person who has
worked in a particularfield may
lead to the opening of a related
business enterprise

A

Past experience

21
Q

______ Is the rivalry between
companies selling similar
products and services with the
goal of achieving revenue

A

Competition

22
Q

___ refers to the immediate
industry in which your
company is doing
business.

A

Competitive environment

23
Q

____ process of collecting
information about the external
marketing environment to
identify and interpret potential
trends

A

Environmental scanning

24
Q

What are the three types of competitors?

A

Direct, Indirect and replacement

25
Q

A ______ is someone
that offers the same products.
Direct competitors create profit
all in the same way.

A

Direct competitor

26
Q

_____ offer the
same products but have
different goals. They do get
revenue the same way.

A

Indirect competitors

27
Q

_______ offer
substitute products. Usually, the
substitute products are of a different
price or quality than the dominant
product in the market.

A

Replacement competitors

28
Q

_____ ’s classic 5 Forces
Model (Porter 1979) is a
popularly used framework for
understanding the competitive
structure of an industry.

A

Michael Porter

29
Q

What are the five strategic forces affecting industry competition?

A

New entrants, Suppliers, Substitute products, Customers and Industry competition.

30
Q

an intensity of rivalry
among firms in the industry

A

Industry competitors

31
Q

Threats of new competitors
entering the market

A

New entrants

32
Q

the bargaining power of
suppliers

A

Suppliers

33
Q

the bargaining power of buyers

A

Buyers/Customers

34
Q

threats of substitute products or
services

A

Substitute products

35
Q

The risk faced by a firm due to its
competitors is the most obvious form of
operational risk. Competitors can spend
sums of money to steal market share from
the firm or even alter the market’s
perceptions about the firm’s products

A

Rivalry among existing competitors

36
Q

The firm’s own suppliers can pose a threat
as well if the firm is too dependent on these
suppliers and the suppliers know it. The
suppliers can decide to increase their prices
or to even become potential entrants to the
industry as well.

A

Bargaining power of suppliers

37
Q

If barriers are low, new competitors are
bound to enter the market. New
competitors weaken your market

A

Threat of new entrants

38
Q

If the firm is too dependent on its buyers, the buyers
may sense this. They might band together and
threaten the firm through additional demands.

A

Bargaining power of customers

39
Q

In an industry where
substitution easy and
inexpensive competitive
power is weak

A

Threat of substitutes

40
Q

IDENTIFYING BUSINESS IDEAS:

What are your hobbies,
talents, skills, and interests?

A

Look within you

41
Q

IDENTIFYING BUSINESS IDEAS:

Observe your community. What
skills are available in locality?
Can these be developed as
business ideas?

A

Look at other people’s innate abilities and knowledge

42
Q

IDENTIFYING BUSINESS IDEAS:

There are various
ways of looking at
the market for
business ideas

A

Look at the market

43
Q

IDENTIFYING BUSINESS IDEAS:

Problem could be a
blessing in disguise
for entrepreneurs

A

Look for problems

44
Q

IDENTIFYING BUSINESS IDEAS:

Try visiting the nearest
Negosyo Center in your area
and look at available business
assistance programs.

A

Look for help

45
Q

IDENTIFYING BUSINESS IDEAS:

Another option for entrepreneurship
is franchising, meaning you buy an
almost ready-made business.

A

Look for tried and tested ideas.

Entrepreneurship (8 decks)

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