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prelims > entrep > Flashcards

entrep Flashcards

1
Q

this means that one of the benefits an entrepreneur gets is to develop his managerial skills

A

Development of Managerial Capabilities

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2
Q

which means that because of entrepreneurship many organizations will exist.

A

Creation of Organizations

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3
Q

this means that entrepreneurship can lift up the economic status of an individual.

A

Improving Standard of Living

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4
Q

this means that not only the life of the entrepreneur is improved but also the society where the business is located.

A

Means of Economic Development

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5
Q

The word ? was derived from the
French verb ? , which means “to ? .” This is pinpointing to those who “undertake” the risk of enterprise.

A

entrepreneur

enterprendre

undertake

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6
Q

doing things even before being told.

A

initiative

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7
Q

which means he can classify opportunities and seize it.

A

Proactive

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8
Q

which means he can retain good relations with other people.

A

Problem Solver

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9
Q

meaning he will pursue things to get done regardless of challenges.

A

Perseverance

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10
Q

means that he can entice people to buy even if they don’t want to.

A

Persuasion

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11
Q

he makes plans before doing things and does not fail to monitor it.

A

a planner

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12
Q

which means that he is willing to gamble but he will calculate it first.

A

risk taker

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13
Q

Which include: Initiative, Proactive, Problem Solver, Perseverance, Persuasion, a planner, and risk taker

A

Personality Factors

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14
Q

which include political, climate, legal system, economic and social conditions and market situations

A

Environmental Factors

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15
Q

Entrepreneurship is an economic activity because it involves the creation and operation of an enterprise with a view to creating value or wealth by ensuring optimum utilization of limited resources.

A

Economic and Dynamic Activity

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16
Q

The entrepreneur constantly looks for new ideas, thus he needs to be creative

A

innovative

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17
Q

The entrepreneur can be compensated by his profit coming from the operation.

A

profit potential

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18
Q

The entrepreneur needs to gamble but wise enough to offset the risk.

A

risk bearing

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19
Q

They are those who always make new things by thinking of new ideas. They have the ability to think newer, better and more economical ideas.

A

Innovative Entrepreneurs

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20
Q

They are those who don’t create new things but only follow the ideas of other entrepreneurs

A

Imitating Entrepreneurs

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21
Q

They are skeptical about changes to be made in the organization. They don’t initiate but follow only after they are satisfied

A

Fabian Entrepreneurs

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22
Q

They are those who live on the labor of others. They are die-hard conservatives even ready to suffer the loss of business.

A

Drone Entrepreneurs

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23
Q

They are those who initiate changes and drive social innovation and transformation in the various fields such as education, health, human rights, environment and enterprise development

A

social entrepreneurs

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24
Q

with the expertise of in the field of entrepreneurship, he can be a very good source of advices to other entrepreneurs and would be business men.

A

Business Consultant

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25
Q

a graduate of an entrepreneurship can use his knowledge in teaching.

A

teacher

26
Q

the entrepreneur can be employed as a researcher by an enterprise

A

researcher

27
Q

the entrepreneurship graduate can apply as a salesman.

A

sales

28
Q

the entrepreneur being expert in the field, can be employed as a business reporter.

A

Business Reporter

29
Q

refers to the group of consumers or organizations that is interested in the product, has the resources to purchase the product, and is permitted by law and other regulations to acquire the product.

A

market

30
Q

A comprehensive term that involves all the activities, research, designing, pricing, promotion, transportation and distribution.

A

marketing

31
Q

A quantitative and qualitative assessment of a market. It examines the market size, various market segments, customer buying patterns, the competition, and the economic environment.

A

market analysis

32
Q

It is a business or marketing statement that summarizes why a consumer should buy a company’s product or use its service. This statement is often used to convince a customer to purchase a particular product or service to add a form of value to their lives.

A

value proposition

33
Q

refers to how you sell your product or services to your customer. You will address the wants and desires of your customers.

A

Unique Selling Proposition (USP)

34
Q

It will exclude people if it will not fit your criteria. Rather, it allows you to focus your marketing money and brand message on a specific market that is more likely to buy from you than other markets.

A

target market

35
Q

The total market is divided according to geographical location.

A

Geographic segmentation

36
Q

divided based on consumers

A

Demographic Segmentation

37
Q

divided in terms of how customers think and believe

A

Psychological Segmentation

38
Q

The specific characteristics that the customers need from a product or a service.

A

Customer requirements

39
Q

An intangible thing or product that cannot be touched but the customer can feel the fulfillment.

A

Service Requirement

40
Q

Tangible thing or things that can be seen. Characteristic specifications that a consumer expects to be fulfilled in the product. Costumers will avail services as a product, then various service requirements can take the form of output requirements.

A

Output Requirements

41
Q

Like a size of the arena where the entrepreneurs will play their business. It is the approximate number of sellers and buyers in a particular market

A

Market size

42
Q

Communicating the value of a product, service or brand to customers, for the purpose of promoting or selling a product, service or brand.

A

marketing

43
Q

Include choosing target markets through market analysis and market segmentation, as well as understanding consumer behavior and advertising a product’s value to the costumer.

A

marketing techniques

44
Q

the 4Ps product, place, price, and promotion are also known as a

A

marketing mix

45
Q

they become substantial in the operation of the establishments in addressing the customer’s needs, wants and demands and customer’s value and satisfaction.

A

7ps

46
Q

It is tangible and discernible items that you can physically touch, has packaging and usually a shelf life which an organization produces.

A

product

47
Q

set for a product not only determines the amount of profit the business will be able to make from it, but also affects the value of the product as perceived by the consumer.

A

price

48
Q

You should very well investigate where to locate your business. Accessibility is very important, but also prices of the rent. Let the participants think of different possible locations for their business.

A

place

49
Q

This is an umbrella term covering all the media by which a business informs customers about its product including advertising, public relations and sales promotion

A

promotion

50
Q

Referring to your target market. According to Entrepreneur. Com, target market is a specific group of customers at which a company aims its products and services. Your target customers are those that most likely to buy from you.

A

people

51
Q

One of the most important of the 7P’s of Marketing mix, this refers to a product’s status in relation to the wider market, particularly how it lines up against competitors.

A

positioning

52
Q

It refers to the physical appearance of how the product is presented. The consumer product is enclosed for use in delivery or display of that consumer product to retail purchasers,

A

packaging

53
Q

Comes from the French word ‘entreprendre which means ‘to undertake’

A

Entrepreneur

54
Q

The activity of setting up a business or businesses, taking on financial risks in the hope of profit

A

Entrepreneurship

55
Q

An individual who creates something for the first time is a highly driven individual motivated by his or her own work and personal ideas.

A

Inventor

56
Q

The function of an entrepreneur where they build a team to support their business ventures.

A

Staffing

57
Q

A marketing strategy that categorizes consumers based on their behavior, such as purchasing habits, usage patterns, or responses to marketing

A

Behaviougraphics/Behavior segmentation

58
Q

refers to the shared values, beliefs, customs, traditions, and behaviors of a particular group of people or society.

A

culture

59
Q

Referred to as the characteristics of the customers. For example, age, gender, income bracket, education, job, and cultural background

A

Demographic

60
Q

Refers to the study and classification of people based on psychological and sociological factors such as attitudes, values, lifestyle, personality traits, interests, and behaviors.

A

Psychographics

prelims (8 decks)

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