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Entrep Summative tomo Flashcards

(56 cards)

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1
Q

Entrepreneurial Process

A
  1. Opportunity spotting and assessment
  2. Developing a Business plan
  3. Determining the capital needed
  4. Running the business
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2
Q

evaluate the identified opportunity Opportunity spotting and assessment

A

Opportunity spotting and assessment

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3
Q

problems encountered in the environment

A

Sources of opportunities

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4
Q

3s of opportunity spotting

A

Opportunity seeking
Opportunity screening
Opportunity Seizing

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5
Q

the first step and the most difficult process of all due to the number of options that the entrepreneur will have to choose from.

A

opportunity seeking

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6
Q

Ways to spot opportunity

A
  1. Voice of Customers
  2. Voice of Enterprise
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7
Q

A research process that captures the changing needs of customers and consumers

A

Voice of Customers

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8
Q

Benefit related to the performance of the product or service

A

Functional Benefit

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9
Q

Benefit related to the price of the product or service

A

Economic benefit

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10
Q

Benefit related to how the owner feels when owning or using the product or service

A

Emotional benefit

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11
Q

Benefit related to how others will perceive the owner of the product or service

A

Social benefit

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12
Q

Entrepreneurs must understand the frequency, and depth

A

Pain Points Understanding

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13
Q

Not just understand pain points but also accepts that change is needed

A

Pain Healing

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14
Q

Lifestyle trends

A

how do people live
how do people work
how do people pray
how do people die
how do people invest

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15
Q

the process to articulate the needs of the entrepreneur or the needs of their company

A

Voice of enterprise

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16
Q

growth strategy

A

segment opportunity
product opportunity
channel opportunity
geography opportunity
business model opportunity

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17
Q

new business versus expansion

A

new business versus expansion

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18
Q

identify the need of non-market customers

A

market driven strategy or market driving strategy

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19
Q

merger and acquisition

A

other ways to grow

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20
Q

general environment where the business can operate

A

steeple analysis

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21
Q

current trends

A

industry

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22
Q

new venture

A

new discovery or knowledge

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23
Q

diversity of product line

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A

Futuristic opportunities

24
Q

represents a general view of localities traditions, customs, beliefs, norms

Study These Flashcards
A

SocioCultural Factors

25
Composed of innovations of an existing technology or an invention of a new one mostly on applied science and engineering research areas
technological factors
26
play a vital role in the scanning of marketing environment because economic factors directly affect any business venture
economic factors
27
factors that will serve as an entrepreneurs guide on how to be ethical on running the business
ethical factors
28
these factors are mostly induced by government policies
Political factors
29
related with political factors, government rules and regulations
legal factors
30
comply with environmental standards
Environmental factors
31
consumer preferences, interests
Microenvironmental sources
32
This is the process of cautiously selecting the best opportunity.
Opportunity screening
33
to vision, mission, and objectives of the entrepreneur.
Relevance
34
Resonance to values.
Resonance to values.
35
How does the opportunity resonate with the entrepreneur’s personal interests, talents, and skills?
Reinforcements of Entrepreneur Interests
36
In any entrepreneurial endeavor, it is important to determine the sales potential of the products or services you want to offer.
Revenues
37
to customer needs and wants.
Responsiveness
38
Opportunities that have good changes of expanding through branches, distributorships, dealerships, or franchise outlets in order to attain rapid growth are better opportunities.
Reach
39
The opportunities can potentially lead to a wide range of possible product or service offerings, thus, tapping many market segments of the industry.
Range
40
If you think that the opportunity will most likely be the “next big thing” or even a game-changer that will revolutionize the industry, then there is a big potential for the chosen opportunity.
Revolutionary Impact
41
It is a fact that products with low costs of production and operations but are sold at higher prices will definitely yield the highest returns on investments.
Returns
42
Will the opportunity be relatively easy to implement for the entrepreneur or will there be a lot of obstacle and competency gaps to overcome?
Relative ease of implementation
43
Opportunities requiring fewer resources from the entrepreneur may be more favored than those required more resources.
Resources required
44
. In an entrepreneurial endeavor, there will always be risks. However, some opportunities, carry more risks than others, such as those with high technological, market, financial, and people risks.
Risks
45
It is a blueprint composed of controllable and uncontrollable variable critical to the success of the firm.
Key factors for success
46
The process of determining the viability of a new service or product through research conducted directly with potential customers.
Market Research
47
Convert a concept or an idea into reality via proof of concept, build prototype and do rapid testing.
Prototyping and rapid testing
48
Market validation is the process of presenting a concept for a product to its target market and learn from those prospective buyers whether or not the idea is worth pursuing.
Validate for acceptability
49
this is the last step in opportunity spotting and assessment
Opportunity Seizing
50
It is when you bring something new to the world.
BREAKTHROUGH/DISRUPTIVE INNOVATIONS
51
A new or improved product or process whose technological characteristics are significantly different from before.
Technological Innovations
52
The market has a strong influence in the implementation of an innovation
Ordinary Innovations
53
The characteristics of business which give its advantages over its competitors
Strengths
54
Characteristics of business which makes it disadvantageous relative to competitors
Weaknesses
55
elements in a company's external environment that allow it to formulate and implement strategies to allow more profitability
Opportunities
56
Elements in external environment that could endanger the integrity and profitability of the business
Threats

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