Entrep Reviewer Flashcards
(76 cards)
1
Q
It is a reference to individuals who have initiated the establishment of a business enterprise.
A
Entrepreneurs
2
Q
Entrepreneur comes from the French word what?
A
Entreprendre
3
Q
Entreprendre means?
A
To undertake.
4
Q
- This book says that the role of entrepreneurs are emphasized in the process of economic transformation.
- It is also according to Joseph Schumpeter’s book, what is the book’s name?
A
The Theory of Economic Development
5
Q
They are willing to absorb huge risks of using enormous amounts of capital in their business venture.
A
Mega Entrepreneurs
6
Q
They engage in micro and small business as an alternative to formal employment.
A
Micro Entrepreneurs
7
Q
The entrepreneurial discipline that involves several stages from the awareness of an opportunity to the realization of a business idea.
A
Entrepreneurial Process
8
Q
5 Steps of Entrepreneurial Process
A
- Discovery
- Development of Concept
- Organizing Resources
- Implementation
- Reaping the Returns
9
Q
Refers to the recognition of a business idea or the detection of opportunities that could make money for the entrepreneur.
A
Discovery
10
Q
Gives more details on how the general business idea can be realized
A
Development of Business Concept
11
Q
3 Steps of developing a business concept.
A
- The various activities that must be done from the production to the distribution of the product or service.
- Describes the organization and managing of the enterprise.
- How the business is going to be financed?
12
Q
Describes the process of identifying, sourcing, and financing human, nonhuman, and other resources needed for the conduct of business.
A
Organizing Resources
13
Q
- It is the process of carrying out the business plan.
- Responding to the various opportunities, challenges, and developments posed by external environment.
A
Implementation
14
Q
Pertains to the strategies related to the expansion of the business firm and covers mechanisms for addressing conditions in the business environment that may affect the future of the firm.
A
Reaping the returns
15
Q
4 Entrepreneurial Traits and Creation of Value-added
A
- Level of Education
- Employment status
- Entrepreneur’s wealth
- Risk Appetite
16
Q
2 Factors of Entrepreneurial Traits and Entrepreneurial Intentions
A
- Internal Factors
- External Factors
17
Q
What are the internal factors?
A
- Demographics
- Personal Traits
- Psychological Traits
18
Q
What are the external factors?
A
- Environmental Support
- Environmental Influence
19
Q
Is the core of entrepreneurship that aims at the actualization of intentions and is directed toward the implementation of the business plans.
A
Entrepreneurial Decision-Making
20
Q
Types of mental processes about entrepreneurial decision-making.
A
- Critical Thinking
- Creative Thinking
- Strategic Thinking
21
Q
Systematic and rational way of providing an answer to a question.
A
Critical thinking
22
Q
Bring about new ideas. The intent of creative thinking is not to provide answers but to ask questions that can lead to discovery and change.
A
Creative thinking
23
Q
Thought processes that assess current situation that can be useful in the formulation of plans for the future.
A
Strategic thinking
24
Q
It can be described as uncertain situations and developments that can increase the probability of loss or business failure.
A
Risks
25
It can originate from a variety of resources, business risks can be generally categorized into internal and external factors.
Hazards
26
Pertain to dangers coming from the management of resources of a business enterprise that may imperil its operations.
Internal Risks
27
Are threats coming from various environments outside the business firm.
External Risks
28
The process of identifying, assessing, and responding to these risks.
Risks Management
29
Refers to the ability of individuals to be involved in the process of producing several ways of decision-making based on the identification and management of changes to their environment.
Cognitive adaptability
30
May require to combine various processes of thinking for the needed decision-making.
Dynamism
31
Becomes a value employment option for the young.
Entrepreneurship
31
SOURCES OF BUSINESS IDEAS FOR ENTREPRENEURIAL VENTURES.
-Include the product, the process, the person, and relationships.
-Ideas can be derived from existing products or services
-Personal interests, hobbies, skills, dreams, and travels can also provide ideas for entrepreneurial ventures
-Drawing inspiration from family and relatives who are entrepreneurs
32
METHODS FOR GENERATING
OR
TESTING NEW IDEAS
-generating business ideas through logical thinking
-generating business ideas through creative thinking
-generating business ideas through trends in business environment
-creativity: a new way of looking at things
33
is a systematic and rational approach used for decision making and developing business ideas.
Logical thinking
34
analyzes data from surveys to gain insights about the population and test hypotheses.
Statistical analysis
35
helps understand factors influencing demand and how different groups react to changes.
Market analysis
36
identifies strengths, weaknesses, opportunities, and threats in an industry.
SWOT analysis
37
generates ideas through multiple rounds of consultations.
The Delphi technique
38
provide valuable insights for decision making and business idea development.
systematic analysis methods
39
systematic analysis methods (4)
Statistical analysis
Market analysis
SWOT analysis
Delphi technique
40
using lateral thinking and imagination is a way to generate new business ideas.
Creative thinking
41
is an unstructured discussion that encourages all ideas from participants.
Brainstorming
42
is similar to brainstorming but focuses on identifying all possible problems and providing alternative solutions for a specific product or service.
Problem inventory analysis
43
elicits ideas associated with a given idea or word.
Free association method
44
lists all possibilities that ideas can be connected to, reprocessed, and associated with.
The checklist method
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is a specific checklist method that asks participants to provide a comprehensive list of how a product or service or idea can be replaced, mixed, differentiated, enlarged, applied, removed, and altered.
SCAMPER
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techniques that use creative thinking (5)
Brainstorming
problem inventory analysis
free association method
checklist method
Scamper
47
can be derived from analyzing trends in the business environment.
Business ideas
48
may involve adjusting selling prices, differentiating products, capitalizing on changes in government regulations, and addressing sociodemographic and urbanization trends in product development.
Potential business ideas
49
Entrepreneurs can leverage various trends (4)
-changes in government involvement
-sociodemographic shifts
-technological advancements
-bargaining power of competitors and suppliers.
50
Business ideas can be derived from analyzing trends in the business environment. This can be achieved through methodologies such as:
-Porter's Five Forces
-SWOT analysis
-environmental scanning
51
-is the ability of individuals to produce new ideas by combining and transforming previously encountered concepts
-This process involves comparing, linking, identifying similarities and differences, and searching for trends among ideas.
Creativity
52
is a written record that lists a company's goals, strategies, and ideas for how it will run
-It provides the organization's road map, showing in detail how the company plans to reach its goals and be successful in the market.
business plan
53
WHY WRITE A BUSINEES PLAN? WHO READ IT?
One reason business plans are important is that they help people decide if a business idea or an existing one will work with its target market.
Another reason is that they help the business owner get the resources the business needs. Finally, a business plan can help the business get funding.
A lot of people, like workers, suppliers, clients, bankers, and possible investors, may read the business plan. So, the business plan needs to be made so that it meets the information needs of all of these groups.
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Users of Business Plan (3)
Entrepreneur
Lender
Investor
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Why the Business Plan is Important to This User
(Lender, Entrepreneur, Investor)
Entrepreneur
-provides a plan for running the business.
-discovers the tools the business needs to run and grow.
-helps the entrepreneur to think ahead about possible risks.
Lender
-allows the lender figure out if the entrepreneur will be able to pay back the loan and fees.
-provide information about the things that can be used as collateral to secure the loan .
Investor
-lets the investor know if the expected profits are good enough.
-provide details about the entrepreneur's personality and the management team's skills.
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INFORMATION NEEDED FOR THE MAJOR SECTIONS OF THE BUSINESS PLAN
Marketing information
Operational information
Financial information
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in a business plan means the information and ideas about the market that the business will be operating in. It helps you figure out who your target customer is, who your competitors are, and how to best market and sell your goods or services.
Marketing information
58
-It usually refers to data, facts, or information that is important for running and managing a business or organization on a daily basis
- is important for making decisions, planning, and keeping things under control in a group.
Operational information
59
Operational information (7)
-Location
-Service Operation
-Required Tools, Machines, and Furniture
-Requirements for room
-Labor Requirements
-Needed Raw Materials and Possible Suppliers
-Utilities
60
Address of the business's building, influencing accessibility, cost, and customer acquisition
Location
61
involves all steps and tasks in delivering goods and services.
Service Operation
62
Includes computers, factory tools, office furniture.
Required Tools, Machines, and Furniture
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Considers work areas, storage, and production areas.
Requirements for room
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Details the number and type of workers needed for each job, including skills, qualifications, and workforce structure.
Labor Requirements
65
Details the basic materials needed for production.
Needed Raw Materials and Possible Suppliers
66
These are things like power, water, gas, and internet that are necessary for the business to run
Utilities
67
-were talking about data, details, or facts about how much money a business or group makes
-This information is very important for understanding and handling the entity's money matters.
Financial information
68
Financial information (7)
Income
Expenses
Profit and Loss statements
Balance sheets
Cash flow statements
Budgets
Financial ratios
69
Information about how much money you make from things like sales, services, and other sources.
Income
70
A list of all the costs that were incurred, such as rent, salaries, utilities, and so on.
Expenses
71
are summaries of how well a business did financially.
Profit and Loss Statements
72
Quick views of a business's money situation.
Balance Sheets
73
Shows how much cash is coming in and going out, giving information about liquidity.
Cash Flow Statements
74
planned amounts of money to be spent on planning and keeping track of things.
Budgets
75
