ENTREP

Question 1

• Leads to identification of entrepreneurial opportunities that turn results in opening of an entrepreneurial venture

Answer 1

ENTREPRENEURIAL IDEAS

Question 2

What are the Entrepreneurial Process of Creating New Venture?

Answer 2

1. CREATION OF ENTREPRENEURIAL IDEA
2. IDENTIFICATION OF ENTREPRENEURIAL OPPORTUNITIES
3. OPENING OF ENTREPRENEURIAL VENTURE

Question 3

What are the essentials of entrepreneurs opportunity-seeking?

Answer 3

• ENTREPRENEURIAL MIND FRAME
• ENTREPRENEURIAL HEART FLAME
• ENTREPRENEURIAL GUT GAME

Question 4

• See things in a very positive and optimistic way
• Can find solutions when problem arise

Answer 4

ENTREPRENEURIAL MIND FRAME

Question 5

• Entrepreneurs are driven by passion
• Attracted to discover satisfaction

Answer 5

ENTRERENEURIAL HEART FLAME

Question 6

The great desire of an entrepreneur to achieve goals.

Answer 6

PASSION

Question 7

• Being Intuitive
• Also known as intuition
• Confidence in oneself
• The firm belief that everything you aspire can be reached

Answer 7

ENTREPRENEURIAL GUT GAME

Question 8

What are the sources of opportunity?

Answer 8

• CHANGES IN ENVIRONMENT
• TECHNOLOGICAL DISCOVERY AND ADVANCEMENT
• GOVERNMENT’S THRUST, PROGRAMS AND POLICIES
• PEOPLE’S INTEREST
• PAST EXPERIENCES

Question 9

Changes happen in external environment.

Answer 9

CHANGES IN ENVIRONMENT

Question 10

What are the external environment?

Answer 10

1. PHYSICAL ENVIRONMENT
2. SOCIETAL ENVIRONMENT
3. INDUSTRY ENVIRONMENT

Question 11

What are the physical environment?

Answer 11

• CLIMATE
• NATURAL RESOURCES
• WILDLIFE

Question 12

Weather conditions

Answer 12

CLIMATE

Question 13

Minerals, Forest, water and fertile land

Answer 13

NATURAL RESOURCES

Question 14

• All mammals, birds, reptiles, fish, etc.
• Live in wild

Answer 14

WILDLIFE

Question 15

What are the societal environment?

Answer 15

• POLITICAL FORCES
• ECONOMIC FORCES
• SOCIOCULTURAL FORCES
• TECHNOLOGICAL ENVIRONMENT

Question 16

– Includes all the laws, rules, and regulations that govern business practices as well as the permits, approvals, and licenses necessary to operate the business

Answer 16

POLITICAL FORCES

Question 17

Such as income level and employment rate

Answer 17

ECONOMIC FORCES

Question 18

– Customs, lifestyles and values that characterize a society.

Answer 18

SOCIOCULTURAL FORCES

Question 19

– New inventions and technology innovations.

Answer 19

TECHNOLOGICAL ENVIRONMENT

Question 20

What are the industry environment?

Answer 20

• COMPETITIONS
• CUSTOMERS
• CREDITORS
• EMPLOYEES
• GOVERNMENT
• SUPPLIERS

Question 21

• Possibilities of business opportunities in any new discovery because of latest technology

Answer 21

TECHNOLOGICAL DISCOVERY AND ADVANCEMENT

Question 22

Priorities, projects, programs, and policies of the government are good source of ideas

Answer 22

GOVERNMENT’S THRUST, PROGRAMS, AND POLICIES

Question 23

Interest, hobbies, and preferences of people

Answer 23

PEOPLE’S INTEREST

Question 24

Expertise and skills developed by a person who has worked in a particular fields

Answer 24

PAST EXPERIENCE

Question 25

What are the Forces of Competition Model?

Answer 25

- BUYERS - POTENTITAL NEW ENTRANTS - RIVALRY AMONG EXISTING FIRMS - SUBSTITURE PRODUCTS - SUPPLIERS

Question 26

- Also known as Five Forces of Competition. - An industry environment is a competitive environment

Answer 26

FORCES OF COMPETITION MODEL

Question 27

An act or process of trying to get or win something.

Answer 27

COMPETITION

Question 28

The ones that pay cash in exchange for goods and services.

Answer 28

BUYERS

Question 29

The ability to penetrate of enter into a particular industry.

Answer 29

POTENTIAL NEW ENTRANTS

Question 29

A state or situation wherein business are competing with each other in the market.

Answer 29

RIVALRY

Question 29

Rivalry is a state or situation wherein business are competing with each other in the market.

Answer 29

RIVALRY AMONG EXISTING FIRMS

Question 29

One that serves the same products as another product in the market.

Answer 29

SUBSTITUTE PRODUCTS

Question 30

The one that provides something that is needed in business.

Answer 30

SUPPLIES

Question 31

A formal written description of your business future.

Answer 31

BUSINESS PLAN

Question 32

What are the parts of a Business Plan?

Answer 32

- EXECUTIVE SUMMARY - MANAGEMENT AND ORGANIZATION - PRODUCT/SERVICE PLAN - MARKET PLAN - FINANCIAL PLAN

Question 33

- Can be found at the beginning of the plan but last to be accomplished - Brief introduction and summarizes everything that is relevant

Answer 33

EXECUTIVE SUMMARY

Question 34

- Describes the highlight of the product/service offered. - Encourage customers to patronize your product / service

Answer 34

PRODUCT/ SERVICE PLAN

Question 35

- Includes all basic information about your business. - Company name, logo, address, vision, mission, etc.

Answer 35

MANAGEMENT AND ORGANIZATION

Question 36

Includes al your business strategies, target market, value proposition of your product

Answer 36

MARKET PLAN

Question 37

What are the parts of market plan?

Answer 37

- MARKET ANALYSIS - MARKETING SALES AND SALES STRATEGIES - PRODUCT/SERVICE CHARACTERISTICS - PRICING POLICY - SALES PROJECTION

Question 38

- Answers why should your customer buy from you and not from other similar business - Convincing reasons that buyers should see

Answer 38

VALUE PROPOSITION

Question 39

- A document containing your current financial situation - Long-term monetary goals - Tactics to attain objectives

Answer 39

FINANCIAL PLAN

Question 40

- The expenses you will be needing during the course of creation of the business

Answer 40

START-UP COST REQUIRMENT

Question 41

These are estimates of future profits and expenses

Answer 41

FINANCIAL PROJECTIONS

Question 41

- A financial tool to determine at what stage your company will start gaining profit

Answer 41

BREAK-EVEN ANALYSIS

Question 41

The amount needed for business operation

Answer 41

BUDGET