Lesson 2

Question 1

What should a future entrepreneur should keep in mind?

Answer 1

a business must be firmly established on existing business opportunities.
Nonetheless, there can be no business opportunities in the absence of an entrepreneurial idea.

Question 2

What are the entrepreneurial sources ideas?

Answer 2

1. Changes in the Government
2. Government’s programs and policies
3. Technological discovery and
   advancement
4. People’s interests
5. Past Experiences

Question 3

The requirement for businesses to cater for disabled people, by building ramps into offices, shops etc. Also This design and implementation of workplace and environmental regulations.

Answer 3

Changes in the Government

Question 4

What are the 4 steps of entrepreneurial process?

Answer 4

Step 1 : Opportunity Spotting and Assessment with the 3S

Step 2: Developing a Business Plan

Step 3: Determining the Capital Needed

Step 4: Running the business

Question 5

What are the key 5 terms ?

Answer 5

Needs, Wants, Demand, Opportunity, Idea

Question 6

level of desire or need in particular good or service. It is also a want becomes a demand when there is an increasing number of people who wished to acquire the purchasing power to buy it.

Answer 6

Demand

Question 7

Something people must have for survival or to strive for a certain necessity. These may vary on the external situation of the person as it may include food, water, medicine, clothing, security, house, and others.

Answer 7

Needs

Question 8

Simply anything that would satisfy a person’s desire whether necessary or not.

Answer 8

Wants

Question 9

An entrepreneur’s business idea that can potentially become a commercial product or service in the future.

Answer 9

Opportunity

Question 10

It is a result of a creative thinking process.

Answer 10

Idea

Question 11

What are the 3s?

Answer 11

Seeking, Screening, Seizing

Question 12

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

Answer 12

Step 1: Seeking

Question 13

What are the 2 various sources?

Answer 13

a. Macro-environmental Sources

b. Micro-market Sources or Micro- environment Sources

Question 14

The environment in which a business operates is a major consideration in determining an organization’s design

Answer 14

Business Environment

Question 15

These are sources outside of the business that the owner has very little control. These are also the larger societal forces that may directly and indirecty the business.

Answer 15

Macro environmental Sources

Question 16

What are the Macro Environment Sources?

Answer 16

1. Political
2. Socio-Cultural
3. Economic
4. Technological
5. Environmental
6. Demographic Factors
7. Legal

Question 17

Government policies and administrations:

• Corruption level
• Tax policy
• Government effectiveness
• National Minimum Wage
• Corporate Taxes

Answer 17

Political

Question 18

The general view of locality’s traditions, customs, beliefs, norms and perceptions.

Answer 18

Socio-Cultural

Question 19

These include income, expenses and resources that can influence the cost of doing business and generating income. (growth rate, labor costs, interest rates)

Answer 19

Economic

Question 20

• Use of mobile devices in establishing a more relationship with customers.
• Making technology more convenient by incorporating AI technology.
• Voice command function

Answer 20

Technological

Question 21

The environmental standards or will just be a hazard to people, animals or nature.

Answer 21

Environmental

Question 22

These are the characteristics of the people on the target market.

• Age
• Gender
• Education
• Income
• Social Class

Answer 22

Demographic Factors

Question 23

These are government laws and regulations that could restrict or allow business activities.

Answer 23

Legal

Question 24

1. Anti-discriination Law
2. Employment Law
3. National Minimum Wage Law
4. Copyright and Patent Laws
5. Health and Safety Laws

Answer 24

Legal

Question 25

What are the sources of Micro- Market ?

Answer 25

1. Customers 2. Suppliers 3. Competitors 4. Intermediaries ( Distributors, Wholesalers, Retailers, Online Selling) 5. Some Publics

Question 26

The process of cautiously selecting the best opportunity and the selection will depend on the entrepreneur’s.

Answer 26

Step 2 : Screening

Question 27

The entrepreneur should say NO to an opportunity if it does not contain any of the business opportunity elements which are ?

Answer 27

- Has superior value to customers - Solves a compelling problem, issue, need or want. - Is a potential cash cow - Matches with the entrepreneur’s skills, resources, and risk appetite.

Question 28

The “pushing through” with the chosen opportunity.

Answer 28

Step 3 : Seizing

Question 29

Is the process of positively improving an existing product or service.

Answer 29

Innovation

Question 30

Turning an idea into a solution that adds value from a customer's perspective.

Answer 30

Innovation

Question 31

These are the innovations that occur infrequently; must be protected by a patent, a trade secret, or a copyright.

Answer 31

Break through Innovation

Question 32

These are the innovations that occur more frequently, technological advancements of an existing product or service.

Answer 32

Technological Innovation

Question 33

These are innovations that occur ordinarily. This means that the market has a strong influence on the implementation of the innovation.

Answer 33

Ordinary Innovation

Question 34

What should an entrepreneur should establish?

Answer 34

A new product or service offered will provide TRUE VALUE to the customers and influence their behavior

Question 35

“ When you speak to everyone, you speak to one”

Answer 35

Meredith Hill

Question 36

is defined as ‘the systematic design, collection, interpretation, and reporting of information to help entrepreneurs solve marketing problems or take advantage of business opportunities from the consumer data.

Answer 36

Consumer Analysis

Question 37

Why is it important that an entrepreneur must know his or her target market?

Answer 37

to focus his or her business strategy to a smaller market.

Question 38

What are the demographics customers characteristics?

Answer 38

- Age - Gender - Income level - Family size - Culture and tradition Health - Occupation - Educational background Social class - Religion - Tace - Generation - Nationality - Family size

Question 39

What are the customers geographic location?

Answer 39

- countries - regions - cities - climate - ethnic group

Question 40

What are the customers psychographic personality?

Answer 40

- hobbies - leisure activities (social class) - psychological or personality traits - lifestyle - brand concept

Question 41

What are the customers behavioral buying preferences?

Answer 41

- knowledge and attitudes - response to a product - changing attitudes - purchase patterns - buying preferences in terms of features, priorities, brand, and travel time. - occasion

Question 42

What are the customers behavioral buying preferences?

Answer 42

- How do they react to products/ services offered by different companies? - What is their attitude towards new products or services? - Are they impulsive or wise buyers?