WEEK 8

Question 1

defines an entrepreneur as “one who organizes, manages, and assumes the risks of a business or enterprise.”

Answer 1

Merriam-Webster

Question 2

“A lot of people have ideas, but there are few who decide to do something about them now.
Not tomorrow. Not next week. But today. The true entrepreneur is a doer, not a dreamer” –

Answer 2

Nolan Bushnell - Atari and Chuck E. Cheese Founder

Question 3

Common Traits of Entrepreneurs

Answer 3

Ideas & Drive
People Skills
Work Style
Financial Savvy
Entrepreneurial Background

Question 4

author Joe Abraham realized that although entrepreneurs share common traits, they have distinctly different personalities and to be successful, the strategy has to match the person.

Answer 4

Entrepreneurial DNA

Question 5

Joe Abraham’s Four Entrepreneurial DNA types:

Answer 5

Builder
Opportunist
Specialist
Innovator

Question 6

focused on scaling a business quickly. They measure success in infrastructure terms – office square footage, size of payroll, etc.

Answer 6

Builder

Question 7

measures success in financial terms and is always scanning for the next money-making opportunity.

Answer 7

Opportunist

Question 8

experts who generally spend their careers in one industry. They measure success based on their personal income.

Answer 8

Specialist

Question 9

the mad scientists of the world, they measure success based on mission, not money.

Answer 9

Innovator

Question 10

Steps to Starting a Business

Answer 10

1. Conduct a Project Study
2. Write your business plan.
3. Fund your business.
4. Choose a business structure.
5. Choose your business name.
6. Register your business name.
7. Obtain permits and license.
8. Open a business bank.
9. Acquire equipment and supplies, and hire employees.
10. Launch your business.

Question 11

Part of the requirements of registering a new business in the Philippines is that the business owner must open a bank account and deposit a minimum amount of PHP 5,000 ($100) together with additional requirements such as articles of incorporation and identification documents.

Answer 11

Open a business bank

Question 12

Obtain Permits and License:

Answer 12

SEC Articles of Incorporation
BIR Clearance
Barangay Clearance
Mayor’s Permit

Question 13

Determines if there is a demand for the product or service and its
target market.

Answer 13

Market Study

Question 14

Outlines the strategies to connect to the target market.

Answer 14

Marketing Study

Question 15

Determines if the project will be viable

Answer 15

Feasibility Study

Question 16

Create Your Business Plan:

Answer 16

1. Executive Summary
2. Company Description
3. Market Analysis
4. Organization and Management
5. Service or Product Line
6. Marketing and Sales
7. Funding Request
8. Financial Projections
9. Appendix