Entrep Reviewer

Question 1

is an individual who takes on the initiative and risk to start and manage a business, often with the goal of creating innovative products or services and achieving financial success.

Answer 1

Entrepreneur

Question 2

is the dynamic process of creating and building a new venture, involving the identification of opportunities, the mobilization of resources, and the pursuit of innovation and growth.

Answer 2

Entrepreneurship

Question 3

written document that outlines the goals, objectives, strategies, and detailed action plans for how a business intends to achieve those goals.

Answer 3

Business plan

Question 4

Fundamental of Product Development:
is the process of developing, testing, and commercializing a product or service with the ultimate objective of solving the problem of the primary target

Answer 4

Product development

Question 5

Fundamental of Product Development:
is a critical factor that the entrepreneur must validate before launching the product market.

Answer 5

Market Acceptability

Question 6

4 sequential step:
simply describes how a product or service works and how it benefits the customers.

Answer 6

Product or Service Description

Question 7

4 Sequential Step:
one of the most exciting but also very challenging parts of product or service development.

Answer 7

Creating a Prototype of the product and service.

Question 8

is a preliminary model or sample of a new product or service that is created to test a product concept or service process.

Answer 8

Prototype

Question 9

4 sequential step:
vital process before an actual product or service is launched to the market.

Answer 9

Testing the prototype

Question 10

Foud sequential step:
One of the most exciting but also very challenging parts of product or service development.

Answer 10

Creating a Prototype of the Product or Service

Question 11

The participants will provide relevant insights about the new product or service.

Answer 11

Focus Group Discussion

Question 12

Prior to launching, the entrepreneur must ensure that the product or service complies with all relevant laws and regulations and has a necessary licence or permit to operate a particular business.

Answer 12

Legality and ethical test

Question 13

The entrepreneur must ensure that the product is safe to use, safe to be consumed (food and beverages), and safe to be applied (cosmetic products).

Answer 13

Safety test

Question 14

The entrepreneur must examine every stage of the manufacturing process or every process of the service blueprint to evaluate and finalize the costs involved.

Answer 14

Product costing test

Question 15

Each component of the product or service must be tested independently to identify component failures for goods or service failures for services.

Answer 15

Component test

Question 16

The entrepreneur must test a similar line of products or the competitors’ product or service itself to compare and get the best practices to be applied to the new product or service.

Answer 16

Competitor’s product / service test

Question 17

Four Sequential Step:
acceptability is the process of finding out if the intended primary target market will be buying the product or availing the service. or service, because this can strongly suggest if the business will be successful or not.

Answer 17

Validation of Market Acceptability

Question 18

followed in effectively manufacturing or delivering a product or service; the manpower, or the right human resources who will handle certain business operations; the machines, or the technology used in efficiently operating the business, and the materials to be used in creating a product or performing a service, which include supply chain management.

Answer 18

4ms of operations

Question 19

is an important part of the business plan because it simply states the details in operating the business.

Answer 19

Operations plan

Question 20

controls the implementation of the business plan

Answer 20

Operations management

Question 21

are detailed, written instructions that document a routine or repetitive activity followed by an organization.

Answer 21

Standard operation procedure

Question 22

is the process of translating raw materials into finished goods that are acceptable to the customer’s standards.

Answer 22

Manufacturing

Question 23

Three Elements Of Manufacturing:
the materials or ingredients to be used in creating the product.

Answer 23

Inputs

Question 24

Three elements of manufacturing:
– the transformation phase where inputs are processed by manpower and machines to come up with the final product

Answer 24

Process

Question 25

Three Elements of Manufacturing; the final product of the process stage, which is limited to be sold to target customers

Answer 25

Output

Question 26

Some Manufacturing Sites: This option is the cheapest and highly flexible. The entrepreneur can start with products that are usually manageable to be processed at home such as food products and customized clothes.

Answer 26

Home-based

Question 27

Some Manufacturing Sites: gives the entrepreneur a more specialized and suited manufacturing site than manufacturing at home.

Answer 27

Commercial for rent

Question 28

Some Manufacturing Sites This option requires the biggest amount of capital expenditure, but it also provides the entrepreneur substantial freedom and flexibility to design and run the commercial space.

Answer 28

Commercial space purchase

Question 29

the entrepreneur who will engage in a service business must be more meticulous.

Answer 29

Service delivery proceds

Question 30

is a part of the process where there is an apparent inefficiency and where the customer waits longer.

Answer 30

Bottleneck

Question 31

One of the basic processes to be considered thoroughly

Answer 31

Distribution method

Question 32

is the process of bringing the products or services to customers.

Answer 32

Distribution

Question 33

Supply Chain: handles the invention, development, and production of the product or service

Answer 33

Manufacturer

Question 34

are entrepreneurs who often buy products or services to the manufacturers and sell them at a markup price either wholesales or retailers.

Answer 34

Distribution

Question 35

Supply chain: don’t own the products or services because they do not buy these from the manufacturer.

Answer 35

Agents

Question 36

The objective for all entrepreneurs is to ensure efficient collection of accounts receivables and avoid bad debts.

Answer 36

Payment process

Question 37

is one of the highest costs of operating a business but is also the most instrumental to its success.

Answer 37

Manpower

Question 38

This gives the entrepreneur an idea on the degree of the candidate’s knowledge of basic things.

Answer 38

Educational background

Question 39

Employee Qualification: This will tell him or her what to expect from the applicant and what he or she can potentially contribute to the business based on his or her past positions and experiences.

Answer 39

Work experience

Question 40

Employee Qualification: This one is important especially on technical jobs that require high proficiency.

Answer 40

Specific skill or knowledge

Question 41

Employee Qualifications: This deals with the worker’s integrity and how he or she deals with his or her coworkers, bosses, and customers

Answer 41

Work attitude