Week 4

Question 1

What is the second step after identifying business ideas?

Answer 1

shorten your list of choices through a screening
process

Question 2

Why is it important to screen a business opportunity?

Answer 2

Testing a business idea is crucial to its success. Assuming an idea will be a big hit, risking
a great deal of time, money and other resources invested in its launch.

Question 3

What are the screening processes to yourself as an entrepreneur?

Answer 3

1. Your personal preference
2. Customer Requirements
3. Viability
4. Profitability
5. Innovation or Differentiation

Question 4

Intangible personal investment that you have put in your business: your knowledge, experience, talents and skills, and personal interest.

Answer 4

Your personal preference

Question 5

Your product/services, consequently, should be very convenient and generally portable to accommodate their needs.

Answer 5

Customer Requirements

Question 6

Ask yourself if the product/service is actually feasible considering the resources available to us.

Answer 6

Viability

Question 7

One of the benefits of being an entrepreneur is the opportunity of gainful money-making.

Answer 7

Profitability

Question 8

Assumed selling price

Answer 8

Sales

Question 9

Assumed raw materials (for products) or worker salaries (for services).

Answer 9

Expenses

Question 10

It will help you find out ways of distinguishing your product or service from those already in the market and give you the market position you aim for.

Answer 10

Innovation or Differentiation

Question 11

created out of the business opportunities which the entrepreneur should seek to exploit

Answer 11

Business Venture

Question 12

What are the two critical steps in the strategic process?

Answer 12

1. Analysis of the organization
2. Analysis of the environment

Question 13

What technique is used as an approach to the two critical steps?

Answer 13

SWOT Analysis

Question 14

What is SWOT Analysis?

Answer 14

1. Internal analysis of Strengths and Weaknesses; and
2. External analysis of Opportunities, and Threats.

Question 15

Advantages of your products/services over similar offerings in the market.

Answer 15

Strengths

Question 16

What are the examples of strengths?

Answer 16

1. government incentives
2. low capital requirements
3. market acceptance
4. experienced leaders

Question 17

Perceived limitations of your products and services. These are your weak points.

Answer 17

Weaknesses

Question 18

What are the examples of weaknesses?

Answer 18

1. difficulty of organization
2. costly set-up
3. possible pollution problems
4. lack of training workers

Question 19

Things that happen outside of your business that can potentially be to the advantage of your products/services.

Answer 19

Opportunities

Question 20

What are examples of opportunities?

Answer 20

1. project may replace imported good available in the market
2. will improve employee welfare
3. improved company reputation

Question 21

Harmful things that may potentially negatively affect your products/services.

Answer 21

Threats

Question 22

What are some example of threats?

Answer 22

1. entry of competitors
2. time consuming production processes
3. opposition from residents in the community

Question 23

What are the internal factors of SWOT?

Answer 23

Strength and Weaknesses

Question 24

What are the external factors of SWOT?

Answer 24

Opportunities and Threats

Question 25

to identify core competencies in the form of special strengths that the organization has or things it does exceptionally well in comparison with competitors.

Answer 25

Major goal of SWOT Analysis