MODULE 2 Flashcards
01: The Entrepreneurial Process
State the FOUR (4) ENTREPRENEURIAL PROCESS.
- OPPORTUNITY SPOTTING AND ASSESSMENT
- DEVELOPING A BUSINESS PLAN
- DETERMINING THE CAPITAL NEEDED
- RUNNING THE BUSINESS
01: The Entrepreneurial Process
Of the Four (4) Entrepreneurial Processes, this is the BEGINNING of the process and considered the MOST DIFFICULT.
- OPPORTUNITY SPOTTING AND ASSESSMENT
01: The Entrepreneurial Process
Of the Four (4) Entrepreneurial Processes, this includes:
[1] taking note of interesting trends in environment
[2] carefully assess the opportunity
OPPORTUNITY SPOTTING AND ASSSESSMENT
01: The Entrepreneurial Process
Of the Four (4) Entrepreneurial Processes, this is a COMPREHENSIVE PAPER that details the marketing, operational, human resource, financial, strategic direction, and tactics of the business.
- DEVELOPING A BUSINESS PLAN
01: The Entrepreneurial Process
Of the Four (4) Entrepreneurial Processes, this is the CORE GUIDE and DIRECTION of the entrepreneur.
- DEVELOPING A BUSINESS PLAN
01: The Entrepreneurial Process
Of the Four (4) Entrepreneurial Processes, this is to CALCULATE the resources needed to establish the business.
- DETERMINING THE CAPITAL NEEDED
01: The Entrepreneurial Process
Of the Four (4) Entrepreneurial Processes, this is when the USE of the RESOURCES allocated for the new venture and IMPLEMENTATION.
- RUNNING THE BUSINESS
- Scanning the Environment
What are the 3S of Opportunity?
S - eeking
S - creening
S - eizing
- Seeking the Opportunity
This is an entrepreneur’s BUSINESS IDEA that can potentially become a commercial product or service in the future.
OPPORTUNITY
- Scanning the Environment
- This involves the development of new ideas from various sources.
SEEKING THE OPPORTUNITY
- Scanning the Environment
TWO (2) types of SEEKING THE OPPORTUNITY
- MACROENVIORNMENTAL SOURCES
- MICROMARKET SOURCES
- Scanning the Environment
Where is this under?
STEEPLED
MACROENVIORNMENTAL SOURCES
- Scanning the Environment
Under Macroenvironmental Sources, specifically STEEPLED, this are the traditions, beliefs, customs, norms, and perceptions.
SOCIOCULTURAL
- Scanning the Environment
Under Macroenvironmental Sources, specifically STEEPLED, these are the innovations of an existing technology.
TECHNOLOGICAL
- Scanning the Environment
Under Macroenvironmental Sources, specifically STEEPLED, this is the income, expenses, resources.
ECONOMIC
- Scanning the Environment
Under Macroenvironmental Sources, specifically STEEPLED, this is the weather, waste management.
ENVIRONMENTAL